SPRE vs. LBAY

Last updated Jun 3, 2026

SPRE (SP Funds S&P Global REIT Sharia ETF) and LBAY (Leatherback Long/Short Alternative Yield ETF) are both exchange-traded funds - SPRE is a REIT fund tracking the S&P Global All Equity REIT Shariah Capped Index, while LBAY is a Long-Short fund actively managed by Toroso Investments. SPRE is passively managed, while LBAY is actively managed. Over the past 5 years, SPRE returned 1.62%/yr vs 3.76%/yr for LBAY. At a 0.45 correlation, their price movements are largely independent. SPRE charges 0.69%/yr vs 1.09%/yr for LBAY.

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.

Returns By Period

In the year-to-date period, SPRE achieves a 7.88% return, which is significantly higher than LBAY's 6.11% return.

SPRE

• 1D: 0.73%
• 1M: -1.70%
• YTD: 7.88%
• 6M: 8.62%
• 1Y: 10.66%
• 3Y*: 6.67%
• 5Y*: 1.62%
• 10Y*: —

LBAY

• 1D: 1.10%
• 1M: -3.09%
• YTD: 6.11%
• 6M: 6.42%
• 1Y: 7.20%
• 3Y*: 3.29%
• 5Y*: 3.76%
• 10Y*: —

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

SPRE vs. LBAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
SPRE SP Funds S&P Global REIT Sharia ETF	7.88%	3.07%	2.11%	9.40%	-29.48%	44.78%	0.73%
LBAY Leatherback Long/Short Alternative Yield ETF	6.11%	4.08%	-3.49%	-8.54%	22.41%	22.27%	0.91%

Correlation

The correlation between SPRE and LBAY is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (All Time) Calculated using the full available price history since Dec 31, 2020	0.45

The correlation between SPRE and LBAY shifts across timeframes, from 0.32 (1 year) to 0.47 (5 years), reflecting how their relationship changes across market environments.

SPRE vs. LBAY - Sectors Allocation Comparison

Sectors	SPRE	LBAY
Real Estate	84.4%	2.8%
Basic Materials	5.0%	20.8%
Utilities	0.4%	11.2%
Financial Services	0.1%	15.3%
Consumer Cyclical	-	4.3%
Consumer Defensive	-	16.3%
Energy	-	11.4%
Healthcare	-	5.5%
Industrials	-	12.5%
Technology	-	2.8%
Communication Services	-0.0%	-

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: 24
SPRE Sharpe Ratio Rank: 23
SPRE Sortino Ratio Rank: 22
SPRE Omega Ratio Rank: 22
SPRE Calmar Ratio Rank: 24
SPRE Martin Ratio Rank: 27

LBAY

LBAY Risk / Return Rank: 16
LBAY Sharpe Ratio Rank: 16
LBAY Sortino Ratio Rank: 17
LBAY Omega Ratio Rank: 16
LBAY Calmar Ratio Rank: 16
LBAY Martin Ratio Rank: 16

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	0.81	0.47	+0.34
Sortino ratio Return per unit of downside risk	1.19	0.82	+0.37
Omega ratio Gain probability vs. loss probability	1.15	1.09	+0.05
Calmar ratio Return relative to maximum drawdown	1.15	0.60	+0.55
Martin ratio Return relative to average drawdown	3.91	1.55	+2.36
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 0.81, which is higher than the LBAY Sharpe Ratio of 0.47. The chart below compares the historical Sharpe Ratios of SPRE and LBAY, 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

	SPRE	LBAY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.81	0.47	+0.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.09	0.28	-0.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	0.58	-0.33

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	-9.63%	-11.91%	+2.28%
Max Drawdown (3Y) Largest decline over 3 years	-22.04%	-14.57%	-7.47%
Max Drawdown (5Y) Largest decline over 5 years	-38.34%	-15.99%	-22.35%
Current Drawdown Current decline from peak	-12.42%	-10.94%	-1.48%
Average Drawdown Average peak-to-trough decline	-17.93%	-6.80%	-11.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.83%	4.62%	-1.79%

Volatility

SPRE vs. LBAY - Volatility Comparison

SP Funds S&P Global REIT Sharia ETF (SPRE) and Leatherback Long/Short Alternative Yield ETF (LBAY) have volatilities of 3.87% and 4.07%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. 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	3.87%	4.07%	-0.20%
Volatility (6M) Calculated over the trailing 6-month period	9.59%	12.86%	-3.27%
Volatility (1Y) Calculated over the trailing 1-year period	13.22%	15.25%	-2.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.74%	13.60%	+5.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.42%	13.74%	+4.68%

SPRE vs. LBAY - Expense Ratio Comparison

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

Dividends

SPRE vs. LBAY - Dividend Comparison

SPRE's dividend yield for the trailing twelve months is around 3.86%, more than LBAY's 3.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
LBAY Leatherback Long/Short Alternative Yield ETF	3.81%	3.80%	3.77%	3.47%	2.74%	2.96%	0.29%
SPRE SP Funds S&P Global REIT Sharia ETF	3.86%	4.10%	4.13%	4.16%	4.17%	2.83%	0.00%

Frequently Asked Questions

Can I hold both SPRE and LBAY in my portfolio?

SPRE and LBAY have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPRE or LBAY?

LBAY has higher volatility (4.07%) compared to SPRE (3.87%). In terms of maximum drawdown, SPRE dropped -38.34% vs LBAY's -15.99%.

Which ETF is better, SPRE or LBAY?

On 5-year performance, LBAY leads with 3.76% vs 1.62% for SPRE. On fees, SPRE is cheaper at 0.69% per year. On volatility, SPRE has been the lower-risk option at 3.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPRE or LBAY?

Over the 5-year period, LBAY has performed better with a 3.76% return vs 1.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPRE or LBAY?

SPRE is cheaper with a 0.69% expense ratio, compared with 1.09% for LBAY.

Which ETF pays a higher dividend yield, SPRE or LBAY?

SPRE has the higher dividend yield at 3.86%, compared with 3.81% for LBAY.

What is the main difference between SPRE and LBAY?

SPRE is categorized as REIT, while LBAY is Long-Short. Their fees differ too: 0.69% for SPRE and 1.09% for LBAY.

Which has better risk-adjusted returns?

SPRE currently has the higher Sharpe Ratio (0.81 vs 0.47), 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.