CBLS vs. HEFT

Last updated Jun 4, 2026

CBLS (Changebridge Capital Long/Short Equity ETF) and HEFT (Hedgeye Fourth Turning ETF) are both Long-Short funds. Both are actively managed. A 0.53 correlation means they provide meaningful diversification when combined. CBLS charges 1.95%/yr vs 0.70%/yr for HEFT.

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.

Returns By Period

In the year-to-date period, CBLS achieves a 24.21% return, which is significantly higher than HEFT's 7.91% return.

CBLS

• 1D: 0.04%
• 1M: 8.64%
• YTD: 24.21%
• 6M: 22.60%
• 1Y: 21.18%
• 3Y*: 19.87%
• 5Y*: 5.59%
• 10Y*: —

HEFT

• 1D: -0.02%
• 1M: 4.12%
• YTD: 7.91%
• 6M: 7.32%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CBLS vs. HEFT - Yearly Performance Comparison

	2026 (YTD)	2025
CBLS Changebridge Capital Long/Short Equity ETF	24.21%	1.89%
HEFT Hedgeye Fourth Turning ETF	7.91%	0.98%

Correlation

The correlation between CBLS and HEFT is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 24, 2025	0.53

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: 41
CBLS Sharpe Ratio Rank: 39
CBLS Sortino Ratio Rank: 37
CBLS Omega Ratio Rank: 39
CBLS Calmar Ratio Rank: 53
CBLS Martin Ratio Rank: 40

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	1.39	—	—
Sortino ratio Return per unit of downside risk	1.96	—	—
Omega ratio Gain probability vs. loss probability	1.25	—	—
Calmar ratio Return relative to maximum drawdown	2.61	—	—
Martin ratio Return relative to average drawdown	6.36	—	—
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	1.39	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.36	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	1.44	-0.81

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 -9.17%. 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%	-9.17%	-23.61%
Max Drawdown (1Y) Largest decline over 1 year	-8.15%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-15.27%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-31.24%	—	—
Current Drawdown Current decline from peak	0.00%	-2.64%	+2.64%
Average Drawdown Average peak-to-trough decline	-12.79%	-3.13%	-9.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.34%	—	—

Volatility

Volatility by Period

	CBLS	HEFT	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.07%	—	—
Volatility (6M) Calculated over the trailing 6-month period	12.56%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	15.27%	12.53%	+2.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.64%	12.53%	+3.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.13%	12.53%	+3.60%

CBLS vs. HEFT - Expense Ratio Comparison

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

Dividends

CBLS vs. HEFT - Dividend Comparison

CBLS's dividend yield for the trailing twelve months is around 0.72%, more than HEFT's 0.02% yield.

Position	TTM	2025	2024	2023
CBLS Changebridge Capital Long/Short Equity ETF	0.72%	0.90%	0.73%	0.44%
HEFT Hedgeye Fourth Turning ETF	0.02%	0.02%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CBLS and HEFT in my portfolio?

CBLS and HEFT have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CBLS or HEFT?

On fees, HEFT is cheaper at 0.70% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CBLS or HEFT?

HEFT is cheaper with a 0.70% expense ratio, compared with 1.95% for CBLS.

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

CBLS has the higher dividend yield at 0.72%, compared with 0.02% for HEFT.

What is the main difference between CBLS and HEFT?

They also come from different issuers: Changebridge Capital LLC and Hedgeye. Their fees differ too: 1.95% for CBLS and 0.70% for HEFT.