CBLS vs. HEFT

Last updated Apr 1, 2026

Compare and contrast key facts about Changebridge Capital Long/Short Equity ETF (CBLS) and Hedgeye Fourth Turning ETF (HEFT).

CBLS and HEFT 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. HEFT is an actively managed fund by Hedgeye. It was launched on Nov 20, 2025.

Performance

CBLS vs. HEFT - Performance Comparison

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

CBLS vs. HEFT - Yearly Performance Comparison

	2026 (YTD)	2025
CBLS Changebridge Capital Long/Short Equity ETF	4.37%	1.89%
HEFT Hedgeye Fourth Turning ETF	5.30%	0.98%

Returns By Period

In the year-to-date period, CBLS achieves a 4.37% return, which is significantly lower than HEFT's 5.30% return.

CBLS

• 1D: 0.08%
• 1M: -6.21%
• YTD: 4.37%
• 6M: 0.72%
• 1Y: 10.78%
• 3Y*: 11.82%
• 5Y*: 1.79%
• 10Y*: —

HEFT

• 1D: -0.30%
• 1M: -3.18%
• YTD: 5.30%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CBLS vs. HEFT - Expense Ratio Comparison

CBLS has a 1.95% expense ratio, which is higher than HEFT's 0.70% expense ratio.

CBLS

Changebridge Capital Long/Short Equity ETF

HEFT

Hedgeye Fourth Turning ETF

Return for Risk

CBLS vs. HEFT — 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: 43
CBLS Sortino Ratio Rank: 39
CBLS Omega Ratio Rank: 39
CBLS Calmar Ratio Rank: 53
CBLS Martin Ratio Rank: 36

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. HEFT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Changebridge Capital Long/Short Equity ETF (CBLS) and Hedgeye Fourth Turning ETF (HEFT). 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	HEFT	Difference
Sharpe ratio Return per unit of total volatility	0.76	—	—
Sortino ratio Return per unit of downside risk	1.07	—	—
Omega ratio Gain probability vs. loss probability	1.15	—	—
Calmar ratio Return relative to maximum drawdown	1.31	—	—
Martin ratio Return relative to average drawdown	3.27	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	CBLS	HEFT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.76	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.12	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	1.46	-1.02

Correlation

The correlation between CBLS and HEFT is 0.59, 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. HEFT - Dividend Comparison

CBLS's dividend yield for the trailing twelve months is around 0.86%, more than HEFT's 0.02% yield.

	TTM	2025	2024	2023
CBLS Changebridge Capital Long/Short Equity ETF	0.86%	0.90%	0.73%	0.44%
HEFT Hedgeye Fourth Turning ETF	0.02%	0.02%	0.00%	0.00%

Drawdowns

CBLS vs. HEFT - Drawdown Comparison

The maximum CBLS drawdown since its inception was -32.78%, which is greater than HEFT's maximum drawdown of -6.57%. Use the drawdown chart below to compare losses from any high point for CBLS and HEFT.

Drawdown Indicators

	CBLS	HEFT	Difference
Max Drawdown Largest peak-to-trough decline	-32.78%	-6.57%	-26.21%
Max Drawdown (1Y) Largest decline over 1 year	-8.15%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-32.78%	—	—
Current Drawdown Current decline from peak	-7.05%	-5.00%	-2.05%
Average Drawdown Average peak-to-trough decline	-13.14%	-1.97%	-11.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.26%	—	—

Volatility

Volatility by Period

	CBLS	HEFT	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.40%	—	—
Volatility (6M) Calculated over the trailing 6-month period	11.24%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	14.24%	13.44%	+0.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.42%	13.44%	+1.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.89%	13.44%	+2.45%