CBLS vs. BTAL
CBLS (Clough Hedged Equity ETF) and BTAL (AGF U.S. Market Neutral Anti-Beta Fund) are both exchange-traded funds - CBLS is a Long-Short fund actively managed by Clough, while BTAL is a Equity Market Neutral fund actively managed by AGF. Both are actively managed. Over the past 5 years, CBLS returned 3.87%/yr vs -4.14%/yr for BTAL. Their -0.55 correlation means they have often moved in opposite directions in the past. CBLS charges 1.95%/yr vs 1.40%/yr for BTAL.
Performance
CBLS vs. BTAL - Performance Comparison
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Returns By Period
In the year-to-date period, CBLS achieves a 9.99% return, which is significantly higher than BTAL's -14.87% return.
CBLS
- 1D
- 0.39%
- 1M
- -8.11%
- 6M
- 0.45%
- YTD
- 9.99%
- 1Y
- 6.27%
- 3Y*
- 16.15%
- 5Y*
- 3.87%
- 10Y*
- —
- ALL TIME*
- 7.64%
BTAL
- 1D
- -0.33%
- 1M
- 5.79%
- 6M
- -13.85%
- YTD
- -14.87%
- 1Y
- -25.47%
- 3Y*
- -8.33%
- 5Y*
- -4.14%
- 10Y*
- -4.41%
- ALL TIME*
- -3.78%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $10.19M | $8.38M | $8.16M | |
| $136.56K | $124.70K | $136.61K |
CBLS vs. BTAL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
CBLS Clough Hedged Equity ETF | 9.99% | 5.87% | 28.74% | -2.67% | -11.64% | 2.85% | 14.82% |
BTAL AGF U.S. Market Neutral Anti-Beta Fund | -14.87% | -20.17% | 12.83% | -15.11% | 20.48% | -6.81% | -9.87% |
Correlation
The correlation between CBLS and BTAL is -0.67, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.67 |
Correlation (3Y) Balances recent behavior with more history. | -0.57 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.55 |
Correlation (All Time) Calculated using the full available price history since Nov 13, 2020 | -0.55 |
The correlation between CBLS and BTAL shifts across timeframes, from -0.67 (1 year) to -0.55 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CBLS vs. BTAL — Risk / Return Rank
CBLS
BTAL
CBLS vs. BTAL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Clough Hedged Equity ETF (CBLS) and AGF U.S. Market Neutral Anti-Beta Fund (BTAL). 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 | BTAL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.29 | ||
| Sortino ratioReturn per unit of downside risk | +1.91 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 0.85 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 0.38 | -0.69 | +1.07 |
| Martin ratioReturn relative to average drawdown | 1.22 | -1.25 | +2.47 |
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Drawdowns
CBLS vs. BTAL - Drawdown Comparison
The maximum CBLS drawdown since its inception was -32.78%, smaller than the maximum BTAL drawdown of -52.70%. Use the drawdown chart below to compare losses from any high point for CBLS and BTAL.
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Drawdown Indicators
| CBLS | BTAL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.78% | -52.70% | +19.92% |
Max Drawdown (1Y)Largest decline over 1 year | -13.02% | -34.57% | +21.55% |
Max Drawdown (3Y)Largest decline over 3 years | -15.27% | -47.83% | +32.56% |
Max Drawdown (5Y)Largest decline over 5 years | -31.24% | -47.83% | +16.59% |
Max Drawdown (10Y)Largest decline over 10 years | — | -52.70% | — |
Current DrawdownCurrent decline from peak | -11.78% | -46.94% | +35.16% |
Average DrawdownAverage peak-to-trough decline | -12.57% | -22.25% | +9.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.10% | 19.09% | -14.99% |
Volatility
CBLS vs. BTAL - Volatility Comparison
The current volatility for Clough Hedged Equity ETF (CBLS) is 5.32%, while AGF U.S. Market Neutral Anti-Beta Fund (BTAL) has a volatility of 7.89%. This indicates that CBLS experiences smaller price fluctuations and is considered to be less risky than BTAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CBLS | BTAL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.32% | 7.89% | -2.57% |
Volatility (6M)Calculated over the trailing 6-month period | 14.78% | 17.97% | -3.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.45% | 23.85% | -6.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.92% | 19.39% | -3.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.34% | 17.47% | -1.13% |
CBLS vs. BTAL - Expense Ratio Comparison
CBLS has a 1.95% expense ratio, which is higher than BTAL's 1.40% expense ratio.
Dividends
CBLS vs. BTAL - Dividend Comparison
CBLS's dividend yield for the trailing twelve months is around 0.82%, less than BTAL's 2.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BTAL AGF U.S. Market Neutral Anti-Beta Fund | 2.92% | 2.49% | 3.49% | 6.14% | 1.01% | 0.00% | 0.00% | 0.88% | 0.39% |
CBLS Clough Hedged Equity ETF | 0.82% | 0.90% | 0.73% | 0.44% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CBLS and BTAL have a correlation of -0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BTAL has higher volatility (7.89%) compared to CBLS (5.32%). In terms of maximum drawdown, CBLS dropped -32.78% vs BTAL's -52.70%.
On 5-year performance, CBLS leads with 3.87% vs -4.14% for BTAL. On fees, BTAL is cheaper at 1.40% per year. On volatility, CBLS has been the lower-risk option at 5.32%. 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 3.87% return vs -4.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BTAL is cheaper with a 1.40% expense ratio, compared with 1.95% for CBLS.
BTAL has the higher dividend yield at 2.92%, compared with 0.82% for CBLS.
CBLS is categorized as Long-Short, while BTAL is Equity Market Neutral. They also come from different issuers: Clough and AGF. Their fees differ too: 1.95% for CBLS and 1.40% for BTAL.
CBLS currently has the higher Sharpe Ratio (0.29 vs -1.00), 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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