CBSE vs. DFRA

Last updated Jun 4, 2026

CBSE (Clough Select Equity ETF) and DFRA (Donoghue Forlines Yield Enhanced Real Asset ETF) are both Large Cap Value Equities funds. CBSE is actively managed, while DFRA is passively managed. Over the past 3 years, CBSE returned 31.65%/yr vs 12.75%/yr for DFRA. A 0.66 correlation means they provide meaningful diversification when combined. CBSE charges 0.85%/yr vs 0.69%/yr for DFRA.

Performance

CBSE vs. DFRA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Clough Select Equity ETF (CBSE) and Donoghue Forlines Yield Enhanced Real Asset ETF (DFRA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CBSE achieves a 32.18% return, which is significantly higher than DFRA's 8.60% return.

CBSE

• 1D: -0.93%
• 1M: 10.89%
• YTD: 32.18%
• 6M: 29.85%
• 1Y: 51.66%
• 3Y*: 31.65%
• 5Y*: 12.52%
• 10Y*: —

DFRA

• 1D: -0.14%
• 1M: -2.02%
• YTD: 8.60%
• 6M: 8.04%
• 1Y: 15.09%
• 3Y*: 12.75%
• 5Y*: —
• 10Y*: —

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

CBSE vs. DFRA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
CBSE Clough Select Equity ETF	32.18%	19.53%	32.20%	17.29%	-19.92%	1.41%
DFRA Donoghue Forlines Yield Enhanced Real Asset ETF	8.60%	6.64%	7.05%	18.89%	7.42%	3.86%

Correlation

The correlation between CBSE and DFRA is 0.58, 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	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (All Time) Calculated using the full available price history since Dec 15, 2021	0.66

The correlation between CBSE and DFRA has been stable across timeframes, ranging from 0.58 to 0.66 - a consistent structural relationship.

Return for Risk

CBSE vs. DFRA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CBSE

CBSE Risk / Return Rank: 67
CBSE Sharpe Ratio Rank: 70
CBSE Sortino Ratio Rank: 65
CBSE Omega Ratio Rank: 61
CBSE Calmar Ratio Rank: 76
CBSE Martin Ratio Rank: 64

DFRA

DFRA Risk / Return Rank: 29
DFRA Sharpe Ratio Rank: 29
DFRA Sortino Ratio Rank: 27
DFRA Omega Ratio Rank: 29
DFRA Calmar Ratio Rank: 27
DFRA Martin Ratio Rank: 31

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.

CBSE vs. DFRA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Clough Select Equity ETF (CBSE) and Donoghue Forlines Yield Enhanced Real Asset ETF (DFRA). 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.

	CBSE	DFRA	Difference
Sharpe ratio: Return per unit of total volatility	2.30	1.03	+1.27
Sortino ratio: Return per unit of downside risk	3.02	1.47	+1.55
Omega ratio: Gain probability vs. loss probability	1.37	1.19	+0.18
Calmar ratio: Return relative to maximum drawdown	3.83	1.30	+2.52
Martin ratio: Return relative to average drawdown	11.59	4.50	+7.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CBSE vs. DFRA - Sharpe Ratio Comparison

The current CBSE Sharpe Ratio is 2.30, which is higher than the DFRA Sharpe Ratio of 1.03. The chart below compares the historical Sharpe Ratios of CBSE and DFRA, 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

	CBSE	DFRA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.30	1.03	+1.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.80	0.68	+0.13

Drawdowns

CBSE vs. DFRA - Drawdown Comparison

The maximum CBSE drawdown since its inception was -36.30%, which is greater than DFRA's maximum drawdown of -19.35%. Use the drawdown chart below to compare losses from any high point for CBSE and DFRA.

Drawdown Indicators

	CBSE	DFRA	Difference
Max Drawdown Largest peak-to-trough decline	-36.30%	-19.35%	-16.95%
Max Drawdown (1Y) Largest decline over 1 year	-13.57%	-11.64%	-1.93%
Max Drawdown (3Y) Largest decline over 3 years	-29.40%	-19.35%	-10.05%
Max Drawdown (5Y) Largest decline over 5 years	-36.30%	—	—
Current Drawdown Current decline from peak	-0.93%	-7.31%	+6.38%
Average Drawdown Average peak-to-trough decline	-12.31%	-3.96%	-8.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.47%	3.36%	+1.11%

Volatility

CBSE vs. DFRA - Volatility Comparison

Clough Select Equity ETF (CBSE) has a higher volatility of 7.80% compared to Donoghue Forlines Yield Enhanced Real Asset ETF (DFRA) at 4.52%. This indicates that CBSE's price experiences larger fluctuations and is considered to be riskier than DFRA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CBSE	DFRA	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.80%	4.52%	+3.28%
Volatility (6M) Calculated over the trailing 6-month period	17.58%	12.85%	+4.73%
Volatility (1Y) Calculated over the trailing 1-year period	22.55%	14.70%	+7.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.06%	17.52%	+6.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.79%	17.52%	+6.27%

CBSE vs. DFRA - Expense Ratio Comparison

CBSE has a 0.85% expense ratio, which is higher than DFRA's 0.69% expense ratio.

Dividends

CBSE vs. DFRA - Dividend Comparison

CBSE's dividend yield for the trailing twelve months is around 0.26%, less than DFRA's 4.20% yield.

Position	TTM	2025	2024	2023	2022	2021
CBSE Clough Select Equity ETF	0.26%	0.35%	0.37%	1.50%	0.52%	0.00%
DFRA Donoghue Forlines Yield Enhanced Real Asset ETF	4.20%	2.86%	10.13%	4.70%	8.40%	0.08%

Frequently Asked Questions

Can I hold both CBSE and DFRA in my portfolio?

CBSE and DFRA have a correlation of 0.58, 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 DFRA?

CBSE has higher volatility (7.80%) compared to DFRA (4.52%). In terms of maximum drawdown, CBSE dropped -36.30% vs DFRA's -19.35%.

Which ETF is better, CBSE or DFRA?

On 3-year performance, CBSE leads with 31.65% vs 12.75% for DFRA. On fees, DFRA is cheaper at 0.69% per year. On volatility, DFRA has been the lower-risk option at 4.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CBSE or DFRA?

Over the 3-year period, CBSE has performed better with a 31.65% return vs 12.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CBSE or DFRA?

DFRA is cheaper with a 0.69% expense ratio, compared with 0.85% for CBSE.

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

DFRA has the higher dividend yield at 4.20%, compared with 0.26% for CBSE.

What is the main difference between CBSE and DFRA?

They also come from different issuers: Clough and Donoghue Forlines. Their fees differ too: 0.85% for CBSE and 0.69% for DFRA.

Which has better risk-adjusted returns?

CBSE currently has the higher Sharpe Ratio (2.30 vs 1.03), 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.