LBAY vs. QQQ
LBAY (Leatherback Long/Short Alternative Yield ETF) and QQQ (Invesco QQQ ETF) are both exchange-traded funds - LBAY is a Long-Short fund actively managed by Toroso Investments, while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. LBAY is actively managed, while QQQ is passively managed. Over the past 5 years, LBAY returned 4.68%/yr vs 16.01%/yr for QQQ. At a 0.08 correlation, their price movements are largely independent. LBAY charges 1.09%/yr vs 0.18%/yr for QQQ.
Performance
LBAY vs. QQQ - Performance Comparison
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Returns By Period
In the year-to-date period, LBAY achieves a 3.90% return, which is significantly lower than QQQ's 16.45% return.
LBAY
- 1D
- 0.94%
- 1M
- -3.88%
- YTD
- 3.90%
- 6M
- 4.36%
- 1Y
- 4.26%
- 3Y*
- 2.12%
- 5Y*
- 4.68%
- 10Y*
- —
QQQ
- 1D
- -3.29%
- 1M
- -0.43%
- YTD
- 16.45%
- 6M
- 14.99%
- 1Y
- 34.88%
- 3Y*
- 26.05%
- 5Y*
- 16.01%
- 10Y*
- 22.07%
LBAY vs. QQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
LBAY Leatherback Long/Short Alternative Yield ETF | 3.90% | 4.08% | -3.49% | -8.54% | 22.41% | 22.27% | 5.03% |
QQQ Invesco QQQ ETF | 16.45% | 20.77% | 25.58% | 54.86% | -32.58% | 27.42% | 7.20% |
Correlation
The correlation between LBAY and QQQ is -0.24, 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 | -0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Nov 17, 2020 | 0.08 |
The correlation between LBAY and QQQ shifts across timeframes, from -0.24 (1 year) to 0.08 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
LBAY vs. QQQ — Risk / Return Rank
LBAY
QQQ
LBAY vs. QQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Leatherback Long/Short Alternative Yield ETF (LBAY) and Invesco QQQ ETF (QQQ). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| LBAY | QQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.68 | ||
| Sortino ratioReturn per unit of downside risk | -2.05 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.35 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | 0.31 | 2.93 | -2.61 |
| Martin ratioReturn relative to average drawdown | 0.80 | 10.86 | -10.06 |
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Drawdowns
LBAY vs. QQQ - Drawdown Comparison
The maximum LBAY drawdown since its inception was -15.99%, smaller than the maximum QQQ drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for LBAY and QQQ.
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Drawdown Indicators
| LBAY | QQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.99% | -82.97% | +66.98% |
Max Drawdown (1Y)Largest decline over 1 year | -13.61% | -11.96% | -1.65% |
Max Drawdown (3Y)Largest decline over 3 years | -14.57% | -22.77% | +8.20% |
Max Drawdown (5Y)Largest decline over 5 years | -15.99% | -35.12% | +19.13% |
Max Drawdown (10Y)Largest decline over 10 years | — | -35.12% | — |
Current DrawdownCurrent decline from peak | -12.80% | -4.25% | -8.55% |
Average DrawdownAverage peak-to-trough decline | -6.84% | -32.73% | +25.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.33% | 3.22% | +2.11% |
Volatility
LBAY vs. QQQ - Volatility Comparison
The current volatility for Leatherback Long/Short Alternative Yield ETF (LBAY) is 4.22%, while Invesco QQQ ETF (QQQ) has a volatility of 9.17%. This indicates that LBAY experiences smaller price fluctuations and is considered to be less risky than QQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| LBAY | QQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.22% | 9.17% | -4.95% |
Volatility (6M)Calculated over the trailing 6-month period | 12.52% | 14.57% | -2.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.63% | 17.96% | -2.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.56% | 22.69% | -9.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.76% | 22.42% | -8.66% |
LBAY vs. QQQ - Expense Ratio Comparison
LBAY has a 1.09% expense ratio, which is higher than QQQ's 0.18% expense ratio.
Dividends
LBAY vs. QQQ - Dividend Comparison
LBAY's dividend yield for the trailing twelve months is around 3.89%, more than QQQ's 0.43% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
LBAY Leatherback Long/Short Alternative Yield ETF | 3.89% | 3.80% | 3.77% | 3.47% | 2.74% | 2.96% | 0.29% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
QQQ Invesco QQQ ETF | 0.43% | 0.45% | 0.56% | 0.62% | 0.80% | 0.43% | 0.55% | 0.74% | 0.91% | 0.84% | 1.06% | 0.99% |
Frequently Asked Questions
LBAY and QQQ have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QQQ has higher volatility (9.17%) compared to LBAY (4.22%). In terms of maximum drawdown, LBAY dropped -15.99% vs QQQ's -82.97%.
On 5-year performance, QQQ leads with 16.01% vs 4.68% for LBAY. On fees, QQQ is cheaper at 0.18% per year. On volatility, LBAY has been the lower-risk option at 4.22%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, QQQ has performed better with a 16.01% return vs 4.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QQQ is cheaper with a 0.18% expense ratio, compared with 1.09% for LBAY.
LBAY has the higher dividend yield at 3.89%, compared with 0.43% for QQQ.
LBAY is categorized as Long-Short, while QQQ is Nasdaq-100. They also come from different issuers: Toroso Investments and Invesco. Their fees differ too: 1.09% for LBAY and 0.18% for QQQ.
QQQ currently has the higher Sharpe Ratio (1.95 vs 0.27), 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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