LBAY vs. SPEDX

Last updated Aug 2, 2026

LBAY (Leatherback Long/Short Alternative Yield ETF) and SPEDX (Alger Dynamic Opportunities Fund) are both Long-Short funds. Over the past 5 years, LBAY returned 5.90%/yr vs 2.87%/yr for SPEDX. Their 0.04 correlation means their historical movements had little consistent relationship. LBAY charges 1.09%/yr vs 0.91%/yr for SPEDX.

Performance

LBAY vs. SPEDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leatherback Long/Short Alternative Yield ETF (LBAY) and Alger Dynamic Opportunities Fund (SPEDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LBAY achieves a 10.68% return, which is significantly higher than SPEDX's 2.30% 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%

SPEDX

• 1D: 2.39%
• 1M: -3.98%
• 6M: 4.32%
• YTD: 2.30%
• 1Y: 2.95%
• 3Y*: 11.83%
• 5Y*: 2.87%
• 10Y*: 8.36%
• ALL TIME*: 6.13%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
LBAY Leatherback Long/Short Alternative Yield ETF	$78.40K	$43.68K	$38.59K
SPEDX Alger Dynamic Opportunities Fund	$0.00	$0.00	$0.00

LBAY vs. SPEDX - 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%
SPEDX Alger Dynamic Opportunities Fund	2.30%	6.22%	23.03%	4.24%	-13.90%	3.96%	8.29%

Correlation

The correlation between LBAY and SPEDX is -0.38, 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.	-0.38
Correlation (3Y) Balances recent behavior with more history.	-0.18
Correlation (5Y) Shows whether the relationship held over a longer period.	0.02
Correlation (All Time) Calculated using the full available price history since Nov 17, 2020	0.04

The correlation between LBAY and SPEDX shifts across timeframes, from -0.38 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.

Return for Risk

LBAY vs. SPEDX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

LBAY

LBAY Risk / Return Rank: 28
LBAY Sharpe Ratio Rank: 30
LBAY Sortino Ratio Rank: 31
LBAY Omega Ratio Rank: 28
LBAY Calmar Ratio Rank: 28
LBAY Martin Ratio Rank: 26

SPEDX

SPEDX Risk / Return Rank: 7
SPEDX Sharpe Ratio Rank: 7
SPEDX Sortino Ratio Rank: 6
SPEDX Omega Ratio Rank: 6
SPEDX Calmar Ratio Rank: 7
SPEDX Martin Ratio Rank: 7

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

LBAY vs. SPEDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leatherback Long/Short Alternative Yield ETF (LBAY) and Alger Dynamic Opportunities Fund (SPEDX). 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	SPEDX	Difference
Sharpe ratio: Return per unit of total volatility	0.72	0.17	+0.56
Sortino ratio: Return per unit of downside risk	1.17	0.33	+0.84
Omega ratio: Gain probability vs. loss probability	1.13	1.04	+0.10
Calmar ratio: Return relative to maximum drawdown	0.90	0.23	+0.67
Martin ratio: Return relative to average drawdown	2.00	0.58	+1.42

LBAY vs. SPEDX - Sharpe Ratio Comparison

The current LBAY Sharpe Ratio is 0.72, which is higher than the SPEDX Sharpe Ratio of 0.17. The chart below compares the historical Sharpe Ratios of LBAY and SPEDX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

LBAY vs. SPEDX - Drawdown Comparison

The maximum LBAY drawdown since its inception was -15.99%, smaller than the maximum SPEDX drawdown of -29.02%. Use the drawdown chart below to compare losses from any high point for LBAY and SPEDX.

Drawdown Indicators

	LBAY	SPEDX	Difference
Max Drawdown Largest peak-to-trough decline	-15.99%	-29.02%	+13.03%
Max Drawdown (1Y) Largest decline over 1 year	-13.61%	-9.18%	-4.43%
Max Drawdown (3Y) Largest decline over 3 years	-14.57%	-13.23%	-1.34%
Max Drawdown (5Y) Largest decline over 5 years	-15.99%	-29.02%	+13.03%
Max Drawdown (10Y) Largest decline over 10 years	—	-29.02%	—
Current Drawdown Current decline from peak	-7.11%	-6.78%	-0.33%
Average Drawdown Average peak-to-trough decline	-6.88%	-6.91%	+0.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.11%	3.63%	+2.48%

Volatility

LBAY vs. SPEDX - Volatility Comparison

Leatherback Long/Short Alternative Yield ETF (LBAY) has a higher volatility of 6.70% compared to Alger Dynamic Opportunities Fund (SPEDX) at 4.56%. This indicates that LBAY's price experiences larger fluctuations and is considered to be riskier than SPEDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LBAY	SPEDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.70%	4.56%	+2.14%
Volatility (6M) Calculated over the trailing 6-month period	13.83%	10.33%	+3.50%
Volatility (1Y) Calculated over the trailing 1-year period	16.91%	12.78%	+4.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.78%	12.17%	+1.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.99%	12.99%	+1.00%

LBAY vs. SPEDX - Expense Ratio Comparison

LBAY has a 1.09% expense ratio, which is higher than SPEDX's 0.91% expense ratio.

Dividends

LBAY vs. SPEDX - Dividend Comparison

LBAY's dividend yield for the trailing twelve months is around 3.75%, more than SPEDX's 0.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
SPEDX Alger Dynamic Opportunities Fund	0.09%	0.09%	0.00%	0.00%	0.00%	5.69%	4.94%	3.75%	1.92%	0.00%	0.32%

Frequently Asked Questions

Can I hold both LBAY and SPEDX in my portfolio?

LBAY and SPEDX have a correlation of -0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LBAY or SPEDX?

LBAY has higher volatility (6.70%) compared to SPEDX (4.56%). In terms of maximum drawdown, LBAY dropped -15.99% vs SPEDX's -29.02%.

Which has better risk-adjusted returns?

LBAY currently has the higher Sharpe Ratio (0.72 vs 0.17), 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.