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 5.90%/yr vs 14.23%/yr for QQQ. Their 0.05 correlation means their historical movements had little consistent relationship. LBAY charges 1.09%/yr vs 0.18%/yr for QQQ.
Performance
LBAY vs. QQQ - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, LBAY achieves a 10.68% return, which is significantly lower than QQQ's 12.26% return.
LBAY
- 1D
- -1.39%
- 1M
- 2.18%
- 6M
- 4.80%
- YTD
- 10.68%
- 1Y
- 12.00%
- 3Y*
- 2.86%
- 5Y*
- 5.90%
- 10Y*
- —
- ALL TIME*
- 8.58%
QQQ
- 1D
- 0.65%
- 1M
- -3.45%
- 6M
- 10.89%
- YTD
- 12.26%
- 1Y
- 24.81%
- 3Y*
- 22.29%
- 5Y*
- 14.23%
- 10Y*
- 20.44%
- ALL TIME*
- 10.64%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $78.40K | $43.68K | $38.59K | |
| $30.32B | $28.40B | $31.45B |
LBAY vs. QQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
LBAY Leatherback Long/Short Alternative Yield ETF | 10.68% | 4.08% | -3.49% | -8.54% | 22.41% | 22.27% | 5.03% |
QQQ Invesco QQQ ETF | 12.26% | 20.77% | 25.58% | 54.86% | -32.58% | 27.42% | 7.20% |
Correlation
The correlation between LBAY and QQQ is -0.34, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.34 |
Correlation (3Y) Balances recent behavior with more history. | -0.12 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.05 |
Correlation (All Time) Calculated using the full available price history since Nov 17, 2020 | 0.05 |
The correlation between LBAY and QQQ shifts across timeframes, from -0.34 (1 year) to 0.05 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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 | -0.44 | ||
| Sortino ratioReturn per unit of downside risk | -0.48 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.21 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 0.90 | 1.88 | -0.98 |
| Martin ratioReturn relative to average drawdown | 2.00 | 6.00 | -4.00 |
Loading charts...
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.
Loading charts...
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 | -7.11% | -7.69% | +0.58% |
Average DrawdownAverage peak-to-trough decline | -6.88% | -32.62% | +25.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.11% | 3.74% | +2.37% |
Volatility
LBAY vs. QQQ - Volatility Comparison
Leatherback Long/Short Alternative Yield ETF (LBAY) and Invesco QQQ ETF (QQQ) have volatilities of 6.70% and 6.87%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| LBAY | QQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.70% | 6.87% | -0.17% |
Volatility (6M)Calculated over the trailing 6-month period | 13.83% | 16.08% | -2.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.91% | 19.38% | -2.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.78% | 22.90% | -9.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.99% | 22.50% | -8.51% |
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 3.75%, more than QQQ's 0.44% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
LBAY Leatherback Long/Short Alternative Yield ETF | 3.75% | 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 | 0.44% | 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 -0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QQQ has higher volatility (6.87%) compared to LBAY (6.70%). In terms of maximum drawdown, LBAY dropped -15.99% vs QQQ's -82.97%.
On 5-year performance, QQQ leads with 14.23% vs 5.90% for LBAY. On fees, QQQ is cheaper at 0.18% per year. On volatility, LBAY has been the lower-risk option at 6.70%. 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 14.23% return vs 5.90%. 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 3.75%, compared with 0.44% 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 (1.16 vs 0.72), 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.
Find the right allocation for LBAY and QQQ
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer