LSAT vs. SPY

Last updated Jun 23, 2026

LSAT (Leadershares Alphafactor Tactical Focused ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - LSAT is a Money Market fund actively managed by Redwood, while SPY is a S&P 500 fund tracking the S&P 500 Index. LSAT is actively managed, while SPY is passively managed. Over the past 5 years, LSAT returned 6.45%/yr vs 13.51%/yr for SPY. A 0.67 correlation means they provide meaningful diversification when combined. LSAT charges 0.99%/yr vs 0.09%/yr for SPY.

Performance

LSAT vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leadershares Alphafactor Tactical Focused ETF (LSAT) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with LSAT having a 9.79% return and SPY slightly lower at 9.74%.

LSAT

• 1D: -0.23%
• 1M: -0.48%
• YTD: 9.79%
• 6M: 8.01%
• 1Y: 10.52%
• 3Y*: 11.86%
• 5Y*: 6.45%
• 10Y*: —

SPY

• 1D: -0.31%
• 1M: 0.09%
• YTD: 9.74%
• 6M: 9.27%
• 1Y: 26.65%
• 3Y*: 21.27%
• 5Y*: 13.51%
• 10Y*: 15.70%

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

LSAT vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
LSAT Leadershares Alphafactor Tactical Focused ETF	9.79%	-1.54%	18.16%	13.64%	-12.99%	25.10%	18.71%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	26.18%	-18.18%	28.73%	10.63%

Correlation

The correlation between LSAT and SPY is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (All Time) Calculated using the full available price history since Oct 27, 2020	0.67

The correlation between LSAT and SPY shifts across timeframes, from 0.48 (1 year) to 0.67 (all time), reflecting how their relationship changes across market environments.

LSAT vs. SPY - Sectors Allocation Comparison

Sectors	LSAT	SPY
Consumer Cyclical	23.1%	9.9%
Financial Services	21.4%	11.1%
Technology	15.0%	39.0%
Industrials	12.9%	7.8%
Communication Services	9.3%	10.6%
Healthcare	7.0%	8.3%
Energy	3.0%	3.1%
Real Estate	3.0%	1.8%
Consumer Defensive	2.9%	4.5%
Basic Materials	2.5%	1.7%
Utilities	-	2.1%

Return for Risk

LSAT vs. SPY — 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: 24
LSAT Sortino Ratio Rank: 24
LSAT Omega Ratio Rank: 21
LSAT Calmar Ratio Rank: 28
LSAT Martin Ratio Rank: 24

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leadershares Alphafactor Tactical Focused ETF (LSAT) and State Street SPDR S&P 500 ETF (SPY). 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.

	LSAT	SPY	Difference
Sharpe ratio: Return per unit of total volatility	0.82	2.16	-1.34
Sortino ratio: Return per unit of downside risk	1.28	2.91	-1.63
Omega ratio: Gain probability vs. loss probability	1.14	1.39	-0.25
Calmar ratio: Return relative to maximum drawdown	1.33	3.01	-1.68
Martin ratio: Return relative to average drawdown	3.12	13.54	-10.41

LSAT vs. SPY - Sharpe Ratio Comparison

The current LSAT Sharpe Ratio is 0.82, which is lower than the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of LSAT and SPY, 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

LSAT vs. SPY - Drawdown Comparison

The maximum LSAT drawdown since its inception was -20.48%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for LSAT and SPY.

Drawdown Indicators

	LSAT	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-20.48%	-55.19%	+34.71%
Max Drawdown (1Y) Largest decline over 1 year	-7.94%	-8.88%	+0.94%
Max Drawdown (3Y) Largest decline over 3 years	-18.25%	-18.76%	+0.51%
Max Drawdown (5Y) Largest decline over 5 years	-20.48%	-24.50%	+4.02%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-1.96%	-1.75%	-0.21%
Average Drawdown Average peak-to-trough decline	-5.51%	-9.04%	+3.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.38%	1.97%	+1.41%

Volatility

LSAT vs. SPY - Volatility Comparison

The current volatility for Leadershares Alphafactor Tactical Focused ETF (LSAT) is 3.34%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.64%. This indicates that LSAT experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LSAT	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.34%	4.64%	-1.30%
Volatility (6M) Calculated over the trailing 6-month period	9.37%	9.75%	-0.38%
Volatility (1Y) Calculated over the trailing 1-year period	12.91%	12.43%	+0.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.25%	17.14%	-0.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.75%	17.99%	-1.24%

LSAT vs. SPY - Expense Ratio Comparison

LSAT has a 0.99% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

LSAT vs. SPY - Dividend Comparison

LSAT's dividend yield for the trailing twelve months is around 1.73%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LSAT Leadershares Alphafactor Tactical Focused ETF	1.73%	1.90%	1.31%	1.85%	0.36%	3.44%	0.30%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both LSAT and SPY in my portfolio?

LSAT and SPY have a correlation of 0.48, 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 SPY?

SPY has higher volatility (4.64%) compared to LSAT (3.34%). In terms of maximum drawdown, LSAT dropped -20.48% vs SPY's -55.19%.

Which ETF is better, LSAT or SPY?

On 5-year performance, SPY leads with 13.51% vs 6.45% for LSAT. On fees, SPY is cheaper at 0.09% per year. On volatility, LSAT has been the lower-risk option at 3.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LSAT or SPY?

Over the 5-year period, SPY has performed better with a 13.51% return vs 6.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LSAT or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.99% for LSAT.

Which ETF pays a higher dividend yield, LSAT or SPY?

LSAT has the higher dividend yield at 1.73%, compared with 1.01% for SPY.

What is the main difference between LSAT and SPY?

LSAT is categorized as Money Market, while SPY is S&P 500. They also come from different issuers: Redwood and State Street. Their fees differ too: 0.99% for LSAT and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.16 vs 0.82), 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.