LONGX vs. VOO

Last updated Jun 24, 2026

LONGX (Longboard Alternative Growth Fund) and VOO (Vanguard S&P 500 ETF) are both funds - LONGX is a Long-Short fund managed by Longboard, while VOO is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, LONGX returned 24.95%/yr vs 15.61%/yr for VOO. A 0.66 correlation means they provide meaningful diversification when combined. LONGX charges 1.99%/yr vs 0.03%/yr for VOO.

Performance

LONGX vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Longboard Alternative Growth Fund (LONGX) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LONGX achieves a 12.88% return, which is significantly higher than VOO's 8.19% return. Over the past 10 years, LONGX has outperformed VOO with an annualized return of 24.95%, while VOO has yielded a comparatively lower 15.61% annualized return.

LONGX

• 1D: 0.71%
• 1M: 3.55%
• YTD: 12.88%
• 6M: 11.10%
• 1Y: 16.94%
• 3Y*: 12.03%
• 5Y*: 5.17%
• 10Y*: 24.95%

VOO

• 1D: -1.42%
• 1M: -1.34%
• YTD: 8.19%
• 6M: 7.24%
• 1Y: 23.69%
• 3Y*: 20.78%
• 5Y*: 13.13%
• 10Y*: 15.61%

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

LONGX vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LONGX Longboard Alternative Growth Fund	12.88%	1.49%	14.95%	5.64%	-13.21%	13.89%	27.70%	13.82%	270.32%	19.08%
VOO Vanguard S&P 500 ETF	8.19%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Correlation

The correlation between LONGX and VOO is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Mar 20, 2015	0.66

The correlation between LONGX and VOO shifts across timeframes, from 0.66 (all time) to 0.78 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

LONGX vs. VOO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

LONGX

LONGX Risk / Return Rank: 42
LONGX Sharpe Ratio Rank: 37
LONGX Sortino Ratio Rank: 40
LONGX Omega Ratio Rank: 36
LONGX Calmar Ratio Rank: 48
LONGX Martin Ratio Rank: 50

VOO

VOO Risk / Return Rank: 59
VOO Sharpe Ratio Rank: 59
VOO Sortino Ratio Rank: 56
VOO Omega Ratio Rank: 58
VOO Calmar Ratio Rank: 56
VOO Martin Ratio Rank: 67

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

LONGX vs. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Longboard Alternative Growth Fund (LONGX) and Vanguard S&P 500 ETF (VOO). 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.

	LONGX	VOO	Difference
Sharpe ratio: Return per unit of total volatility	1.64	1.91	-0.27
Sortino ratio: Return per unit of downside risk	2.44	2.60	-0.16
Omega ratio: Gain probability vs. loss probability	1.30	1.35	-0.05
Calmar ratio: Return relative to maximum drawdown	2.53	2.67	-0.15
Martin ratio: Return relative to average drawdown	9.71	11.96	-2.25

LONGX vs. VOO - Sharpe Ratio Comparison

The current LONGX Sharpe Ratio is 1.64, which is comparable to the VOO Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of LONGX and VOO, 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

LONGX vs. VOO - Drawdown Comparison

The maximum LONGX drawdown since its inception was -77.16%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for LONGX and VOO.

Drawdown Indicators

	LONGX	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-77.16%	-33.99%	-43.17%
Max Drawdown (1Y) Largest decline over 1 year	-7.09%	-8.90%	+1.81%
Max Drawdown (3Y) Largest decline over 3 years	-14.57%	-18.69%	+4.12%
Max Drawdown (5Y) Largest decline over 5 years	-19.28%	-24.52%	+5.24%
Max Drawdown (10Y) Largest decline over 10 years	-77.16%	-33.99%	-43.17%
Current Drawdown Current decline from peak	0.00%	-3.14%	+3.14%
Average Drawdown Average peak-to-trough decline	-7.34%	-3.68%	-3.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.84%	1.99%	-0.15%

Volatility

LONGX vs. VOO - Volatility Comparison

The current volatility for Longboard Alternative Growth Fund (LONGX) is 3.21%, while Vanguard S&P 500 ETF (VOO) has a volatility of 4.83%. This indicates that LONGX experiences smaller price fluctuations and is considered to be less risky than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LONGX	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.21%	4.83%	-1.62%
Volatility (6M) Calculated over the trailing 6-month period	8.51%	9.82%	-1.31%
Volatility (1Y) Calculated over the trailing 1-year period	10.93%	12.46%	-1.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.91%	16.91%	-5.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	137.79%	18.02%	+119.77%

LONGX vs. VOO - Expense Ratio Comparison

LONGX has a 1.99% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

LONGX vs. VOO - Dividend Comparison

LONGX has not paid dividends to shareholders, while VOO's dividend yield for the trailing twelve months is around 1.05%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LONGX Longboard Alternative Growth Fund	0.00%	0.00%	0.00%	5.40%	7.64%	1.73%	0.00%	0.00%	3.10%	268.50%	23.29%	0.00%
VOO Vanguard S&P 500 ETF	1.05%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both LONGX and VOO in my portfolio?

LONGX and VOO have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LONGX or VOO?

VOO has higher volatility (4.83%) compared to LONGX (3.21%). In terms of maximum drawdown, LONGX dropped -77.16% vs VOO's -33.99%.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (1.91 vs 1.64), 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.