LBAY vs SPY
Leatherback Long/Short Alternative Yield ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, LBAY or SPY?
Long-Short Strategy against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | LBAY | SPY |
|---|---|---|
| Expense Ratio | 1.20% | 0.09%Best |
| AUM | $19M | $814.4B |
| Dividend Yield | 3.74% | 1.01% |
| Holdings | 62 | 505 |
| YTD Return | +16.66%Best | +13.34% |
| 1Y Return | +12.44% | +19.97%Best |
| 3Y Return (annualized) | +5.63% | +21.20%Best |
| 5Y Return (annualized) | +6.68% | +12.81%Best |
| Volatility (annualized) | 15.1% | 14.9%Best |
| Max Drawdown | -16.0%Best | -24.5% |
| $10,000 over 5 years | $13,817 | $18,270Best |
| Fund Family | Leatherback Asset Management | State Street Investment Management |
| Category | Alternative | Equity |
| Style | Long-Short Strategy | Large Cap Blend |
| Inception | Nov 16, 2020 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Nov 17, 2020 to Sep 4, 2026 (5.8 years).
LBAY vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 5.8 years both funds cover.
LBAY vs SPY Performance
Leatherback Long/Short Alternative Yield ETF (LBAY) is an ETF from Leatherback Asset Management and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year LBAY returned +12.44% while SPY returned +19.97%. Year to date, LBAY is up 16.66% versus a gain of 13.34% for SPY.
Over three years, LBAY compounded at +5.63% per year against +21.20% for SPY; over five years the annualized figures are +6.68% and +12.81% respectively. Across the full 6-year window we track, SPY has the edge at +15.46% annualized vs +9.12%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
LBAY has been the more volatile fund, with annualized monthly volatility of 15.1% compared with 14.9% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -16.0% for LBAY and -24.5% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.30. They move together some of the time, and apart the rest.
Fees and Cost Over Time
LBAY charges 1.20% per year while SPY charges 0.09%. On a $10,000 position that is $120 vs $9 annually, a gap of $111 per year that compounds over a long holding period. On income, LBAY currently yields 3.74% against 1.01% for SPY.
Holdings Overlap
At least 17.4% of SPY's money is in holdings LBAY also owns.
Only one direction is shown: for LBAY, our book for it lists positions totalling 134.1% of the fund, which is what a leveraged book looks like and is not a denominator we can divide by.
SPY and LBAY share little of their money.
29 positions in common, counted across the 58 positions we hold weights for in LBAY and 503 in SPY, against full books of 62 and 505.
Top Shared Holdings
| Stock | Weight in LBAY | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp. | -1.63% | 7.71% | 9.34% |
| V'visa Inc., Class 'a'' | 4.54% | 0.92% | 3.62% |
| XOMExxon Mobil Corp | 4.23% | 0.96% | 3.27% |
| BRK.BBerkshire Hathaway, Inc., Class B | 3.49% | 1.42% | 2.07% |
| NEMNewmont Corp. | 4.44% | 0.16% | 4.28% |
| CMCSACOMCAST CORP CLASS A | 4.45% | 0.13% | 4.32% |
| KDPKeurig Dr Pepper, Inc. | 4.24% | 0.06% | 4.18% |
| BDXBecton, Dickinson And Company | 3.99% | 0.07% | 3.92% |
| MOAltria Group Inc. | 3.83% | 0.17% | 3.66% |
| UBERUber Technologies Inc | 3.34% | 0.22% | 3.12% |
You are not choosing between two funds in isolation.
Whichever of LBAY and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, LBAY or SPY?
LBAY has an expense ratio of 1.20% while SPY charges 0.09%. SPY is the cheaper option, by $111 a year on a $10,000 investment.
Which performed better, LBAY or SPY?
Over the past year LBAY returned +12.44% vs +19.97% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (6 years), LBAY annualized +9.12% vs +15.46% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, LBAY or SPY?
LBAY has been the more volatile fund at 15.1% annualized versus 14.9% for SPY. Worst drawdown: LBAY -16.0% vs SPY -24.5%.
Should I hold both LBAY and SPY?
LBAY and SPY have a monthly-return correlation of 0.30, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between LBAY and SPY?
At least 17.4% of SPY's money is in holdings LBAY also owns. Our book for LBAY is partial, so the real figure is this or higher. They hold 29 positions in common, counted across the 58 positions we hold weights for in LBAY and 503 in SPY.
Which pays a higher dividend, LBAY or SPY?
LBAY yields 3.74% while SPY yields 1.01%, so LBAY currently pays the higher dividend yield.
Is SPY better than LBAY?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.