LBAY vs. NVDY
LBAY (Leatherback Long/Short Alternative Yield ETF) and NVDY (YieldMax NVDA Option Income Strategy ETF) are both exchange-traded funds - LBAY is a Long-Short fund actively managed by Toroso Investments, while NVDY is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past 3 years, LBAY returned 3.68%/yr vs 55.07%/yr for NVDY. At a correlation of -0.20, they often move in opposite directions. LBAY charges 1.09%/yr vs 0.99%/yr for NVDY.
Performance
LBAY vs. NVDY - Performance Comparison
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Returns By Period
In the year-to-date period, LBAY achieves a 6.83% return, which is significantly lower than NVDY's 14.49% return.
LBAY
- 1D
- 0.43%
- 1M
- -0.47%
- YTD
- 6.83%
- 6M
- 9.25%
- 1Y
- 9.13%
- 3Y*
- 3.68%
- 5Y*
- 3.91%
- 10Y*
- —
NVDY
- 1D
- 1.27%
- 1M
- 7.84%
- YTD
- 14.49%
- 6M
- 17.01%
- 1Y
- 47.85%
- 3Y*
- 55.07%
- 5Y*
- —
- 10Y*
- —
LBAY vs. NVDY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
LBAY Leatherback Long/Short Alternative Yield ETF | 6.83% | 4.08% | -3.49% | 0.62% |
NVDY YieldMax NVDA Option Income Strategy ETF | 14.49% | 27.38% | 114.23% | 42.02% |
Correlation
The correlation between LBAY and NVDY is -0.33, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.20 |
Correlation (All Time) Calculated using the full available price history since May 12, 2023 | -0.20 |
The correlation between LBAY and NVDY shifts across timeframes, from -0.33 (1 year) to -0.20 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
LBAY vs. NVDY — Risk / Return Rank
LBAY
NVDY
LBAY vs. NVDY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Leatherback Long/Short Alternative Yield ETF (LBAY) and YieldMax NVDA Option Income Strategy ETF (NVDY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| LBAY | NVDY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.16 | ||
| Sortino ratioReturn per unit of downside risk | -1.34 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.29 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 0.77 | 3.75 | -2.98 |
| Martin ratioReturn relative to average drawdown | 1.94 | 9.22 | -7.27 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| LBAY | NVDY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.60 | 1.76 | -1.16 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.29 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.59 | 1.65 | -1.06 |
Drawdowns
LBAY vs. NVDY - Drawdown Comparison
The maximum LBAY drawdown since its inception was -15.99%, smaller than the maximum NVDY drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for LBAY and NVDY.
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Drawdown Indicators
| LBAY | NVDY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.99% | -34.08% | +18.09% |
Max Drawdown (1Y)Largest decline over 1 year | -11.91% | -12.81% | +0.90% |
Max Drawdown (3Y)Largest decline over 3 years | -14.57% | -34.08% | +19.51% |
Max Drawdown (5Y)Largest decline over 5 years | -15.99% | — | — |
Current DrawdownCurrent decline from peak | -10.34% | -5.47% | -4.87% |
Average DrawdownAverage peak-to-trough decline | -6.80% | -6.15% | -0.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.71% | 5.21% | -0.50% |
Volatility
LBAY vs. NVDY - Volatility Comparison
The current volatility for Leatherback Long/Short Alternative Yield ETF (LBAY) is 3.80%, while YieldMax NVDA Option Income Strategy ETF (NVDY) has a volatility of 9.43%. This indicates that LBAY experiences smaller price fluctuations and is considered to be less risky than NVDY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| LBAY | NVDY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.80% | 9.43% | -5.63% |
Volatility (6M)Calculated over the trailing 6-month period | 12.82% | 20.71% | -7.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.26% | 27.33% | -12.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.59% | 38.22% | -24.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.73% | 38.22% | -24.49% |
LBAY vs. NVDY - Expense Ratio Comparison
LBAY has a 1.09% expense ratio, which is higher than NVDY's 0.99% expense ratio.
Dividends
LBAY vs. NVDY - Dividend Comparison
LBAY's dividend yield for the trailing twelve months is around 3.79%, less than NVDY's 62.14% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
LBAY Leatherback Long/Short Alternative Yield ETF | 3.79% | 3.80% | 3.77% | 3.47% | 2.74% | 2.96% | 0.29% |
NVDY YieldMax NVDA Option Income Strategy ETF | 62.14% | 83.10% | 83.65% | 22.32% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
LBAY and NVDY have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NVDY has higher volatility (9.43%) compared to LBAY (3.80%). In terms of maximum drawdown, LBAY dropped -15.99% vs NVDY's -34.08%.
On 3-year performance, NVDY leads with 55.07% vs 3.68% for LBAY. On fees, NVDY is cheaper at 0.99% per year. On volatility, LBAY has been the lower-risk option at 3.80%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, NVDY has performed better with a 55.07% return vs 3.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
NVDY is cheaper with a 0.99% expense ratio, compared with 1.09% for LBAY.
NVDY has the higher dividend yield at 62.14%, compared with 3.79% for LBAY.
LBAY is categorized as Long-Short, while NVDY is Derivative Income. They also come from different issuers: Toroso Investments and YieldMax. Their fees differ too: 1.09% for LBAY and 0.99% for NVDY.
NVDY currently has the higher Sharpe Ratio (1.76 vs 0.60), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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