LBAY vs. SPEDX
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 4.52%/yr vs 4.60%/yr for SPEDX. At a 0.06 correlation, their price movements are largely independent. LBAY charges 1.09%/yr vs 0.91%/yr for SPEDX.
Performance
LBAY vs. SPEDX - Performance Comparison
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Returns By Period
In the year-to-date period, LBAY achieves a 2.94% return, which is significantly lower than SPEDX's 9.52% return.
LBAY
- 1D
- -0.82%
- 1M
- -4.77%
- YTD
- 2.94%
- 6M
- 3.57%
- 1Y
- 3.91%
- 3Y*
- 1.80%
- 5Y*
- 4.52%
- 10Y*
- —
SPEDX
- 1D
- 0.71%
- 1M
- 3.72%
- YTD
- 9.52%
- 6M
- 8.20%
- 1Y
- 13.51%
- 3Y*
- 13.25%
- 5Y*
- 4.60%
- 10Y*
- 9.38%
LBAY vs. SPEDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
LBAY Leatherback Long/Short Alternative Yield ETF | 2.94% | 4.08% | -3.49% | -8.54% | 22.41% | 22.27% | 5.03% |
SPEDX Alger Dynamic Opportunities Fund | 9.52% | 6.22% | 23.03% | 4.24% | -13.90% | 3.96% | 8.29% |
Correlation
The correlation between LBAY and SPEDX is -0.28, 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 | -0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Nov 17, 2020 | 0.06 |
The correlation between LBAY and SPEDX shifts across timeframes, from -0.28 (1 year) to 0.06 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
LBAY vs. SPEDX — Risk / Return Rank
LBAY
SPEDX
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 ratioReturn per unit of total volatility | -0.84 | ||
| Sortino ratioReturn per unit of downside risk | -1.12 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.20 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 0.29 | 1.43 | -1.14 |
| Martin ratioReturn relative to average drawdown | 0.74 | 3.94 | -3.20 |
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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.
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Drawdown Indicators
| LBAY | SPEDX | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -13.61% | 0.00% | -13.61% |
Average DrawdownAverage peak-to-trough decline | -6.83% | -6.93% | +0.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.27% | 3.31% | +1.96% |
Volatility
LBAY vs. SPEDX - Volatility Comparison
The current volatility for Leatherback Long/Short Alternative Yield ETF (LBAY) is 4.08%, while Alger Dynamic Opportunities Fund (SPEDX) has a volatility of 5.42%. This indicates that LBAY experiences smaller price fluctuations and is considered to be less risky than SPEDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| LBAY | SPEDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.08% | 5.42% | -1.34% |
Volatility (6M)Calculated over the trailing 6-month period | 12.54% | 9.42% | +3.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.64% | 11.95% | +3.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.56% | 12.01% | +1.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.76% | 12.93% | +0.83% |
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 3.93%, more than SPEDX's 0.08% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
LBAY Leatherback Long/Short Alternative Yield ETF | 3.93% | 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 | 0.08% | 0.09% | 0.00% | 0.00% | 0.00% | 5.69% | 4.94% | 3.75% | 1.92% | 0.00% | 0.32% |
Frequently Asked Questions
LBAY and SPEDX have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPEDX has higher volatility (5.42%) compared to LBAY (4.08%). In terms of maximum drawdown, LBAY dropped -15.99% vs SPEDX's -29.02%.
SPEDX currently has the higher Sharpe Ratio (1.09 vs 0.25), 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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