LSAT vs. HOG

Last updated Jun 4, 2026

LSAT (Leadershares Alphafactor Tactical Focused ETF) is Money Market fund actively managed by Redwood, while HOG (Harley-Davidson, Inc.) is a stock. Over the past 5 years, LSAT returned 5.78%/yr vs -10.95%/yr for HOG. A 0.60 correlation means they provide meaningful diversification when combined.

Performance

LSAT vs. HOG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leadershares Alphafactor Tactical Focused ETF (LSAT) and Harley-Davidson, Inc. (HOG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LSAT achieves a 10.11% return, which is significantly lower than HOG's 19.60% return.

LSAT

• 1D: -0.59%
• 1M: 2.09%
• YTD: 10.11%
• 6M: 8.58%
• 1Y: 10.20%
• 3Y*: 11.66%
• 5Y*: 5.78%
• 10Y*: —

HOG

• 1D: -1.54%
• 1M: 4.48%
• YTD: 19.60%
• 6M: 1.12%
• 1Y: 1.54%
• 3Y*: -7.57%
• 5Y*: -10.95%
• 10Y*: -3.87%

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

LSAT vs. HOG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
LSAT Leadershares Alphafactor Tactical Focused ETF	10.11%	-1.54%	18.16%	13.64%	-12.99%	25.10%	20.47%
HOG Harley-Davidson, Inc.	19.60%	-30.05%	-16.61%	-9.76%	12.13%	4.29%	3.72%

Correlation

The correlation between LSAT and HOG is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (All Time) Calculated using the full available price history since Oct 28, 2020	0.60

The correlation between LSAT and HOG has been stable across timeframes, ranging from 0.55 to 0.61 - a consistent structural relationship.

Return for Risk

LSAT vs. HOG — Risk / Return Rank

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

LSAT

LSAT Risk / Return Rank: 24
LSAT Sharpe Ratio Rank: 23
LSAT Sortino Ratio Rank: 24
LSAT Omega Ratio Rank: 22
LSAT Calmar Ratio Rank: 27
LSAT Martin Ratio Rank: 24

HOG

HOG Risk / Return Rank: 40
HOG Sharpe Ratio Rank: 42
HOG Sortino Ratio Rank: 39
HOG Omega Ratio Rank: 37
HOG Calmar Ratio Rank: 41
HOG Martin Ratio Rank: 41

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.

LSAT vs. HOG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leadershares Alphafactor Tactical Focused ETF (LSAT) and Harley-Davidson, Inc. (HOG). 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.

	LSAT	HOG	Difference
Sharpe ratio: Return per unit of total volatility	0.81	0.04	+0.78
Sortino ratio: Return per unit of downside risk	1.27	0.37	+0.91
Omega ratio: Gain probability vs. loss probability	1.15	1.04	+0.10
Calmar ratio: Return relative to maximum drawdown	1.29	0.04	+1.26
Martin ratio: Return relative to average drawdown	3.03	0.07	+2.97
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LSAT vs. HOG - Sharpe Ratio Comparison

The current LSAT Sharpe Ratio is 0.81, which is higher than the HOG Sharpe Ratio of 0.04. The chart below compares the historical Sharpe Ratios of LSAT and HOG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	LSAT	HOG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.81	0.04	+0.78
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.36	-0.27	+0.63
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.09	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.73	0.31	+0.42

Drawdowns

LSAT vs. HOG - Drawdown Comparison

The maximum LSAT drawdown since its inception was -20.48%, smaller than the maximum HOG drawdown of -88.26%. Use the drawdown chart below to compare losses from any high point for LSAT and HOG.

Drawdown Indicators

	LSAT	HOG	Difference
Max Drawdown Largest peak-to-trough decline	-20.48%	-88.26%	+67.78%
Max Drawdown (1Y) Largest decline over 1 year	-7.94%	-43.24%	+35.30%
Max Drawdown (3Y) Largest decline over 3 years	-18.25%	-58.74%	+40.49%
Max Drawdown (5Y) Largest decline over 5 years	-20.48%	-64.11%	+43.63%
Max Drawdown (10Y) Largest decline over 10 years	—	-73.28%	—
Current Drawdown Current decline from peak	-0.59%	-56.06%	+55.47%
Average Drawdown Average peak-to-trough decline	-5.55%	-24.41%	+18.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.37%	22.95%	-19.58%

Volatility

LSAT vs. HOG - Volatility Comparison

The current volatility for Leadershares Alphafactor Tactical Focused ETF (LSAT) is 3.26%, while Harley-Davidson, Inc. (HOG) has a volatility of 15.11%. This indicates that LSAT experiences smaller price fluctuations and is considered to be less risky than HOG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LSAT	HOG	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.26%	15.11%	-11.85%
Volatility (6M) Calculated over the trailing 6-month period	9.11%	27.68%	-18.57%
Volatility (1Y) Calculated over the trailing 1-year period	12.59%	40.70%	-28.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.25%	40.39%	-24.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.76%	43.02%	-26.26%

Dividends

LSAT vs. HOG - Dividend Comparison

LSAT's dividend yield for the trailing twelve months is around 1.72%, less than HOG's 2.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HOG Harley-Davidson, Inc.	2.26%	3.51%	2.29%	1.79%	1.51%	1.59%	1.20%	4.03%	4.34%	2.87%	2.40%	2.73%
LSAT Leadershares Alphafactor Tactical Focused ETF	1.72%	1.90%	1.31%	1.85%	0.36%	3.44%	0.30%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both LSAT and HOG in my portfolio?

LSAT and HOG have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LSAT or HOG?

HOG has higher volatility (15.11%) compared to LSAT (3.26%). In terms of maximum drawdown, LSAT dropped -20.48% vs HOG's -88.26%.

Which has better risk-adjusted returns?

LSAT currently has the higher Sharpe Ratio (0.81 vs 0.04), 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.