CBLS vs. HDG
Compare and contrast key facts about Changebridge Capital Long/Short Equity ETF (CBLS) and ProShares Hedge Replication (HDG).
CBLS and HDG are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CBLS is an actively managed fund by Changebridge Capital LLC. It was launched on Nov 13, 2020. HDG is a passively managed fund by ProShares that tracks the performance of the Merrill Lynch Factor Model - Exchange Series. It was launched on Jul 12, 2011.
Performance
CBLS vs. HDG - Performance Comparison
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CBLS vs. HDG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
CBLS Changebridge Capital Long/Short Equity ETF | 5.06% | 5.87% | 28.74% | -2.67% | -11.64% | 2.85% | 14.15% |
HDG ProShares Hedge Replication | 0.79% | 7.18% | 5.12% | 7.14% | -8.48% | 2.97% | 4.46% |
Returns By Period
In the year-to-date period, CBLS achieves a 5.06% return, which is significantly higher than HDG's 0.79% return.
CBLS
- 1D
- 0.66%
- 1M
- -4.90%
- YTD
- 5.06%
- 6M
- 0.75%
- 1Y
- 11.34%
- 3Y*
- 12.06%
- 5Y*
- 1.92%
- 10Y*
- —
HDG
- 1D
- 0.31%
- 1M
- -1.59%
- YTD
- 0.79%
- 6M
- 2.49%
- 1Y
- 8.76%
- 3Y*
- 5.86%
- 5Y*
- 2.03%
- 10Y*
- 3.45%
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CBLS vs. HDG - Expense Ratio Comparison
CBLS has a 1.95% expense ratio, which is higher than HDG's 0.95% expense ratio.
Return for Risk
CBLS vs. HDG — Risk / Return Rank
CBLS
HDG
CBLS vs. HDG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Changebridge Capital Long/Short Equity ETF (CBLS) and ProShares Hedge Replication (HDG). 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 | HDG | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.80 | 1.27 | -0.48 |
Sortino ratioReturn per unit of downside risk | 1.12 | 1.83 | -0.72 |
Omega ratioGain probability vs. loss probability | 1.16 | 1.27 | -0.11 |
Calmar ratioReturn relative to maximum drawdown | 1.41 | 1.80 | -0.39 |
Martin ratioReturn relative to average drawdown | 3.50 | 7.31 | -3.81 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CBLS | HDG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.80 | 1.27 | -0.48 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.13 | 0.29 | -0.16 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.49 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.45 | 0.38 | +0.07 |
Correlation
The correlation between CBLS and HDG is 0.64, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
CBLS vs. HDG - Dividend Comparison
CBLS's dividend yield for the trailing twelve months is around 0.86%, less than HDG's 2.48% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CBLS Changebridge Capital Long/Short Equity ETF | 0.86% | 0.90% | 0.73% | 0.44% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
HDG ProShares Hedge Replication | 2.48% | 2.55% | 3.50% | 3.48% | 0.39% | 0.00% | 0.08% | 1.09% | 0.51% | 0.00% | 0.00% | 0.00% |
Drawdowns
CBLS vs. HDG - Drawdown Comparison
The maximum CBLS drawdown since its inception was -32.78%, which is greater than HDG's maximum drawdown of -15.31%. Use the drawdown chart below to compare losses from any high point for CBLS and HDG.
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Drawdown Indicators
| CBLS | HDG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.78% | -15.31% | -17.47% |
Max Drawdown (1Y)Largest decline over 1 year | -8.15% | -4.85% | -3.30% |
Max Drawdown (5Y)Largest decline over 5 years | -32.78% | -15.31% | -17.47% |
Max Drawdown (10Y)Largest decline over 10 years | — | -15.31% | — |
Current DrawdownCurrent decline from peak | -6.44% | -2.44% | -4.00% |
Average DrawdownAverage peak-to-trough decline | -13.14% | -2.80% | -10.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.28% | 1.20% | +2.08% |
Volatility
CBLS vs. HDG - Volatility Comparison
Changebridge Capital Long/Short Equity ETF (CBLS) has a higher volatility of 5.25% compared to ProShares Hedge Replication (HDG) at 2.50%. This indicates that CBLS's price experiences larger fluctuations and is considered to be riskier than HDG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CBLS | HDG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.25% | 2.50% | +2.75% |
Volatility (6M)Calculated over the trailing 6-month period | 11.21% | 4.44% | +6.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.25% | 6.90% | +7.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.42% | 7.15% | +8.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.89% | 7.08% | +8.81% |