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Performance
Performance Chart
The chart shows the growth of an initial investment of $10,000 in Changebridge Capital Long/Short Equity ETF, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.
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Returns By Period
Changebridge Capital Long/Short Equity ETF (CBLS) has returned 4.37% so far this year and 10.78% over the past 12 months.
Changebridge Capital Long/Short Equity ETF
- 1D
- 0.08%
- 1M
- -6.21%
- YTD
- 4.37%
- 6M
- 0.72%
- 1Y
- 10.78%
- 3Y*
- 11.82%
- 5Y*
- 1.79%
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- 2.91%
- 1M
- -5.09%
- YTD
- -4.63%
- 6M
- -2.39%
- 1Y
- 16.33%
- 3Y*
- 16.69%
- 5Y*
- 10.18%
- 10Y*
- 12.16%
Monthly Returns
Based on dividend-adjusted daily data since Nov 13, 2020, CBLS's average daily return is +0.03%, while the average monthly return is +0.66%. At this rate, your investment would double in approximately 8.8 years.
Historically, 52% of months were positive and 48% 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 Apr 9, 2025 with a return of +3.2%, 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% | 4.37% | |||||||||
| 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 0.42%, beta of 0.60, and R² of 0.40 versus S&P 500 Index. Calculated based on daily prices since November 16, 2020.
- This ETF participated in 52.43% of S&P 500 Index downside but only 47.07% of its upside — more exposed to losses than it benefited from rallies.
- Beta of 0.60 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
- 0.42%
- Beta
- 0.60
- R²
- 0.40
- Upside Capture
- 47.07%
- Downside Capture
- 52.43%
Expense Ratio
CBLS has a high expense ratio of 1.95%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
CBLS ranks 39 for risk / return — below 39% 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 a chosen benchmark (S&P 500 Index).
| CBLS | Benchmark | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.76 | 0.90 | -0.14 |
Sortino ratioReturn per unit of downside risk | 1.07 | 1.39 | -0.32 |
Omega ratioGain probability vs. loss probability | 1.15 | 1.21 | -0.06 |
Calmar ratioReturn relative to maximum drawdown | 1.31 | 1.40 | -0.09 |
Martin ratioReturn relative to average drawdown | 3.27 | 6.61 | -3.33 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Explore CBLS risk-adjusted metrics in detail
Dive deeper into individual metrics with historical trends, benchmark comparisons, and performance across different time periods.
Dividends
Dividend History
Changebridge Capital Long/Short Equity ETF provided a 0.86% 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 | 0.86% | 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 | |||||||||
| 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 7.05%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -32.78% | Apr 30, 2021 | 613 | Oct 5, 2023 | 319 | Jan 14, 2025 | 932 |
| -15.27% | Jan 23, 2025 | 53 | Apr 8, 2025 | 68 | Jul 17, 2025 | 121 |
| -8.46% | Jan 25, 2021 | 3 | Jan 27, 2021 | 7 | Feb 5, 2021 | 10 |
| -8.15% | Oct 17, 2025 | 20 | Nov 13, 2025 | 40 | Jan 13, 2026 | 60 |
| -7.12% | Feb 25, 2026 | 24 | Mar 30, 2026 | — | — | — |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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