CBLS vs. BTAL

Last updated Jun 3, 2026

CBLS (Changebridge Capital Long/Short Equity ETF) and BTAL (AGFiQ US Market Neutral Anti-Beta Fund) are both Long-Short funds. CBLS is actively managed, while BTAL is passively managed. Over the past 5 years, CBLS returned 5.73%/yr vs -4.71%/yr for BTAL. At a correlation of -0.54, they often move in opposite directions. CBLS charges 1.95%/yr vs 2.11%/yr for BTAL.

Performance

CBLS vs. BTAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Changebridge Capital Long/Short Equity ETF (CBLS) and AGFiQ US Market Neutral Anti-Beta Fund (BTAL). 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 BTAL's -20.22% return.

CBLS

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

BTAL

• 1D: -1.46%
• 1M: -7.27%
• YTD: -20.22%
• 6M: -20.85%
• 1Y: -38.09%
• 3Y*: -12.84%
• 5Y*: -4.71%
• 10Y*: -4.80%

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

CBLS vs. BTAL - 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%
BTAL AGFiQ US Market Neutral Anti-Beta Fund	-20.22%	-20.17%	12.83%	-15.11%	20.48%	-6.81%	-7.98%

Correlation

The correlation between CBLS and BTAL is -0.59, 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	-0.59
Correlation (3Y) Calculated over the trailing 3-year period	-0.54
Correlation (5Y) Calculated over the trailing 5-year period	-0.55
Correlation (All Time) Calculated using the full available price history since Nov 16, 2020	-0.54

The correlation between CBLS and BTAL has been stable across timeframes, ranging from -0.59 to -0.54 - a consistent structural relationship.

CBLS vs. BTAL - Sectors Allocation Comparison

Sectors	CBLS	BTAL
Technology	32.3%	19.5%
Energy	10.0%	4.4%
Healthcare	9.2%	10.2%
Utilities	7.5%	5.2%
Basic Materials	7.5%	4.0%
Industrials	3.8%	13.7%
Consumer Cyclical	0.4%	12.8%
Communication Services	-2.0%	3.4%
Real Estate	-2.4%	6.2%
Consumer Defensive	-3.8%	5.6%
Financial Services	-6.8%	14.9%

Return for Risk

CBLS vs. BTAL — 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

BTAL

BTAL Risk / Return Rank: 0
BTAL Sharpe Ratio Rank: 0
BTAL Sortino Ratio Rank: 0
BTAL Omega Ratio Rank: 0
BTAL Calmar Ratio Rank: 0
BTAL Martin Ratio Rank: 0

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. BTAL - Risk-Adjusted Trends Comparison

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

	CBLS	BTAL	Difference
Sharpe ratio Return per unit of total volatility	1.38	-1.77	+3.15
Sortino ratio Return per unit of downside risk	1.94	-2.80	+4.73
Omega ratio Gain probability vs. loss probability	1.25	0.71	+0.54
Calmar ratio Return relative to maximum drawdown	2.71	-1.02	+3.73
Martin ratio Return relative to average drawdown	6.61	-1.76	+8.37
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. BTAL - Sharpe Ratio Comparison

The current CBLS Sharpe Ratio is 1.38, which is higher than the BTAL Sharpe Ratio of -1.77. The chart below compares the historical Sharpe Ratios of CBLS and BTAL, 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	BTAL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.38	-1.77	+3.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	-0.25	+0.62
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.28	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	-0.24	+0.88

Drawdowns

CBLS vs. BTAL - Drawdown Comparison

The maximum CBLS drawdown since its inception was -32.78%, smaller than the maximum BTAL drawdown of -50.28%. Use the drawdown chart below to compare losses from any high point for CBLS and BTAL.

Drawdown Indicators

	CBLS	BTAL	Difference
Max Drawdown Largest peak-to-trough decline	-32.78%	-50.28%	+17.50%
Max Drawdown (1Y) Largest decline over 1 year	-8.15%	-37.50%	+29.35%
Max Drawdown (3Y) Largest decline over 3 years	-15.27%	-45.16%	+29.89%
Max Drawdown (5Y) Largest decline over 5 years	-31.24%	-45.16%	+13.92%
Max Drawdown (10Y) Largest decline over 10 years	—	-50.28%	—
Current Drawdown Current decline from peak	0.00%	-50.28%	+50.28%
Average Drawdown Average peak-to-trough decline	-12.80%	-21.95%	+9.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.34%	22.09%	-18.75%

Volatility

CBLS vs. BTAL - Volatility Comparison

The current volatility for Changebridge Capital Long/Short Equity ETF (CBLS) is 7.08%, while AGFiQ US Market Neutral Anti-Beta Fund (BTAL) has a volatility of 7.47%. 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.

Volatility by Period

	CBLS	BTAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.08%	7.47%	-0.39%
Volatility (6M) Calculated over the trailing 6-month period	12.62%	15.35%	-2.73%
Volatility (1Y) Calculated over the trailing 1-year period	15.29%	21.60%	-6.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.64%	18.75%	-3.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.13%	17.24%	-1.11%

CBLS vs. BTAL - Expense Ratio Comparison

CBLS has a 1.95% expense ratio, which is lower than BTAL's 2.11% expense ratio.

Dividends

CBLS vs. BTAL - Dividend Comparison

CBLS's dividend yield for the trailing twelve months is around 0.72%, less than BTAL's 3.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BTAL AGFiQ US Market Neutral Anti-Beta Fund	3.12%	2.49%	3.49%	6.14%	1.01%	0.00%	0.00%	0.88%	0.39%
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%

Frequently Asked Questions

Can I hold both CBLS and BTAL in my portfolio?

CBLS and BTAL have a correlation of -0.59, 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 BTAL?

BTAL has higher volatility (7.47%) compared to CBLS (7.08%). In terms of maximum drawdown, CBLS dropped -32.78% vs BTAL's -50.28%.

Which ETF is better, CBLS or BTAL?

On 5-year performance, CBLS leads with 5.73% vs -4.71% for BTAL. On fees, CBLS is cheaper at 1.95% per year. On volatility, CBLS has been the lower-risk option at 7.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CBLS or BTAL?

Over the 5-year period, CBLS has performed better with a 5.73% return vs -4.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CBLS or BTAL?

CBLS is cheaper with a 1.95% expense ratio, compared with 2.11% for BTAL.

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

BTAL has the higher dividend yield at 3.12%, compared with 0.72% for CBLS.

What is the main difference between CBLS and BTAL?

They also come from different issuers: Changebridge Capital LLC and AGF. Their fees differ too: 1.95% for CBLS and 2.11% for BTAL.

Which has better risk-adjusted returns?

CBLS currently has the higher Sharpe Ratio (1.38 vs -1.77), 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.