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CBLS vs. QMNNX
Performance
Return for Risk
Dividends
Drawdowns
Volatility

CBLS vs. QMNNX

Last updated Apr 1, 2026

Compare and contrast key facts about Changebridge Capital Long/Short Equity ETF (CBLS) and AQR Equity Market Neutral Fund N (QMNNX).

CBLS is an actively managed fund by Changebridge Capital LLC. It was launched on Nov 13, 2020. QMNNX is managed by AQR Funds. It was launched on Oct 7, 2014.

Performance

CBLS vs. QMNNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Changebridge Capital Long/Short Equity ETF (CBLS) and AQR Equity Market Neutral Fund N (QMNNX). The values are adjusted to include any dividend payments, if applicable.

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CBLS vs. QMNNX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
CBLS
Changebridge Capital Long/Short Equity ETF		4.37%5.87%28.74%-2.67%-11.64%2.85%14.15%
QMNNX
AQR Equity Market Neutral Fund N		-3.36%26.19%25.43%16.30%27.07%17.38%-0.07%

Returns By Period

In the year-to-date period, CBLS achieves a 4.37% return, which is significantly higher than QMNNX's -3.36% return.

CBLS

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

QMNNX

1D
0.51%
1M
0.26%
YTD
-3.36%
6M
2.30%
1Y
11.26%
3Y*
20.75%
5Y*
18.31%
10Y*
6.09%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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Changebridge Capital Long/Short Equity ETF

AQR Equity Market Neutral Fund N

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Often compared with QMNNX:
QMNNX vs. QLENXQMNNX vs. EICQMNNX vs. QRPIXQMNNX vs. CPIEXQMNNX vs. CCORQMNNX vs. ^GSPCQMNNX vs. BRK-B

CBLS vs. QMNNX - Expense Ratio Comparison

CBLS has a 1.95% expense ratio, which is lower than QMNNX's 5.28% expense ratio.

QMNNX
AQR Equity Market Neutral Fund N
CBLS
Changebridge Capital Long/Short Equity ETF

Return for Risk

CBLS vs. QMNNX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CBLS
CBLS Risk / Return Rank: 4242
Overall Rank
CBLS Sharpe Ratio Rank: 4343
Sharpe Ratio Rank
CBLS Sortino Ratio Rank: 3939
Sortino Ratio Rank
CBLS Omega Ratio Rank: 3939
Omega Ratio Rank
CBLS Calmar Ratio Rank: 5353
Calmar Ratio Rank
CBLS Martin Ratio Rank: 3636
Martin Ratio Rank
QMNNX
QMNNX Risk / Return Rank: 8080
Overall Rank
QMNNX Sharpe Ratio Rank: 9090
Sharpe Ratio Rank
QMNNX Sortino Ratio Rank: 8989
Sortino Ratio Rank
QMNNX Omega Ratio Rank: 8585
Omega Ratio Rank
QMNNX Calmar Ratio Rank: 8484
Calmar Ratio Rank
QMNNX Martin Ratio Rank: 5454
Martin Ratio Rank
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. QMNNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Changebridge Capital Long/Short Equity ETF (CBLS) and AQR Equity Market Neutral Fund N (QMNNX). 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.

CBLSQMNNXDifference

Sharpe ratio

Return per unit of total volatility

0.76

1.83

-1.07

Sortino ratio

Return per unit of downside risk

1.07

2.48

-1.41

Omega ratio

Gain probability vs. loss probability

1.15

1.35

-0.20

Calmar ratio

Return relative to maximum drawdown

1.31

2.06

-0.75

Martin ratio

Return relative to average drawdown

3.27

5.17

-1.90

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. QMNNX - Sharpe Ratio Comparison

The current CBLS Sharpe Ratio is 0.76, which is lower than the QMNNX Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of CBLS and QMNNX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

CBLSQMNNXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.76

1.83

-1.07

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.12

1.93

-1.81

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.74

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.44

0.88

-0.44

Correlation

The correlation between CBLS and QMNNX is -0.04. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

CBLS vs. QMNNX - Dividend Comparison

CBLS's dividend yield for the trailing twelve months is around 0.86%, less than QMNNX's 1.30% yield.

TTM20252024202320222021202020192018201720162015
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%
QMNNX
AQR Equity Market Neutral Fund N		1.30%1.26%6.06%21.67%5.77%1.41%17.64%3.86%0.49%3.37%1.19%2.51%

Drawdowns

CBLS vs. QMNNX - Drawdown Comparison

The maximum CBLS drawdown since its inception was -32.78%, smaller than the maximum QMNNX drawdown of -39.22%. Use the drawdown chart below to compare losses from any high point for CBLS and QMNNX.

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Drawdown Indicators

CBLSQMNNXDifference

Max Drawdown

Largest peak-to-trough decline

-32.78%

-39.22%

+6.44%

Max Drawdown (1Y)

Largest decline over 1 year

-8.15%

-5.47%

-2.68%

Max Drawdown (5Y)

Largest decline over 5 years

-32.78%

-14.23%

-18.55%

Max Drawdown (10Y)

Largest decline over 10 years

—

-39.22%

—

Current Drawdown

Current decline from peak

-7.05%

-3.76%

-3.29%

Average Drawdown

Average peak-to-trough decline

-13.14%

-10.67%

-2.47%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.26%

2.18%

+1.08%

Volatility

CBLS vs. QMNNX - Volatility Comparison

Changebridge Capital Long/Short Equity ETF (CBLS) has a higher volatility of 5.40% compared to AQR Equity Market Neutral Fund N (QMNNX) at 1.40%. This indicates that CBLS's price experiences larger fluctuations and is considered to be riskier than QMNNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CBLSQMNNXDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.40%

1.40%

+4.00%

Volatility (6M)

Calculated over the trailing 6-month period

11.24%

4.09%

+7.15%

Volatility (1Y)

Calculated over the trailing 1-year period

14.24%

6.30%

+7.94%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.42%

9.54%

+5.88%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.89%

8.23%

+7.66%