SPRE vs. LBAY

Last updated Apr 1, 2026

Compare and contrast key facts about SP Funds S&P Global REIT Sharia ETF (SPRE) and Leatherback Long/Short Alternative Yield ETF (LBAY).

SPRE and LBAY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SPRE is a passively managed fund by Toroso Investments that tracks the performance of the S&P Global All Equity REIT Shariah Capped Index. It was launched on Dec 30, 2020. LBAY is an actively managed fund by Toroso Investments. It was launched on Nov 16, 2020.

Performance

SPRE vs. LBAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SP Funds S&P Global REIT Sharia ETF (SPRE) and Leatherback Long/Short Alternative Yield ETF (LBAY). The values are adjusted to include any dividend payments, if applicable.

SPRE vs. LBAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
SPRE SP Funds S&P Global REIT Sharia ETF	1.06%	3.07%	2.11%	9.40%	-29.48%	44.78%	0.73%
LBAY Leatherback Long/Short Alternative Yield ETF	15.90%	4.08%	-3.49%	-8.54%	22.41%	22.27%	0.91%

Returns By Period

In the year-to-date period, SPRE achieves a 1.06% return, which is significantly lower than LBAY's 15.90% return.

SPRE

• 1D: 1.71%
• 1M: -6.57%
• YTD: 1.06%
• 6M: 2.61%
• 1Y: 4.56%
• 3Y*: 3.70%
• 5Y*: 2.40%
• 10Y*: —

LBAY

• 1D: -0.68%
• 1M: -2.73%
• YTD: 15.90%
• 6M: 14.05%
• 1Y: 12.14%
• 3Y*: 4.38%
• 5Y*: 7.44%
• 10Y*: —

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

SPRE vs. LBAY - Expense Ratio Comparison

SPRE has a 0.69% expense ratio, which is lower than LBAY's 1.09% expense ratio.

LBAY

Leatherback Long/Short Alternative Yield ETF

SPRE

SP Funds S&P Global REIT Sharia ETF

Return for Risk

SPRE vs. LBAY — Risk / Return Rank

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

SPRE

SPRE Risk / Return Rank: 21
SPRE Sharpe Ratio Rank: 20
SPRE Sortino Ratio Rank: 19
SPRE Omega Ratio Rank: 20
SPRE Calmar Ratio Rank: 20
SPRE Martin Ratio Rank: 23

LBAY

LBAY Risk / Return Rank: 43
LBAY Sharpe Ratio Rank: 43
LBAY Sortino Ratio Rank: 45
LBAY Omega Ratio Rank: 39
LBAY Calmar Ratio Rank: 55
LBAY Martin Ratio Rank: 36

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.

SPRE vs. LBAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SP Funds S&P Global REIT Sharia ETF (SPRE) and Leatherback Long/Short Alternative Yield ETF (LBAY). 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.

	SPRE	LBAY	Difference
Sharpe ratio Return per unit of total volatility	0.28	0.75	-0.48
Sortino ratio Return per unit of downside risk	0.48	1.20	-0.72
Omega ratio Gain probability vs. loss probability	1.07	1.15	-0.08
Calmar ratio Return relative to maximum drawdown	0.35	1.36	-1.01
Martin ratio Return relative to average drawdown	1.40	3.16	-1.76
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPRE vs. LBAY - Sharpe Ratio Comparison

The current SPRE Sharpe Ratio is 0.28, which is lower than the LBAY Sharpe Ratio of 0.75. The chart below compares the historical Sharpe Ratios of SPRE and LBAY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SPRE	LBAY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.28	0.75	-0.48
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.13	0.55	-0.43
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	0.73	-0.55

Correlation

The correlation between SPRE and LBAY is 0.45, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

SPRE vs. LBAY - Dividend Comparison

SPRE's dividend yield for the trailing twelve months is around 4.10%, more than LBAY's 3.40% yield.

	TTM	2025	2024	2023	2022	2021	2020
SPRE SP Funds S&P Global REIT Sharia ETF	4.10%	4.10%	4.13%	4.16%	4.17%	2.83%	0.00%
LBAY Leatherback Long/Short Alternative Yield ETF	3.40%	3.80%	3.77%	3.47%	2.74%	2.96%	0.29%

Drawdowns

SPRE vs. LBAY - Drawdown Comparison

The maximum SPRE drawdown since its inception was -38.34%, which is greater than LBAY's maximum drawdown of -15.99%. Use the drawdown chart below to compare losses from any high point for SPRE and LBAY.

Drawdown Indicators

	SPRE	LBAY	Difference
Max Drawdown Largest peak-to-trough decline	-38.34%	-15.99%	-22.35%
Max Drawdown (1Y) Largest decline over 1 year	-14.01%	-9.71%	-4.30%
Max Drawdown (5Y) Largest decline over 5 years	-38.34%	-15.99%	-22.35%
Current Drawdown Current decline from peak	-17.95%	-2.73%	-15.22%
Average Drawdown Average peak-to-trough decline	-18.12%	-6.77%	-11.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.49%	4.18%	-0.69%

Volatility

SPRE vs. LBAY - Volatility Comparison

The current volatility for SP Funds S&P Global REIT Sharia ETF (SPRE) is 4.68%, while Leatherback Long/Short Alternative Yield ETF (LBAY) has a volatility of 5.55%. This indicates that SPRE experiences smaller price fluctuations and is considered to be less risky than LBAY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPRE	LBAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.68%	5.55%	-0.87%
Volatility (6M) Calculated over the trailing 6-month period	9.08%	12.16%	-3.08%
Volatility (1Y) Calculated over the trailing 1-year period	16.63%	16.19%	+0.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.69%	13.49%	+5.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.53%	13.66%	+4.87%