CBSE vs. CBLS

Last updated Aug 2, 2026

CBSE (Clough Select Equity ETF) and CBLS (Clough Hedged Equity ETF) are both exchange-traded funds - CBSE is a Large Cap Value Equities fund actively managed by Clough, while CBLS is a Long-Short fund actively managed by Clough. Both are actively managed. Over the past 5 years, CBSE returned 10.41%/yr vs 3.87%/yr for CBLS. Their correlation of 0.86 means they have usually moved in the same direction. CBSE charges 0.85%/yr vs 1.95%/yr for CBLS.

Performance

CBSE vs. CBLS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Clough Select Equity ETF (CBSE) and Clough Hedged Equity ETF (CBLS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CBSE achieves a 17.44% return, which is significantly higher than CBLS's 9.99% return.

CBSE

• 1D: 0.48%
• 1M: -8.06%
• 6M: 10.14%
• YTD: 17.44%
• 1Y: 22.91%
• 3Y*: 24.56%
• 5Y*: 10.41%
• 10Y*: —
• ALL TIME*: 16.07%

CBLS

• 1D: 0.39%
• 1M: -8.11%
• 6M: 0.45%
• YTD: 9.99%
• 1Y: 6.27%
• 3Y*: 16.15%
• 5Y*: 3.87%
• 10Y*: —
• ALL TIME*: 7.64%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CBLS Clough Hedged Equity ETF	$136.56K	$124.70K	$136.61K
CBSE Clough Select Equity ETF	$202.38K	$195.77K	$371.19K

CBSE vs. CBLS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
CBSE Clough Select Equity ETF	17.44%	19.53%	32.20%	17.29%	-19.92%	14.57%	17.27%
CBLS Clough Hedged Equity ETF	9.99%	5.87%	28.74%	-2.67%	-11.64%	2.85%	14.82%

Correlation

The correlation between CBSE and CBLS is 0.83, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.83
Correlation (3Y) Balances recent behavior with more history.	0.82
Correlation (5Y) Shows whether the relationship held over a longer period.	0.85
Correlation (All Time) Calculated using the full available price history since Nov 13, 2020	0.86

The correlation between CBSE and CBLS has been stable across timeframes, ranging from 0.82 to 0.86 - a consistent structural relationship.

Return for Risk

CBSE vs. CBLS — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CBSE

CBSE Risk / Return Rank: 36
CBSE Sharpe Ratio Rank: 33
CBSE Sortino Ratio Rank: 33
CBSE Omega Ratio Rank: 32
CBSE Calmar Ratio Rank: 44
CBSE Martin Ratio Rank: 39

CBLS

CBLS Risk / Return Rank: 17
CBLS Sharpe Ratio Rank: 17
CBLS Sortino Ratio Rank: 16
CBLS Omega Ratio Rank: 17
CBLS Calmar Ratio Rank: 17
CBLS Martin Ratio Rank: 20

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CBSE vs. CBLS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Clough Select Equity ETF (CBSE) and Clough Hedged Equity ETF (CBLS). 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.

	CBSE	CBLS	Difference
Sharpe ratio: Return per unit of total volatility	0.83	0.29	+0.54
Sortino ratio: Return per unit of downside risk	1.25	0.49	+0.76
Omega ratio: Gain probability vs. loss probability	1.15	1.06	+0.09
Calmar ratio: Return relative to maximum drawdown	1.56	0.38	+1.18
Martin ratio: Return relative to average drawdown	4.04	1.22	+2.82

CBSE vs. CBLS - Sharpe Ratio Comparison

The current CBSE Sharpe Ratio is 0.83, which is higher than the CBLS Sharpe Ratio of 0.29. The chart below compares the historical Sharpe Ratios of CBSE and CBLS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CBSE vs. CBLS - Drawdown Comparison

The maximum CBSE drawdown since its inception was -36.30%, which is greater than CBLS's maximum drawdown of -32.78%. Use the drawdown chart below to compare losses from any high point for CBSE and CBLS.

Drawdown Indicators

	CBSE	CBLS	Difference
Max Drawdown Largest peak-to-trough decline	-36.30%	-32.78%	-3.52%
Max Drawdown (1Y) Largest decline over 1 year	-13.57%	-13.02%	-0.55%
Max Drawdown (3Y) Largest decline over 3 years	-29.40%	-15.27%	-14.13%
Max Drawdown (5Y) Largest decline over 5 years	-36.30%	-31.24%	-5.06%
Current Drawdown Current decline from peak	-11.97%	-11.78%	-0.19%
Average Drawdown Average peak-to-trough decline	-12.13%	-12.57%	+0.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.24%	4.10%	+1.14%

Volatility

CBSE vs. CBLS - Volatility Comparison

Clough Select Equity ETF (CBSE) has a higher volatility of 5.71% compared to Clough Hedged Equity ETF (CBLS) at 5.32%. This indicates that CBSE's price experiences larger fluctuations and is considered to be riskier than CBLS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CBSE	CBLS	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.71%	5.32%	+0.39%
Volatility (6M) Calculated over the trailing 6-month period	20.76%	14.78%	+5.98%
Volatility (1Y) Calculated over the trailing 1-year period	25.56%	17.45%	+8.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.56%	15.92%	+8.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.07%	16.34%	+7.73%

CBSE vs. CBLS - Expense Ratio Comparison

CBSE has a 0.85% expense ratio, which is lower than CBLS's 1.95% expense ratio.

Dividends

CBSE vs. CBLS - Dividend Comparison

CBSE's dividend yield for the trailing twelve months is around 0.29%, less than CBLS's 0.82% yield.

Position	TTM	2025	2024	2023	2022
CBLS Clough Hedged Equity ETF	0.82%	0.90%	0.73%	0.44%	0.00%
CBSE Clough Select Equity ETF	0.29%	0.35%	0.37%	1.50%	0.52%

Frequently Asked Questions

Can I hold both CBSE and CBLS in my portfolio?

CBSE and CBLS have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CBSE or CBLS?

CBSE has higher volatility (5.71%) compared to CBLS (5.32%). In terms of maximum drawdown, CBSE dropped -36.30% vs CBLS's -32.78%.

Which ETF is better, CBSE or CBLS?

On 5-year performance, CBSE leads with 10.41% vs 3.87% for CBLS. On fees, CBSE is cheaper at 0.85% per year. On volatility, CBLS has been the lower-risk option at 5.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CBSE or CBLS?

Over the 5-year period, CBSE has performed better with a 10.41% return vs 3.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CBSE or CBLS?

CBSE is cheaper with a 0.85% expense ratio, compared with 1.95% for CBLS.

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

CBLS has the higher dividend yield at 0.82%, compared with 0.29% for CBSE.

What is the main difference between CBSE and CBLS?

CBSE is categorized as Large Cap Value Equities, while CBLS is Long-Short. Their fees differ too: 0.85% for CBSE and 1.95% for CBLS.

Which has better risk-adjusted returns?

CBSE currently has the higher Sharpe Ratio (0.83 vs 0.29), 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.