CBLS vs. BTAL
CBLS (Changebridge Capital Long/Short 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 Changebridge Capital LLC, while BTAL is a Equity Market Neutral fund actively managed by AGF. Both are actively managed. Over the past 5 years, CBLS returned 5.11%/yr vs -4.64%/yr for BTAL. At a correlation of -0.55, they often move in opposite directions. CBLS charges 1.95%/yr vs 1.40%/yr for BTAL.
Performance
CBLS vs. BTAL - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, CBLS achieves a 17.31% return, which is significantly higher than BTAL's -17.58% return.
CBLS
- 1D
- -0.53%
- 1M
- -1.66%
- 6M
- 11.49%
- YTD
- 17.31%
- 1Y
- 14.00%
- 3Y*
- 18.41%
- 5Y*
- 5.11%
- 10Y*
- —
BTAL
- 1D
- 1.98%
- 1M
- 3.22%
- 6M
- -14.80%
- YTD
- -17.58%
- 1Y
- -28.86%
- 3Y*
- -9.69%
- 5Y*
- -4.64%
- 10Y*
- -4.85%
CBLS vs. BTAL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
CBLS Changebridge Capital Long/Short Equity ETF | 17.31% | 5.87% | 28.74% | -2.67% | -11.64% | 2.85% | 14.82% |
BTAL AGF U.S. Market Neutral Anti-Beta Fund | -17.58% | -20.17% | 12.83% | -15.11% | 20.48% | -6.81% | -9.87% |
Correlation
The correlation between CBLS and BTAL is -0.65, 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 | -0.65 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.57 |
Correlation (5Y) Calculated over the trailing 5-year 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 has been stable across timeframes, ranging from -0.65 to -0.55 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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 Changebridge Capital Long/Short 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 | +2.08 | ||
| Sortino ratioReturn per unit of downside risk | +3.04 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 0.81 | +0.35 |
| Calmar ratioReturn relative to maximum drawdown | 1.72 | -0.84 | +2.56 |
| Martin ratioReturn relative to average drawdown | 3.93 | -1.61 | +5.53 |
Loading charts...
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.
Loading charts...
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 | -8.15% | -34.61% | +26.46% |
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 | -5.91% | -48.63% | +42.72% |
Average DrawdownAverage peak-to-trough decline | -12.62% | -22.15% | +9.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.57% | 18.00% | -14.43% |
Volatility
CBLS vs. BTAL - Volatility Comparison
The current volatility for Changebridge Capital Long/Short Equity ETF (CBLS) is 6.03%, while AGF U.S. Market Neutral Anti-Beta Fund (BTAL) has a volatility of 8.77%. 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.
Loading charts...
Volatility by Period
| CBLS | BTAL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.03% | 8.77% | -2.74% |
Volatility (6M)Calculated over the trailing 6-month period | 14.21% | 17.19% | -2.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.85% | 23.28% | -6.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.88% | 19.23% | -3.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.29% | 17.36% | -1.07% |
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 0.77%, less than BTAL's 3.02% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BTAL AGF U.S. Market Neutral Anti-Beta Fund | 3.02% | 2.49% | 3.49% | 6.14% | 1.01% | 0.00% | 0.00% | 0.88% | 0.39% |
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% |
Frequently Asked Questions
CBLS and BTAL have a correlation of -0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BTAL has higher volatility (8.77%) compared to CBLS (6.03%). In terms of maximum drawdown, CBLS dropped -32.78% vs BTAL's -52.70%.
On 5-year performance, CBLS leads with 5.11% vs -4.64% for BTAL. On fees, BTAL is cheaper at 1.40% per year. On volatility, CBLS has been the lower-risk option at 6.03%. 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 5.11% return vs -4.64%. 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 3.02%, compared with 0.77% for CBLS.
CBLS is categorized as Long-Short, while BTAL is Equity Market Neutral. They also come from different issuers: Changebridge Capital LLC and AGF. Their fees differ too: 1.95% for CBLS and 1.40% for BTAL.
CBLS currently has the higher Sharpe Ratio (0.84 vs -1.25), 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.
Find the right allocation for CBLS and BTAL
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer