CBSE vs. MMSC

Last updated Apr 1, 2026

Compare and contrast key facts about Clough Select Equity ETF (CBSE) and First Trust Multi-Manager Small Cap Opportunities ETF (MMSC).

CBSE and MMSC are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CBSE is an actively managed fund by Clough. It was launched on Nov 13, 2020. MMSC is an actively managed fund by First Trust. It was launched on Oct 13, 2021.

Performance

CBSE vs. MMSC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Clough Select Equity ETF (CBSE) and First Trust Multi-Manager Small Cap Opportunities ETF (MMSC). The values are adjusted to include any dividend payments, if applicable.

CBSE vs. MMSC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
CBSE Clough Select Equity ETF	0.99%	19.53%	32.20%	17.29%	-19.92%	-7.59%
MMSC First Trust Multi-Manager Small Cap Opportunities ETF	-0.98%	15.45%	22.19%	18.76%	-30.98%	1.01%

Returns By Period

In the year-to-date period, CBSE achieves a 0.99% return, which is significantly higher than MMSC's -0.98% return.

CBSE

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

MMSC

• 1D: 4.82%
• 1M: -6.15%
• YTD: -0.98%
• 6M: 1.92%
• 1Y: 30.40%
• 3Y*: 16.41%
• 5Y*: —
• 10Y*: —

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

CBSE vs. MMSC - Expense Ratio Comparison

CBSE has a 0.85% expense ratio, which is lower than MMSC's 0.95% expense ratio.

MMSC

First Trust Multi-Manager Small Cap Opportunities ETF

CBSE

Clough Select Equity ETF

Return for Risk

CBSE vs. MMSC — 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

MMSC

MMSC Risk / Return Rank: 68
MMSC Sharpe Ratio Rank: 65
MMSC Sortino Ratio Rank: 67
MMSC Omega Ratio Rank: 61
MMSC Calmar Ratio Rank: 77
MMSC Martin Ratio Rank: 70

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. MMSC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Clough Select Equity ETF (CBSE) and First Trust Multi-Manager Small Cap Opportunities ETF (MMSC). 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	MMSC	Difference
Sharpe ratio Return per unit of total volatility	1.33	1.16	+0.17
Sortino ratio Return per unit of downside risk	1.87	1.70	+0.17
Omega ratio Gain probability vs. loss probability	1.25	1.23	+0.02
Calmar ratio Return relative to maximum drawdown	2.18	2.05	+0.13
Martin ratio Return relative to average drawdown	6.81	7.28	-0.47
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. MMSC - Sharpe Ratio Comparison

The current CBSE Sharpe Ratio is 1.33, which is comparable to the MMSC Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of CBSE and MMSC, 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	MMSC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.33	1.16	+0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.30	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	0.14	+0.45

Correlation

The correlation between CBSE and MMSC is 0.89, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

CBSE vs. MMSC - Dividend Comparison

CBSE's dividend yield for the trailing twelve months is around 0.34%, while MMSC 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%
MMSC First Trust Multi-Manager Small Cap Opportunities ETF	0.00%	0.00%	0.41%	0.00%	0.00%

Drawdowns

CBSE vs. MMSC - Drawdown Comparison

The maximum CBSE drawdown since its inception was -36.30%, smaller than the maximum MMSC drawdown of -40.82%. Use the drawdown chart below to compare losses from any high point for CBSE and MMSC.

Drawdown Indicators

	CBSE	MMSC	Difference
Max Drawdown Largest peak-to-trough decline	-36.30%	-40.82%	+4.52%
Max Drawdown (1Y) Largest decline over 1 year	-14.89%	-14.17%	-0.72%
Max Drawdown (5Y) Largest decline over 5 years	-36.30%	—	—
Current Drawdown Current decline from peak	-9.23%	-9.96%	+0.73%
Average Drawdown Average peak-to-trough decline	-12.65%	-19.44%	+6.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.77%	3.98%	+0.79%

Volatility

CBSE vs. MMSC - Volatility Comparison

The current volatility for Clough Select Equity ETF (CBSE) is 8.34%, while First Trust Multi-Manager Small Cap Opportunities ETF (MMSC) has a volatility of 10.00%. This indicates that CBSE experiences smaller price fluctuations and is considered to be less risky than MMSC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CBSE	MMSC	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.34%	10.00%	-1.66%
Volatility (6M) Calculated over the trailing 6-month period	17.57%	18.07%	-0.50%
Volatility (1Y) Calculated over the trailing 1-year period	25.59%	26.46%	-0.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.81%	24.54%	-0.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.70%	24.54%	-0.84%