LBAY vs SPY
Leatherback Long/Short Alternative Yield ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | LBAY | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 1.20% | 0.09% | |
| AUM | $18M | $821.1B | |
| Dividend Yield | 3.74% | 1.01% | |
| Holdings | 62 | 505 | |
| YTD Return | +12.25% | +14.24% | |
| 1Y Return | +10.62% | +21.71% | |
| 3Y Return (annualized) | +3.58% | +22.10% | |
| 5Y Return (annualized) | +5.55% | +13.21% | |
| Volatility (annualized) | 15.1% | 15.3% | |
| Max Drawdown | -16.0% | -56.5% | |
| Fund Family | Leatherback Asset Management | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Nov 16, 2020 | Jan 22, 1993 |
LBAY vs SPY Performance
Leatherback Long/Short Alternative Yield ETF (LBAY) is a ETF from Leatherback Asset Management and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year LBAY returned +10.62% while SPY returned +21.71%. Year to date, LBAY is up 12.25% versus a gain of 14.24% for SPY.
Over three years, LBAY compounded at +3.58% per year against +22.10% for SPY; over five years the annualized figures are +5.55% and +13.21% respectively. Across the full 6-year window we track, SPY has the edge at +8.86% annualized vs +8.49%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 15.1% for LBAY. 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 -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.30. They move independently enough that combining them can meaningfully diversify a portfolio.
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
LBAY and SPY share 30 holdings out of 532 unique holdings combined, representing a 6.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
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. On a $10,000 investment, that is $111 per year of difference.
Which performed better, LBAY or SPY?
Over the past year LBAY returned +10.62% vs +21.71% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (6 years), LBAY annualized +8.49% vs +8.86% for SPY. Past performance does not guarantee future results.
Which is riskier, LBAY or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 15.1% for LBAY. Worst drawdown: LBAY -16.0% vs SPY -56.5%.
Should I hold both LBAY and SPY?
LBAY and SPY have a monthly-return correlation of 0.30, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between LBAY and SPY?
LBAY and SPY share 30 common holdings with a 6.0% weight overlap. Combined, they hold 532 unique securities.
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.
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