Leatherback Long/Short Alternative Yield ETF (LBAY) Performance
LBAY total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +15.2% since Dec 31, 2025
- 1 year
- +12.8% total return
- 5 years
- +6.0% a year
- Since first price
- +8.9% a year since 2020
LBAY trailing returns vs SPY, QQQ, AGG
| Period | LBAY total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +5.5% | +5.1% | −1.0% | −5.0% | +0.9% |
| 3 months | +5.0% | +4.0% | +3.2% | +1.9% | −0.4% |
| 6 months | +6.6% | +4.6% | +7.8% | +8.4% | −1.5% |
| YTD | +15.2% | +11.9% | +12.3% | +15.1% | −1.0% |
| 1 year | +12.8% | +8.6% | +14.4% | +15.9% | −1.1% |
| 3 years | +21.8%+6.8%/yr | +9.1% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +34.0%+6.0%/yr | +12.8% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| Since inceptionNov 17, 2020 | +65.6%+8.9%/yr | +35.8% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: LBAY vs SPY
From Nov 17, 2020: LBAY grew to $16,561, SPY to $22,849.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
LBAY returns by calendar year
3 of 5 full years positive. Best 2022 (+22.4%), worst 2023 (−8.5%). 2026 is year to date.
LBAY annual returns table
| Year | LBAY | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +15.2% | −13.6% | +12.3% | +15.1% | −1.0% |
| 2025 | +4.1% | −9.2% | +17.7% | +20.8% | +7.2% |
| 2024 | −3.5% | −13.8% | +24.9% | +25.6% | +1.3% |
| 2023 | −8.5% | −16.0% | +26.2% | +54.9% | +5.7% |
| 2022 | +22.4% | −12.9% | −18.2% | −32.6% | −13.0% |
| 2021 | +22.3% | −10.4% | +28.7% | +27.4% | −1.8% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
LBAY largest drawdowns
Now 3.8% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Jan 6, 2023 | −16.0% | Oct 27, 2023 | Feb 4, 2026 | 10 months | 3.1 years |
| Feb 27, 2026 | −13.6% | Jun 22, 2026 | Aug 24, 2026 | 4 months | 6 months |
| Jun 7, 2022 | −12.9% | Sep 27, 2022 | Nov 22, 2022 | 4 months | 6 months |
| Aug 25, 2026 | −12.7% | Oct 1, 2026 | not yet | 37 days | 59 days so far |
| May 17, 2021 | −10.4% | Jul 19, 2021 | Jan 4, 2022 | 2 months | 8 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
LBAY risk statistics
| Statistic | 3 years | 5 years | Since 2020 |
|---|---|---|---|
| Annualized return | +2.5% | +4.7% | +7.5% |
| Volatility (annualized) | 15.6% | 16.0% | 15.7% |
| Sharpe ratio | -0.05 | 0.14 | 0.34 |
| Sortino ratio | -0.07 | 0.21 | 0.53 |
| Best month | +12.8% | +12.8% | +12.8% |
| Worst month | −9.5% | −9.5% | −9.5% |
| Best 12 months | +19.3% | +35.0% | +35.0% |
| Worst 12 months | −7.7% | −10.8% | −10.8% |
| Positive months | 50% | 53% | 56% |
| Beta vs S&P 500 | 0.06 | 0.28 | — |
| Correlation with S&P 500 | 0.05 | 0.28 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
LBAY rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 60 | −10.8% | +5.0% | +35.0% | 67% |
| 3-year (a year) | 36 | −2.8% | +3.2% | +12.3% | 78% |
| 5-year (a year) | 12 | +3.9% | +6.5% | +9.8% | 100% |
Every holding period starting at a month-end since 2020. Returns for 3 years and longer are annualized.
LBAY performance overview
Leatherback Long/Short Alternative Yield ETF (LBAY) returned +12.8% over the past year and +6.0% a year over five years, with distributions reinvested. Since its first recorded price in 2020 it has returned +8.9% a year, turning $10,000 into about $16,561. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −16.0%, from Jan 6, 2023 to Oct 27, 2023, and it took 2.3 years to get back to the old high. LBAY finished 3 of its 5 full calendar years with a gain; the best year was 2022 (+22.4%) and the worst 2023 (−8.5%). Volatility has been 15.7% a year.
Related: LBAY chart, LBAY dividends. See the LBAY overview for the latest quote and fund facts.
LBAY performance FAQ
What is the LBAY return over the past year?
LBAY returned +12.8% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 8.6%.
What is the average annual return of LBAY?
LBAY has returned +6.0% a year over 5 years, +8.9% a year since November 17, 2020 (total return, distributions reinvested).
How much would $10,000 invested in LBAY be worth?
$10,000 invested in LBAY at its first recorded close on November 17, 2020 would be worth about $16,561 on October 23, 2026 with distributions reinvested.
What was the worst year for LBAY?
The worst calendar year was 2023, with a total return of −8.5%. The best was 2022 at +22.4%.
What is the biggest drawdown of LBAY?
The largest peak-to-trough decline was −16.0% between January 6, 2023 and October 27, 2023. It recovered to the old high on February 4, 2026, 2.3 years after the bottom.
How volatile is LBAY?
Over the past 3 years LBAY had an annualized volatility of 15.6% and a Sharpe ratio of -0.05 (excess return over 1–3 month T-bills per unit of risk).