CBSE vs. GBTG

Last updated Apr 1, 2026

Compare and contrast key facts about Clough Select Equity ETF (CBSE) and Global Business Travel Group Inc (GBTG).

CBSE is an actively managed fund by Clough. It was launched on Nov 13, 2020.

Performance

CBSE vs. GBTG - Performance Comparison

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

CBSE vs. GBTG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
CBSE Clough Select Equity ETF	0.99%	19.53%	32.20%	17.29%	-19.92%	14.57%	12.72%
GBTG Global Business Travel Group Inc	-27.06%	-17.56%	43.88%	-4.44%	-31.61%	-5.19%	7.88%

Returns By Period

In the year-to-date period, CBSE achieves a 0.99% return, which is significantly higher than GBTG's -27.06% return.

CBSE

• 1D: 2.61%
• 1M: -6.97%
• YTD: 0.99%
• 6M: -3.27%
• 1Y: 33.74%
• 3Y*: 19.48%
• 5Y*: 7.10%
• 10Y*: —

GBTG

• 1D: 3.33%
• 1M: 2.01%
• YTD: -27.06%
• 6M: -30.94%
• 1Y: -23.14%
• 3Y*: -5.59%
• 5Y*: -10.85%
• 10Y*: —

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

Return for Risk

CBSE vs. GBTG — Risk / Return Rank

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

CBSE

CBSE Risk / Return Rank: 73
CBSE Sharpe Ratio Rank: 74
CBSE Sortino Ratio Rank: 74
CBSE Omega Ratio Rank: 68
CBSE Calmar Ratio Rank: 80
CBSE Martin Ratio Rank: 67

GBTG

GBTG Risk / Return Rank: 17
GBTG Sharpe Ratio Rank: 17
GBTG Sortino Ratio Rank: 18
GBTG Omega Ratio Rank: 19
GBTG Calmar Ratio Rank: 21
GBTG Martin Ratio Rank: 11

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. GBTG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Clough Select Equity ETF (CBSE) and Global Business Travel Group Inc (GBTG). 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	GBTG	Difference
Sharpe ratio Return per unit of total volatility	1.33	-0.55	+1.87
Sortino ratio Return per unit of downside risk	1.87	-0.56	+2.43
Omega ratio Gain probability vs. loss probability	1.25	0.93	+0.32
Calmar ratio Return relative to maximum drawdown	2.18	-0.60	+2.78
Martin ratio Return relative to average drawdown	6.81	-1.44	+8.25
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. GBTG - Sharpe Ratio Comparison

The current CBSE Sharpe Ratio is 1.33, which is higher than the GBTG Sharpe Ratio of -0.55. The chart below compares the historical Sharpe Ratios of CBSE and GBTG, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CBSE	GBTG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.33	-0.55	+1.87
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.30	-0.26	+0.56
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	-0.24	+0.83

Correlation

The correlation between CBSE and GBTG is 0.27, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

CBSE vs. GBTG - Dividend Comparison

CBSE's dividend yield for the trailing twelve months is around 0.34%, while GBTG has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022
CBSE Clough Select Equity ETF	0.34%	0.35%	0.37%	1.50%	0.52%
GBTG Global Business Travel Group Inc	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

CBSE vs. GBTG - Drawdown Comparison

The maximum CBSE drawdown since its inception was -36.30%, smaller than the maximum GBTG drawdown of -60.07%. Use the drawdown chart below to compare losses from any high point for CBSE and GBTG.

Drawdown Indicators

	CBSE	GBTG	Difference
Max Drawdown Largest peak-to-trough decline	-36.30%	-60.07%	+23.77%
Max Drawdown (1Y) Largest decline over 1 year	-14.89%	-40.41%	+25.52%
Max Drawdown (5Y) Largest decline over 5 years	-36.30%	-56.00%	+19.70%
Current Drawdown Current decline from peak	-9.23%	-49.36%	+40.13%
Average Drawdown Average peak-to-trough decline	-12.65%	-30.13%	+17.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.77%	16.77%	-12.00%

Volatility

CBSE vs. GBTG - Volatility Comparison

The current volatility for Clough Select Equity ETF (CBSE) is 8.34%, while Global Business Travel Group Inc (GBTG) has a volatility of 10.49%. This indicates that CBSE experiences smaller price fluctuations and is considered to be less risky than GBTG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CBSE	GBTG	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.34%	10.49%	-2.15%
Volatility (6M) Calculated over the trailing 6-month period	17.57%	31.58%	-14.01%
Volatility (1Y) Calculated over the trailing 1-year period	25.59%	42.60%	-17.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.81%	41.90%	-18.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.70%	40.79%	-17.09%