CBSE vs. SMRI

Last updated Aug 2, 2026

CBSE (Clough Select Equity ETF) and SMRI (Bushido Capital US Equity ETF) are both Large Cap Value Equities funds. Both are actively managed. Over the past year, CBSE returned 22.91% vs 40.59% for SMRI. Their 0.55 correlation means they have sometimes moved together and sometimes differently. CBSE charges 0.85%/yr vs 0.71%/yr for SMRI.

Performance

CBSE vs. SMRI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Clough Select Equity ETF (CBSE) and Bushido Capital US Equity ETF (SMRI). 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 lower than SMRI's 23.03% 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%

SMRI

• 1D: 0.38%
• 1M: 5.51%
• 6M: 23.61%
• YTD: 23.03%
• 1Y: 40.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 22.95%

*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)
CBSE Clough Select Equity ETF	$202.38K	$195.77K	$371.19K
SMRI Bushido Capital US Equity ETF	$770.42K	$508.81K	$403.01K

CBSE vs. SMRI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CBSE Clough Select Equity ETF	17.44%	19.53%	32.20%	8.96%
SMRI Bushido Capital US Equity ETF	23.03%	17.41%	19.16%	5.27%

Correlation

The correlation between CBSE and SMRI is 0.42, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.42
Correlation (All Time) Calculated using the full available price history since Sep 14, 2023	0.55

The correlation between CBSE and SMRI shifts across timeframes, from 0.42 (1 year) to 0.55 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CBSE vs. SMRI — 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

SMRI

SMRI Risk / Return Rank: 94
SMRI Sharpe Ratio Rank: 94
SMRI Sortino Ratio Rank: 94
SMRI Omega Ratio Rank: 92
SMRI Calmar Ratio Rank: 95
SMRI Martin Ratio Rank: 93

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. SMRI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Clough Select Equity ETF (CBSE) and Bushido Capital US Equity ETF (SMRI). 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	SMRI	Difference
Sharpe ratio: Return per unit of total volatility	0.83	2.64	-1.81
Sortino ratio: Return per unit of downside risk	1.25	3.68	-2.43
Omega ratio: Gain probability vs. loss probability	1.15	1.47	-0.31
Calmar ratio: Return relative to maximum drawdown	1.56	5.75	-4.19
Martin ratio: Return relative to average drawdown	4.04	16.88	-12.84

CBSE vs. SMRI - Sharpe Ratio Comparison

The current CBSE Sharpe Ratio is 0.83, which is lower than the SMRI Sharpe Ratio of 2.64. The chart below compares the historical Sharpe Ratios of CBSE and SMRI, 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. SMRI - Drawdown Comparison

The maximum CBSE drawdown since its inception was -36.30%, which is greater than SMRI's maximum drawdown of -18.45%. Use the drawdown chart below to compare losses from any high point for CBSE and SMRI.

Drawdown Indicators

	CBSE	SMRI	Difference
Max Drawdown Largest peak-to-trough decline	-36.30%	-18.45%	-17.85%
Max Drawdown (1Y) Largest decline over 1 year	-13.57%	-6.80%	-6.77%
Max Drawdown (3Y) Largest decline over 3 years	-29.40%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-36.30%	—	—
Current Drawdown Current decline from peak	-11.97%	-0.51%	-11.46%
Average Drawdown Average peak-to-trough decline	-12.13%	-2.72%	-9.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.24%	2.32%	+2.92%

Volatility

CBSE vs. SMRI - Volatility Comparison

Clough Select Equity ETF (CBSE) has a higher volatility of 5.71% compared to Bushido Capital US Equity ETF (SMRI) at 3.61%. This indicates that CBSE's price experiences larger fluctuations and is considered to be riskier than SMRI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CBSE	SMRI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.71%	3.61%	+2.10%
Volatility (6M) Calculated over the trailing 6-month period	20.76%	11.80%	+8.96%
Volatility (1Y) Calculated over the trailing 1-year period	25.56%	15.09%	+10.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.56%	15.84%	+8.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.07%	15.84%	+8.23%

CBSE vs. SMRI - Expense Ratio Comparison

CBSE has a 0.85% expense ratio, which is higher than SMRI's 0.71% expense ratio.

Dividends

CBSE vs. SMRI - Dividend Comparison

CBSE's dividend yield for the trailing twelve months is around 0.29%, less than SMRI's 0.86% yield.

Position	TTM	2025	2024	2023	2022
CBSE Clough Select Equity ETF	0.29%	0.35%	0.37%	1.50%	0.52%
SMRI Bushido Capital US Equity ETF	0.86%	1.32%	0.98%	0.45%	0.00%

Frequently Asked Questions

Can I hold both CBSE and SMRI in my portfolio?

CBSE and SMRI have a correlation of 0.42, 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 SMRI?

CBSE has higher volatility (5.71%) compared to SMRI (3.61%). In terms of maximum drawdown, CBSE dropped -36.30% vs SMRI's -18.45%.

Which ETF is better, CBSE or SMRI?

On 1-year performance, SMRI leads with 40.59% vs 22.91% for CBSE. On fees, SMRI is cheaper at 0.71% per year. On volatility, SMRI has been the lower-risk option at 3.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CBSE or SMRI?

Over the 1-year period, SMRI has performed better with a 40.59% return vs 22.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CBSE or SMRI?

SMRI is cheaper with a 0.71% expense ratio, compared with 0.85% for CBSE.

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

SMRI has the higher dividend yield at 0.86%, compared with 0.29% for CBSE.

What is the main difference between CBSE and SMRI?

They also come from different issuers: Clough and Bushido. Their fees differ too: 0.85% for CBSE and 0.71% for SMRI.

Which has better risk-adjusted returns?

SMRI currently has the higher Sharpe Ratio (2.64 vs 0.83), 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.