CBLS vs. VOO
CBLS (Changebridge Capital Long/Short Equity ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - CBLS is a Long-Short fund actively managed by Changebridge Capital LLC, while VOO is a S&P 500 fund tracking the S&P 500 Index. CBLS is actively managed, while VOO is passively managed. Over the past 5 years, CBLS returned 6.08%/yr vs 13.58%/yr for VOO. A 0.61 correlation means they provide meaningful diversification when combined. CBLS charges 1.95%/yr vs 0.03%/yr for VOO.
Performance
CBLS vs. VOO - Performance Comparison
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Returns By Period
In the year-to-date period, CBLS achieves a 23.19% return, which is significantly higher than VOO's 9.75% return.
CBLS
- 1D
- 1.26%
- 1M
- 4.47%
- YTD
- 23.19%
- 6M
- 22.95%
- 1Y
- 20.74%
- 3Y*
- 20.58%
- 5Y*
- 6.08%
- 10Y*
- —
VOO
- 1D
- -0.29%
- 1M
- 0.08%
- YTD
- 9.75%
- 6M
- 9.30%
- 1Y
- 26.77%
- 3Y*
- 21.36%
- 5Y*
- 13.58%
- 10Y*
- 15.77%
CBLS vs. VOO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
CBLS Changebridge Capital Long/Short Equity ETF | 23.19% | 5.87% | 28.74% | -2.67% | -11.64% | 2.85% | 14.82% |
VOO Vanguard S&P 500 ETF | 9.75% | 17.82% | 24.98% | 26.32% | -18.17% | 28.79% | 6.31% |
Correlation
The correlation between CBLS and VOO is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.56 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.62 |
Correlation (All Time) Calculated using the full available price history since Nov 13, 2020 | 0.61 |
The correlation between CBLS and VOO has been stable across timeframes, ranging from 0.56 to 0.63 - a consistent structural relationship.
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Return for Risk
CBLS vs. VOO — Risk / Return Rank
CBLS
VOO
CBLS vs. VOO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Changebridge Capital Long/Short Equity ETF (CBLS) and Vanguard S&P 500 ETF (VOO). 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 | VOO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.90 | ||
| Sortino ratioReturn per unit of downside risk | -1.19 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.39 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 2.55 | 3.02 | -0.47 |
| Martin ratioReturn relative to average drawdown | 6.03 | 13.58 | -7.55 |
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Drawdowns
CBLS vs. VOO - Drawdown Comparison
The maximum CBLS drawdown since its inception was -32.78%, roughly equal to the maximum VOO drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for CBLS and VOO.
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Drawdown Indicators
| CBLS | VOO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.78% | -33.99% | +1.21% |
Max Drawdown (1Y)Largest decline over 1 year | -8.15% | -8.90% | +0.75% |
Max Drawdown (3Y)Largest decline over 3 years | -15.27% | -18.69% | +3.42% |
Max Drawdown (5Y)Largest decline over 5 years | -31.24% | -24.52% | -6.72% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.99% | — |
Current DrawdownCurrent decline from peak | -1.19% | -1.74% | +0.55% |
Average DrawdownAverage peak-to-trough decline | -12.70% | -3.68% | -9.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.45% | 1.98% | +1.47% |
Volatility
CBLS vs. VOO - Volatility Comparison
Changebridge Capital Long/Short Equity ETF (CBLS) has a higher volatility of 7.62% compared to Vanguard S&P 500 ETF (VOO) at 4.60%. This indicates that CBLS's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CBLS | VOO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.62% | 4.60% | +3.02% |
Volatility (6M)Calculated over the trailing 6-month period | 13.59% | 9.73% | +3.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.42% | 12.39% | +4.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.82% | 16.90% | -1.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.26% | 18.05% | -1.79% |
CBLS vs. VOO - Expense Ratio Comparison
CBLS has a 1.95% expense ratio, which is higher than VOO's 0.03% expense ratio.
Dividends
CBLS vs. VOO - Dividend Comparison
CBLS's dividend yield for the trailing twelve months is around 0.73%, less than VOO's 1.04% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CBLS Changebridge Capital Long/Short Equity ETF | 0.73% | 0.90% | 0.73% | 0.44% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
VOO Vanguard S&P 500 ETF | 1.04% | 1.13% | 1.24% | 1.46% | 1.69% | 1.25% | 1.54% | 1.88% | 2.06% | 1.78% | 2.02% | 2.10% |
Frequently Asked Questions
CBLS and VOO have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CBLS has higher volatility (7.62%) compared to VOO (4.60%). In terms of maximum drawdown, CBLS dropped -32.78% vs VOO's -33.99%.
On 5-year performance, VOO leads with 13.58% vs 6.08% for CBLS. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 4.60%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, VOO has performed better with a 13.58% return vs 6.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VOO is cheaper with a 0.03% expense ratio, compared with 1.95% for CBLS.
VOO has the higher dividend yield at 1.04%, compared with 0.73% for CBLS.
CBLS is categorized as Long-Short, while VOO is S&P 500. They also come from different issuers: Changebridge Capital LLC and Vanguard. Their fees differ too: 1.95% for CBLS and 0.03% for VOO.
VOO currently has the higher Sharpe Ratio (2.17 vs 1.27), 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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