CBLS vs. MRNY

Last updated Jun 3, 2026

CBLS (Changebridge Capital Long/Short Equity ETF) and MRNY (YieldMax MRNA Option Income Strategy ETF) are both exchange-traded funds - CBLS is a Long-Short fund actively managed by Changebridge Capital LLC, while MRNY is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, CBLS returned 20.95% vs 42.90% for MRNY. At a 0.22 correlation, their price movements are largely independent. CBLS charges 1.95%/yr vs 0.99%/yr for MRNY.

Performance

CBLS vs. MRNY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Changebridge Capital Long/Short Equity ETF (CBLS) and YieldMax MRNA Option Income Strategy ETF (MRNY). 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 lower than MRNY's 43.37% return.

CBLS

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

MRNY

• 1D: -0.33%
• 1M: 1.83%
• YTD: 43.37%
• 6M: 59.24%
• 1Y: 42.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CBLS vs. MRNY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CBLS Changebridge Capital Long/Short Equity ETF	24.17%	5.87%	28.74%	7.98%
MRNY YieldMax MRNA Option Income Strategy ETF	43.37%	-35.72%	-59.32%	19.61%

Correlation

The correlation between CBLS and MRNY is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (All Time) Calculated using the full available price history since Oct 25, 2023	0.22

Return for Risk

CBLS vs. MRNY — 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

MRNY

MRNY Risk / Return Rank: 26
MRNY Sharpe Ratio Rank: 25
MRNY Sortino Ratio Rank: 29
MRNY Omega Ratio Rank: 27
MRNY Calmar Ratio Rank: 29
MRNY Martin Ratio Rank: 22

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. MRNY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Changebridge Capital Long/Short Equity ETF (CBLS) and YieldMax MRNA Option Income Strategy ETF (MRNY). 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	MRNY	Difference
Sharpe ratio Return per unit of total volatility	1.38	0.88	+0.50
Sortino ratio Return per unit of downside risk	1.94	1.58	+0.36
Omega ratio Gain probability vs. loss probability	1.25	1.19	+0.07
Calmar ratio Return relative to maximum drawdown	2.71	1.42	+1.29
Martin ratio Return relative to average drawdown	6.61	2.77	+3.84
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. MRNY - Sharpe Ratio Comparison

The current CBLS Sharpe Ratio is 1.38, which is higher than the MRNY Sharpe Ratio of 0.88. The chart below compares the historical Sharpe Ratios of CBLS and MRNY, 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	MRNY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.38	0.88	+0.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	-0.53	+1.16

Drawdowns

CBLS vs. MRNY - Drawdown Comparison

The maximum CBLS drawdown since its inception was -32.78%, smaller than the maximum MRNY drawdown of -82.15%. Use the drawdown chart below to compare losses from any high point for CBLS and MRNY.

Drawdown Indicators

	CBLS	MRNY	Difference
Max Drawdown Largest peak-to-trough decline	-32.78%	-82.15%	+49.37%
Max Drawdown (1Y) Largest decline over 1 year	-8.15%	-31.53%	+23.38%
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%	-69.82%	+69.82%
Average Drawdown Average peak-to-trough decline	-12.80%	-52.59%	+39.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.34%	16.14%	-12.80%

Volatility

CBLS vs. MRNY - Volatility Comparison

The current volatility for Changebridge Capital Long/Short Equity ETF (CBLS) is 7.08%, while YieldMax MRNA Option Income Strategy ETF (MRNY) has a volatility of 12.56%. This indicates that CBLS experiences smaller price fluctuations and is considered to be less risky than MRNY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CBLS	MRNY	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.08%	12.56%	-5.48%
Volatility (6M) Calculated over the trailing 6-month period	12.62%	37.22%	-24.60%
Volatility (1Y) Calculated over the trailing 1-year period	15.29%	49.07%	-33.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.64%	50.67%	-35.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.13%	50.67%	-34.54%

CBLS vs. MRNY - Expense Ratio Comparison

CBLS has a 1.95% expense ratio, which is higher than MRNY's 0.99% expense ratio.

Dividends

CBLS vs. MRNY - Dividend Comparison

CBLS's dividend yield for the trailing twelve months is around 0.72%, less than MRNY's 105.80% yield.

Position	TTM	2025	2024	2023
CBLS Changebridge Capital Long/Short Equity ETF	0.72%	0.90%	0.73%	0.44%
MRNY YieldMax MRNA Option Income Strategy ETF	105.80%	145.98%	178.49%	1.75%

Frequently Asked Questions

Can I hold both CBLS and MRNY in my portfolio?

CBLS and MRNY have a correlation of 0.25, 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 MRNY?

MRNY has higher volatility (12.56%) compared to CBLS (7.08%). In terms of maximum drawdown, CBLS dropped -32.78% vs MRNY's -82.15%.

Which ETF is better, CBLS or MRNY?

On 1-year performance, MRNY leads with 42.90% vs 20.95% for CBLS. On fees, MRNY is cheaper at 0.99% per year. On volatility, CBLS has been the lower-risk option at 7.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CBLS or MRNY?

Over the 1-year period, MRNY has performed better with a 42.90% return vs 20.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CBLS or MRNY?

MRNY is cheaper with a 0.99% expense ratio, compared with 1.95% for CBLS.

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

MRNY has the higher dividend yield at 105.80%, compared with 0.72% for CBLS.

What is the main difference between CBLS and MRNY?

CBLS is categorized as Long-Short, while MRNY is Derivative Income. They also come from different issuers: Changebridge Capital LLC and YieldMax. Their fees differ too: 1.95% for CBLS and 0.99% for MRNY.

Which has better risk-adjusted returns?

CBLS currently has the higher Sharpe Ratio (1.38 vs 0.88), 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.