Does anyone know what is allowed in terms of sharing homemade cover-versions of copyrighted songs?

Here's what I want to do: I used BiaB and other programs to make a bunch of background tracks for songs that I like to play on my saxophone. I've put a lot of work into these tracks and thought it would be nice to share with others who might want to use them, maybe by putting my recordings on YouTube. I have no intention of making money off the recordings -- this is just a hobby -- but I also don't want to get sued.

Does anyone know if what I am wanting to do is legal, per copyright laws?