CBLS vs. FTLS

Last updated Jun 23, 2026

CBLS (Changebridge Capital Long/Short Equity ETF) and FTLS (First Trust Long/Short Equity ETF) are both Long-Short funds. Both are actively managed. Over the past 5 years, CBLS returned 6.08%/yr vs 10.26%/yr for FTLS. A 0.55 correlation means they provide meaningful diversification when combined. CBLS charges 1.95%/yr vs 1.60%/yr for FTLS.

Performance

CBLS vs. FTLS - Performance Comparison

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

Returns By Period

In the year-to-date period, CBLS achieves a 23.19% return, which is significantly higher than FTLS's 5.55% return.

CBLS

• 1D: 1.26%
• 1M: 4.47%
• YTD: 23.19%
• 6M: 22.95%
• 1Y: 20.74%
• 3Y*: 20.58%
• 5Y*: 6.08%
• 10Y*: —

FTLS

• 1D: 0.48%
• 1M: 0.28%
• YTD: 5.55%
• 6M: 5.16%
• 1Y: 16.53%
• 3Y*: 14.35%
• 5Y*: 10.26%
• 10Y*: 10.02%

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

CBLS vs. FTLS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
CBLS Changebridge Capital Long/Short Equity ETF	23.19%	5.87%	28.74%	-2.67%	-11.64%	2.85%	14.82%
FTLS First Trust Long/Short Equity ETF	5.55%	9.09%	18.80%	16.94%	-5.56%	19.65%	1.69%

Correlation

The correlation between CBLS and FTLS is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.53
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 FTLS has been stable across timeframes, ranging from 0.46 to 0.55 - a consistent structural relationship.

Return for Risk

CBLS vs. FTLS — Risk / Return Rank

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

CBLS

CBLS Risk / Return Rank: 40
CBLS Sharpe Ratio Rank: 36
CBLS Sortino Ratio Rank: 34
CBLS Omega Ratio Rank: 36
CBLS Calmar Ratio Rank: 53
CBLS Martin Ratio Rank: 39

FTLS

FTLS Risk / Return Rank: 69
FTLS Sharpe Ratio Rank: 62
FTLS Sortino Ratio Rank: 64
FTLS Omega Ratio Rank: 61
FTLS Calmar Ratio Rank: 84
FTLS Martin Ratio Rank: 75

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. FTLS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Changebridge Capital Long/Short Equity ETF (CBLS) and First Trust Long/Short Equity ETF (FTLS). 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	FTLS	Difference
Sharpe ratio: Return per unit of total volatility	1.27	1.99	-0.72
Sortino ratio: Return per unit of downside risk	1.74	2.86	-1.12
Omega ratio: Gain probability vs. loss probability	1.23	1.36	-0.13
Calmar ratio: Return relative to maximum drawdown	2.55	4.39	-1.83
Martin ratio: Return relative to average drawdown	6.03	13.59	-7.56

CBLS vs. FTLS - Sharpe Ratio Comparison

The current CBLS Sharpe Ratio is 1.27, which is lower than the FTLS Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of CBLS and FTLS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CBLS vs. FTLS - Drawdown Comparison

The maximum CBLS drawdown since its inception was -32.78%, which is greater than FTLS's maximum drawdown of -20.54%. Use the drawdown chart below to compare losses from any high point for CBLS and FTLS.

Drawdown Indicators

	CBLS	FTLS	Difference
Max Drawdown Largest peak-to-trough decline	-32.78%	-20.54%	-12.24%
Max Drawdown (1Y) Largest decline over 1 year	-8.15%	-3.79%	-4.36%
Max Drawdown (3Y) Largest decline over 3 years	-15.27%	-11.69%	-3.58%
Max Drawdown (5Y) Largest decline over 5 years	-31.24%	-11.69%	-19.55%
Max Drawdown (10Y) Largest decline over 10 years	—	-20.54%	—
Current Drawdown Current decline from peak	-1.19%	-0.02%	-1.17%
Average Drawdown Average peak-to-trough decline	-12.70%	-2.69%	-10.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.45%	1.22%	+2.23%

Volatility

CBLS vs. FTLS - Volatility Comparison

Changebridge Capital Long/Short Equity ETF (CBLS) has a higher volatility of 7.62% compared to First Trust Long/Short Equity ETF (FTLS) at 2.41%. This indicates that CBLS's price experiences larger fluctuations and is considered to be riskier than FTLS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CBLS	FTLS	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.62%	2.41%	+5.21%
Volatility (6M) Calculated over the trailing 6-month period	13.59%	5.91%	+7.68%
Volatility (1Y) Calculated over the trailing 1-year period	16.42%	8.37%	+8.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.82%	10.57%	+5.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.26%	11.30%	+4.96%

CBLS vs. FTLS - Expense Ratio Comparison

CBLS has a 1.95% expense ratio, which is higher than FTLS's 1.60% expense ratio.

Dividends

CBLS vs. FTLS - Dividend Comparison

CBLS's dividend yield for the trailing twelve months is around 0.73%, less than FTLS's 0.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CBLS Changebridge Capital Long/Short Equity ETF	0.73%	0.90%	0.73%	0.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FTLS First Trust Long/Short Equity ETF	0.90%	1.07%	1.50%	1.49%	0.81%	0.01%	0.44%	0.83%	0.87%	0.43%	1.04%	0.49%

Frequently Asked Questions

Can I hold both CBLS and FTLS in my portfolio?

CBLS and FTLS have a correlation of 0.46, 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 FTLS?

CBLS has higher volatility (7.62%) compared to FTLS (2.41%). In terms of maximum drawdown, CBLS dropped -32.78% vs FTLS's -20.54%.

Which ETF is better, CBLS or FTLS?

On 5-year performance, FTLS leads with 10.26% vs 6.08% for CBLS. On fees, FTLS is cheaper at 1.60% per year. On volatility, FTLS has been the lower-risk option at 2.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CBLS or FTLS?

Over the 5-year period, FTLS has performed better with a 10.26% return vs 6.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CBLS or FTLS?

FTLS is cheaper with a 1.60% expense ratio, compared with 1.95% for CBLS.

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

FTLS has the higher dividend yield at 0.90%, compared with 0.73% for CBLS.

What is the main difference between CBLS and FTLS?

They also come from different issuers: Changebridge Capital LLC and First Trust. Their fees differ too: 1.95% for CBLS and 1.60% for FTLS.

Which has better risk-adjusted returns?

FTLS currently has the higher Sharpe Ratio (1.99 vs 1.27), 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.