CBLS vs. HDG

Last updated Jun 3, 2026

CBLS (Changebridge Capital Long/Short Equity ETF) and HDG (ProShares Hedge Replication) are both Long-Short funds. CBLS is actively managed, while HDG is passively managed. Over the past 5 years, CBLS returned 5.73%/yr vs 3.13%/yr for HDG. A 0.63 correlation means they provide meaningful diversification when combined. CBLS charges 1.95%/yr vs 0.95%/yr for HDG.

Performance

CBLS vs. HDG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Changebridge Capital Long/Short Equity ETF (CBLS) and ProShares Hedge Replication (HDG). 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 HDG's 6.79% return.

CBLS

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

HDG

• 1D: 0.14%
• 1M: 2.31%
• YTD: 6.79%
• 6M: 7.48%
• 1Y: 13.92%
• 3Y*: 7.69%
• 5Y*: 3.13%
• 10Y*: 3.95%

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

CBLS vs. HDG - 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%
HDG ProShares Hedge Replication	6.79%	7.18%	5.12%	7.14%	-8.48%	2.97%	4.46%

Correlation

The correlation between CBLS and HDG is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (All Time) Calculated using the full available price history since Nov 16, 2020	0.63

The correlation between CBLS and HDG shifts across timeframes, from 0.52 (1 year) to 0.63 (all time), reflecting how their relationship changes across market environments.

CBLS vs. HDG - Sectors Allocation Comparison

Sectors	CBLS	HDG
Technology	32.3%	17.0%
Energy	10.0%	6.1%
Healthcare	9.2%	16.5%
Utilities	7.5%	2.9%
Basic Materials	7.5%	4.8%
Industrials	3.8%	17.7%
Consumer Cyclical	0.4%	8.4%
Communication Services	-2.0%	2.4%
Real Estate	-2.4%	6.1%
Consumer Defensive	-3.8%	2.4%
Financial Services	-6.8%	15.8%

Return for Risk

CBLS vs. HDG — 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

HDG

HDG Risk / Return Rank: 76
HDG Sharpe Ratio Rank: 75
HDG Sortino Ratio Rank: 81
HDG Omega Ratio Rank: 80
HDG Calmar Ratio Rank: 69
HDG 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. 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 ratio Return per unit of total volatility	1.38	2.49	-1.11
Sortino ratio Return per unit of downside risk	1.94	3.69	-1.76
Omega ratio Gain probability vs. loss probability	1.25	1.49	-0.24
Calmar ratio Return relative to maximum drawdown	2.71	3.51	-0.81
Martin ratio Return relative to average drawdown	6.61	14.55	-7.94
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. HDG - Sharpe Ratio Comparison

The current CBLS Sharpe Ratio is 1.38, which is lower than the HDG Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of CBLS and HDG, 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	HDG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.38	2.49	-1.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	0.44	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.56	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.44	+0.20

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.

Drawdown Indicators

	CBLS	HDG	Difference
Max Drawdown Largest peak-to-trough decline	-32.78%	-15.31%	-17.47%
Max Drawdown (1Y) Largest decline over 1 year	-8.15%	-3.97%	-4.18%
Max Drawdown (3Y) Largest decline over 3 years	-15.27%	-7.20%	-8.07%
Max Drawdown (5Y) Largest decline over 5 years	-31.24%	-15.31%	-15.93%
Max Drawdown (10Y) Largest decline over 10 years	—	-15.31%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-12.80%	-2.77%	-10.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.34%	0.96%	+2.38%

Volatility

CBLS vs. HDG - Volatility Comparison

Changebridge Capital Long/Short Equity ETF (CBLS) has a higher volatility of 7.08% compared to ProShares Hedge Replication (HDG) at 2.01%. 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.

Volatility by Period

	CBLS	HDG	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.08%	2.01%	+5.07%
Volatility (6M) Calculated over the trailing 6-month period	12.62%	4.57%	+8.05%
Volatility (1Y) Calculated over the trailing 1-year period	15.29%	5.62%	+9.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.64%	7.15%	+8.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.13%	7.11%	+9.02%

CBLS vs. HDG - Expense Ratio Comparison

CBLS has a 1.95% expense ratio, which is higher than HDG's 0.95% expense ratio.

Dividends

CBLS vs. HDG - Dividend Comparison

CBLS's dividend yield for the trailing twelve months is around 0.72%, less than HDG's 2.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%	0.00%
HDG ProShares Hedge Replication	2.34%	2.55%	3.50%	3.48%	0.39%	0.00%	0.08%	1.09%	0.51%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CBLS and HDG in my portfolio?

CBLS and HDG have a correlation of 0.52, 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 HDG?

CBLS has higher volatility (7.08%) compared to HDG (2.01%). In terms of maximum drawdown, CBLS dropped -32.78% vs HDG's -15.31%.

Which ETF is better, CBLS or HDG?

On 5-year performance, CBLS leads with 5.73% vs 3.13% for HDG. On fees, HDG is cheaper at 0.95% per year. On volatility, HDG has been the lower-risk option at 2.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CBLS or HDG?

Over the 5-year period, CBLS has performed better with a 5.73% return vs 3.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CBLS or HDG?

HDG is cheaper with a 0.95% expense ratio, compared with 1.95% for CBLS.

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

HDG has the higher dividend yield at 2.34%, compared with 0.72% for CBLS.

What is the main difference between CBLS and HDG?

They also come from different issuers: Changebridge Capital LLC and ProShares. Their fees differ too: 1.95% for CBLS and 0.95% for HDG.

Which has better risk-adjusted returns?

HDG currently has the higher Sharpe Ratio (2.49 vs 1.38), 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.