- Issuer
- Changebridge Capital LLC
- Inception Date
- Nov 13, 2020
- Region
- North America (U.S.)
- Category
- Long-Short
- Leveraged
- 1x (No leverage)
- Index Tracked
- No Index (Active)
- Distribution Policy
- Distributing
- Asset Class
- Alternatives
- Assets Under Management
- $59M
Share Price Chart
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Performance
CBLS Performance Chart
Changebridge Capital Long/Short Equity ETF (CBLS) is up 23.2% since the beginning of the year. CBLS is currently trading at $34 per share. Investors who bought $1,000 worth of CBLS shares 5 years ago would now be looking at an investment worth $1,343.
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Returns By Period
Changebridge Capital Long/Short Equity ETF (CBLS) has returned 23.19% so far this year and 20.74% over the past 12 months.
Changebridge Capital Long/Short Equity ETF
- 1D
- 1.26%
- 1M
- 4.47%
- YTD
- 23.19%
- 6M
- 22.95%
- 1Y
- 20.74%
- 3Y*
- 20.58%
- 5Y*
- 6.08%
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
CBLS Monthly Returns History
Based on dividend-adjusted daily data since Nov 13, 2020, CBLS's average daily return is +0.04%, while the average monthly return is +0.89%. At this rate, an investment would double in approximately 6.5 years.
Historically, 54% of months were positive and 46% were negative. The best month was Feb 2021 with a return of +15.3%, while the worst month was Jun 2022 at -9.0%. The longest winning streak lasted 9 consecutive months, and the longest losing streak was 5 months.
On a daily basis, CBLS closed higher 55% of trading days. The best single day was Jun 2, 2026 with a return of +3.3%, while the worst single day was Jan 27, 2025 at -7.3%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 9.49% | 1.63% | -6.21% | 9.71% | 3.58% | 3.87% | 23.19% | ||||||
| 2025 | 2.02% | 1.27% | -3.45% | 2.62% | 5.19% | 1.78% | 1.21% | -3.59% | 2.60% | -1.35% | -0.79% | -1.41% | 5.87% |
| 2024 | 2.51% | 5.74% | 3.20% | 0.13% | 10.24% | 1.06% | 0.97% | -2.35% | 0.22% | -0.07% | 6.02% | -1.44% | 28.74% |
| 2023 | 3.47% | -1.72% | -2.61% | -2.37% | -2.83% | -0.65% | 0.58% | -1.72% | -2.53% | -1.25% | 6.18% | 3.23% | -2.67% |
| 2022 | -2.80% | 1.22% | -3.49% | -7.41% | 1.79% | -9.04% | 10.01% | 6.27% | -5.43% | 8.65% | -8.02% | -1.76% | -11.64% |
| 2021 | -0.29% | 15.29% | -0.53% | 2.68% | -3.44% | -2.07% | -1.21% | 1.67% | 0.54% | 0.39% | -6.24% | -2.55% | 2.85% |
Benchmark Metrics
Changebridge Capital Long/Short Equity ETF has an annualized alpha of 1.77%, beta of 0.62, and R2 of 0.40 versus S&P 500 Index. Calculated based on daily prices since November 13, 2020.
- This ETF participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (49.75%) than losses (47.17%) - typical of diversified or defensive assets.
- Beta of 0.62 may look defensive, but with R2 of 0.40 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.40 means the benchmark explains less than half of this ETF's behavior - treat beta with caution or consider switching to a more representative benchmark.
- Alpha
- 1.77%
- Beta
- 0.62
- R²
- 0.40
- Upside Capture
- 49.75%
- Downside Capture
- 47.17%
Expense Ratio
CBLS has a high expense ratio of 1.95%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
CBLS ranks 40 for risk / return — below 40% of ETFs on our site. The returns aren't fully compensating for the risk involved. This isn't necessarily a dealbreaker, but factor it into your decision — especially if you're risk-averse.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Changebridge Capital Long/Short Equity ETF (CBLS) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| CBLS | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.76 | ||
| Sortino ratioReturn per unit of downside risk | -1.01 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.37 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 2.55 | 2.78 | -0.23 |
| Martin ratioReturn relative to average drawdown | 6.03 | 12.44 | -6.41 |
Dividends
Dividend History
Changebridge Capital Long/Short Equity ETF provided a 0.73% dividend yield over the last twelve months, with an annual payout of $0.25 per share. The fund has been increasing its distributions for 2 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Dividend | $0.25 | $0.25 | $0.19 | $0.09 |
Dividend yield | 0.73% | 0.90% | 0.73% | 0.44% |
Monthly Dividends
The table displays the monthly dividend distributions for Changebridge Capital Long/Short Equity ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.25 | $0.25 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.19 | $0.19 |
| 2023 | $0.09 | $0.09 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Changebridge Capital Long/Short Equity ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Changebridge Capital Long/Short Equity ETF was 32.78%, occurring on Oct 5, 2023. Recovery took 319 trading sessions.
The current Changebridge Capital Long/Short Equity ETF drawdown is 1.19%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2023 bear market2023 | -32.78%Oct 2023 | 2y 5mo | 1y 3mo | 3y 8moApr 2021 - Jan 2025 |
2025 selloff2025 | -15.27%Apr 2025 | 2mo 15d | 3mo 10d | 5mo 25dJan 2025 - Jul 2025 |
2021 pullback2021 | -8.46%Jan 2021 | 2d | 9d | 11dJan 2021 - Feb 2021 |
2025 pullback2025 | -8.15%Nov 2025 | 27d | 2mo 1d | 2mo 28dOct 2025 - Jan 2026 |
2026 pullback2026 | -7.12%Mar 2026 | 1mo 3d | 15d | 1mo 18dFeb 2026 - Apr 2026 |
Drawdown Indicators
| CBLS | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.78% | -56.78% | +24.00% |
Max Drawdown (1Y)Largest decline over 1 year | -8.15% | -9.10% | +0.95% |
Max Drawdown (3Y)Largest decline over 3 years | -15.27% | -18.90% | +3.63% |
Max Drawdown (5Y)Largest decline over 5 years | -31.24% | -25.43% | -5.81% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -1.19% | -1.80% | +0.61% |
Average DrawdownAverage peak-to-trough decline | -12.70% | -10.71% | -1.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.45% | 2.03% | +1.42% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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