CBLS vs. BIL
CBLS (Changebridge Capital Long/Short Equity ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - CBLS is a Long-Short fund actively managed by Changebridge Capital LLC, while BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index. CBLS is actively managed, while BIL is passively managed. Over the past 5 years, CBLS returned 5.43%/yr vs 3.50%/yr for BIL. At a correlation of -0.04, they often move in opposite directions. CBLS charges 1.95%/yr vs 0.14%/yr for BIL.
Performance
CBLS vs. BIL - Performance Comparison
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Returns By Period
In the year-to-date period, CBLS achieves a 16.34% return, which is significantly higher than BIL's 1.92% return.
CBLS
- 1D
- -0.97%
- 1M
- -1.86%
- 6M
- 8.18%
- YTD
- 16.34%
- 1Y
- 12.54%
- 3Y*
- 17.82%
- 5Y*
- 5.43%
- 10Y*
- —
BIL
- 1D
- 0.01%
- 1M
- 0.30%
- 6M
- 1.78%
- YTD
- 1.92%
- 1Y
- 3.81%
- 3Y*
- 4.58%
- 5Y*
- 3.50%
- 10Y*
- 2.23%
CBLS vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
CBLS Changebridge Capital Long/Short Equity ETF | 16.34% | 5.87% | 28.74% | -2.67% | -11.64% | 2.85% | 14.82% |
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.92% | 4.15% | 5.19% | 4.94% | 1.40% | -0.10% | 0.00% |
Correlation
The correlation between CBLS and BIL is -0.14, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.04 |
Correlation (All Time) Calculated using the full available price history since Nov 13, 2020 | -0.04 |
The correlation between CBLS and BIL shifts across timeframes, from -0.14 (1 year) to -0.04 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
CBLS vs. BIL — Risk / Return Rank
CBLS
BIL
CBLS vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Changebridge Capital Long/Short Equity ETF (CBLS) and SPDR Bloomberg 1-3 Month T-Bill ETF (BIL). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
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 | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -18.27 | ||
| Sortino ratioReturn per unit of downside risk | -152.05 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 69.35 | -68.21 |
| Calmar ratioReturn relative to maximum drawdown | 1.54 | 349.26 | -347.72 |
| Martin ratioReturn relative to average drawdown | 3.46 | 2,476.82 | -2,473.36 |
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Drawdowns
CBLS vs. BIL - Drawdown Comparison
The maximum CBLS drawdown since its inception was -32.78%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for CBLS and BIL.
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Drawdown Indicators
| CBLS | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.78% | -0.78% | -32.00% |
Max Drawdown (1Y)Largest decline over 1 year | -8.15% | -0.01% | -8.14% |
Max Drawdown (3Y)Largest decline over 3 years | -15.27% | -0.01% | -15.26% |
Max Drawdown (5Y)Largest decline over 5 years | -31.24% | -0.08% | -31.16% |
Max Drawdown (10Y)Largest decline over 10 years | — | -0.21% | — |
Current DrawdownCurrent decline from peak | -6.69% | 0.00% | -6.69% |
Average DrawdownAverage peak-to-trough decline | -12.60% | -0.26% | -12.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.63% | 0.00% | +3.63% |
Volatility
CBLS vs. BIL - Volatility Comparison
Changebridge Capital Long/Short Equity ETF (CBLS) has a higher volatility of 5.78% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.07%. This indicates that CBLS's price experiences larger fluctuations and is considered to be riskier than BIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CBLS | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.78% | 0.07% | +5.71% |
Volatility (6M)Calculated over the trailing 6-month period | 14.21% | 0.14% | +14.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.87% | 0.20% | +16.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.87% | 0.26% | +15.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.29% | 0.26% | +16.03% |
CBLS vs. BIL - Expense Ratio Comparison
CBLS has a 1.95% expense ratio, which is higher than BIL's 0.14% expense ratio.
Dividends
CBLS vs. BIL - Dividend Comparison
CBLS's dividend yield for the trailing twelve months is around 0.77%, less than BIL's 3.81% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 3.81% | 4.13% | 5.03% | 4.92% | 1.35% | 0.00% | 0.30% | 2.05% | 1.66% | 0.68% | 0.07% |
CBLS Changebridge Capital Long/Short Equity ETF | 0.77% | 0.90% | 0.73% | 0.44% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CBLS and BIL have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CBLS has higher volatility (5.78%) compared to BIL (0.07%). In terms of maximum drawdown, CBLS dropped -32.78% vs BIL's -0.78%.
On 5-year performance, CBLS leads with 5.43% vs 3.50% for BIL. On fees, BIL is cheaper at 0.14% per year. On volatility, BIL has been the lower-risk option at 0.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, CBLS has performed better with a 5.43% return vs 3.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BIL is cheaper with a 0.14% expense ratio, compared with 1.95% for CBLS.
BIL has the higher dividend yield at 3.81%, compared with 0.77% for CBLS.
CBLS is categorized as Long-Short, while BIL is Government Bonds. They also come from different issuers: Changebridge Capital LLC and State Street. Their fees differ too: 1.95% for CBLS and 0.14% for BIL.
BIL currently has the higher Sharpe Ratio (19.02 vs 0.75), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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