CBLS vs. UGA
CBLS (Changebridge Capital Long/Short Equity ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - CBLS is a Long-Short fund actively managed by Changebridge Capital LLC, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. CBLS is actively managed, while UGA is passively managed. Over the past 5 years, CBLS returned 5.22%/yr vs 22.69%/yr for UGA. At a 0.16 correlation, their price movements are largely independent. CBLS charges 1.95%/yr vs 0.75%/yr for UGA.
Performance
CBLS vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, CBLS achieves a 20.31% return, which is significantly lower than UGA's 64.09% return.
CBLS
- 1D
- -2.34%
- 1M
- 2.02%
- YTD
- 20.31%
- 6M
- 19.29%
- 1Y
- 17.91%
- 3Y*
- 19.64%
- 5Y*
- 5.22%
- 10Y*
- —
UGA
- 1D
- -1.12%
- 1M
- -12.11%
- YTD
- 64.09%
- 6M
- 60.42%
- 1Y
- 59.74%
- 3Y*
- 18.95%
- 5Y*
- 22.69%
- 10Y*
- 14.31%
CBLS vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
CBLS Changebridge Capital Long/Short Equity ETF | 20.31% | 5.87% | 28.74% | -2.67% | -11.64% | 2.85% | 14.82% |
UGA United States Gasoline Fund LP | 64.09% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | 23.46% |
Correlation
The correlation between CBLS and UGA is -0.11, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since Nov 13, 2020 | 0.16 |
The correlation between CBLS and UGA shifts across timeframes, from -0.11 (1 year) to 0.16 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CBLS vs. UGA — Risk / Return Rank
CBLS
UGA
CBLS vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Changebridge Capital Long/Short Equity ETF (CBLS) and United States Gasoline Fund LP (UGA). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| CBLS | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.64 | ||
| Sortino ratioReturn per unit of downside risk | -0.74 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.30 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.21 | 3.17 | -0.96 |
| Martin ratioReturn relative to average drawdown | 5.20 | 9.39 | -4.19 |
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Drawdowns
CBLS vs. UGA - Drawdown Comparison
The maximum CBLS drawdown since its inception was -32.78%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for CBLS and UGA.
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Drawdown Indicators
| CBLS | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.78% | -86.59% | +53.81% |
Max Drawdown (1Y)Largest decline over 1 year | -8.15% | -18.96% | +10.81% |
Max Drawdown (3Y)Largest decline over 3 years | -15.27% | -26.68% | +11.41% |
Max Drawdown (5Y)Largest decline over 5 years | -31.24% | -38.11% | +6.87% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.89% | — |
Current DrawdownCurrent decline from peak | -3.50% | -18.05% | +14.55% |
Average DrawdownAverage peak-to-trough decline | -12.70% | -36.69% | +23.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.45% | 6.43% | -2.98% |
Volatility
CBLS vs. UGA - Volatility Comparison
The current volatility for Changebridge Capital Long/Short Equity ETF (CBLS) is 8.05%, while United States Gasoline Fund LP (UGA) has a volatility of 9.24%. This indicates that CBLS experiences smaller price fluctuations and is considered to be less risky than UGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CBLS | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.05% | 9.24% | -1.19% |
Volatility (6M)Calculated over the trailing 6-month period | 13.81% | 30.57% | -16.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.56% | 35.22% | -18.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.86% | 34.45% | -18.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.28% | 37.22% | -20.94% |
CBLS vs. UGA - Expense Ratio Comparison
CBLS has a 1.95% expense ratio, which is higher than UGA's 0.75% expense ratio.
Dividends
CBLS vs. UGA - Dividend Comparison
CBLS's dividend yield for the trailing twelve months is around 0.75%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
CBLS Changebridge Capital Long/Short Equity ETF | 0.75% | 0.90% | 0.73% | 0.44% |
UGA United States Gasoline Fund LP | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CBLS and UGA have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (9.24%) compared to CBLS (8.05%). In terms of maximum drawdown, CBLS dropped -32.78% vs UGA's -86.59%.
On 5-year performance, UGA leads with 22.69% vs 5.22% for CBLS. On fees, UGA is cheaper at 0.75% per year. On volatility, CBLS has been the lower-risk option at 8.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, UGA has performed better with a 22.69% return vs 5.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGA is cheaper with a 0.75% expense ratio, compared with 1.95% for CBLS.
CBLS has the higher dividend yield at 0.75%, compared with 0.00% for UGA.
CBLS is categorized as Long-Short, while UGA is Oil & Gas. They also come from different issuers: Changebridge Capital LLC and Concierge Technologies. Their fees differ too: 1.95% for CBLS and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (1.73 vs 1.09), 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.
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