CBLS vs. BIZD

Last updated Jun 3, 2026

CBLS (Changebridge Capital Long/Short Equity ETF) and BIZD (VanEck BDC Income ETF) are both exchange-traded funds - CBLS is a Long-Short fund actively managed by Changebridge Capital LLC, while BIZD is a Financials Equities fund tracking the MVIS US Business Development Companies Index. CBLS is actively managed, while BIZD is passively managed. Over the past 5 years, CBLS returned 5.73%/yr vs 4.54%/yr for BIZD. At a 0.44 correlation, their price movements are largely independent. CBLS charges 1.95%/yr vs 0.42%/yr for BIZD.

Performance

CBLS vs. BIZD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Changebridge Capital Long/Short Equity ETF (CBLS) and VanEck BDC Income ETF (BIZD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CBLS achieves a 24.17% return, which is significantly higher than BIZD's -6.86% return.

CBLS

• 1D: 3.27%
• 1M: 9.60%
• YTD: 24.17%
• 6M: 23.40%
• 1Y: 20.95%
• 3Y*: 19.86%
• 5Y*: 5.73%
• 10Y*: —

BIZD

• 1D: -0.70%
• 1M: -4.36%
• YTD: -6.86%
• 6M: -6.58%
• 1Y: -10.35%
• 3Y*: 6.08%
• 5Y*: 4.54%
• 10Y*: 8.02%

*Multi-year figures are annualized to reflect compound growth (CAGR)

CBLS vs. BIZD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
CBLS Changebridge Capital Long/Short Equity ETF	24.17%	5.87%	28.74%	-2.67%	-11.64%	2.85%	14.15%
BIZD VanEck BDC Income ETF	-6.86%	-4.96%	15.63%	27.02%	-8.51%	36.25%	9.25%

Correlation

The correlation between CBLS and BIZD is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.44
Correlation (All Time) Calculated using the full available price history since Nov 16, 2020	0.44

Over the past year, the correlation between CBLS and BIZD has dropped to 0.21 - well below their long-term average of 0.44, suggesting their price drivers have been diverging.

CBLS vs. BIZD - Sectors Allocation Comparison

Sectors	CBLS	BIZD
Technology	32.3%	-
Energy	10.0%	-
Healthcare	9.2%	-
Utilities	7.5%	-
Basic Materials	7.5%	-
Industrials	3.8%	-
Consumer Cyclical	0.4%	-
Communication Services	-2.0%	-
Real Estate	-2.4%	-
Consumer Defensive	-3.8%	-
Financial Services	-6.8%	100.0%

Return for Risk

CBLS vs. BIZD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CBLS

CBLS Risk / Return Rank: 42
CBLS Sharpe Ratio Rank: 38
CBLS Sortino Ratio Rank: 37
CBLS Omega Ratio Rank: 38
CBLS Calmar Ratio Rank: 54
CBLS Martin Ratio Rank: 41

BIZD

BIZD Risk / Return Rank: 4
BIZD Sharpe Ratio Rank: 4
BIZD Sortino Ratio Rank: 4
BIZD Omega Ratio Rank: 4
BIZD Calmar Ratio Rank: 4
BIZD Martin Ratio Rank: 4

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CBLS vs. BIZD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Changebridge Capital Long/Short Equity ETF (CBLS) and VanEck BDC Income ETF (BIZD). 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.

	CBLS	BIZD	Difference
Sharpe ratio Return per unit of total volatility	1.38	-0.58	+1.96
Sortino ratio Return per unit of downside risk	1.94	-0.72	+2.66
Omega ratio Gain probability vs. loss probability	1.25	0.92	+0.33
Calmar ratio Return relative to maximum drawdown	2.71	-0.50	+3.21
Martin ratio Return relative to average drawdown	6.61	-0.88	+7.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CBLS vs. BIZD - Sharpe Ratio Comparison

The current CBLS Sharpe Ratio is 1.38, which is higher than the BIZD Sharpe Ratio of -0.58. The chart below compares the historical Sharpe Ratios of CBLS and BIZD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CBLS	BIZD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.38	-0.58	+1.96
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	0.26	+0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.37	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.31	+0.32

Drawdowns

CBLS vs. BIZD - Drawdown Comparison

The maximum CBLS drawdown since its inception was -32.78%, smaller than the maximum BIZD drawdown of -55.44%. Use the drawdown chart below to compare losses from any high point for CBLS and BIZD.

Drawdown Indicators

	CBLS	BIZD	Difference
Max Drawdown Largest peak-to-trough decline	-32.78%	-55.44%	+22.66%
Max Drawdown (1Y) Largest decline over 1 year	-8.15%	-22.22%	+14.07%
Max Drawdown (3Y) Largest decline over 3 years	-15.27%	-22.56%	+7.29%
Max Drawdown (5Y) Largest decline over 5 years	-31.24%	-22.91%	-8.33%
Max Drawdown (10Y) Largest decline over 10 years	—	-55.44%	—
Current Drawdown Current decline from peak	0.00%	-17.39%	+17.39%
Average Drawdown Average peak-to-trough decline	-12.80%	-6.71%	-6.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.34%	12.58%	-9.24%

Volatility

CBLS vs. BIZD - Volatility Comparison

Changebridge Capital Long/Short Equity ETF (CBLS) has a higher volatility of 7.08% compared to VanEck BDC Income ETF (BIZD) at 4.33%. This indicates that CBLS's price experiences larger fluctuations and is considered to be riskier than BIZD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CBLS	BIZD	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.08%	4.33%	+2.75%
Volatility (6M) Calculated over the trailing 6-month period	12.62%	14.61%	-1.99%
Volatility (1Y) Calculated over the trailing 1-year period	15.29%	17.99%	-2.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.64%	17.37%	-1.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.13%	21.73%	-5.60%

CBLS vs. BIZD - Expense Ratio Comparison

CBLS has a 1.95% expense ratio, which is higher than BIZD's 0.42% expense ratio.

Dividends

CBLS vs. BIZD - Dividend Comparison

CBLS's dividend yield for the trailing twelve months is around 0.72%, less than BIZD's 13.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BIZD VanEck BDC Income ETF	13.56%	11.78%	10.94%	10.96%	11.21%	8.14%	10.39%	9.13%	10.88%	9.13%	8.51%	9.12%
CBLS Changebridge Capital Long/Short Equity ETF	0.72%	0.90%	0.73%	0.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CBLS and BIZD in my portfolio?

CBLS and BIZD have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CBLS or BIZD?

CBLS has higher volatility (7.08%) compared to BIZD (4.33%). In terms of maximum drawdown, CBLS dropped -32.78% vs BIZD's -55.44%.

Which ETF is better, CBLS or BIZD?

On 5-year performance, CBLS leads with 5.73% vs 4.54% for BIZD. On fees, BIZD is cheaper at 0.42% per year. On volatility, BIZD has been the lower-risk option at 4.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CBLS or BIZD?

Over the 5-year period, CBLS has performed better with a 5.73% return vs 4.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CBLS or BIZD?

BIZD is cheaper with a 0.42% expense ratio, compared with 1.95% for CBLS.

Which ETF pays a higher dividend yield, CBLS or BIZD?

BIZD has the higher dividend yield at 13.56%, compared with 0.72% for CBLS.

What is the main difference between CBLS and BIZD?

CBLS is categorized as Long-Short, while BIZD is Financials Equities. They also come from different issuers: Changebridge Capital LLC and VanEck. Their fees differ too: 1.95% for CBLS and 0.42% for BIZD.

Which has better risk-adjusted returns?

CBLS currently has the higher Sharpe Ratio (1.38 vs -0.58), 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.