CBSE vs. SPY

Last updated Jun 23, 2026

CBSE (Clough Select Equity ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - CBSE is a Large Cap Value Equities fund actively managed by Clough, while SPY is a S&P 500 fund tracking the S&P 500 Index. CBSE is actively managed, while SPY is passively managed. Over the past 5 years, CBSE returned 12.84%/yr vs 13.51%/yr for SPY. A 0.77 correlation means they provide meaningful diversification when combined. CBSE charges 0.85%/yr vs 0.09%/yr for SPY.

Performance

CBSE vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Clough Select Equity ETF (CBSE) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CBSE achieves a 31.82% return, which is significantly higher than SPY's 9.74% return.

CBSE

• 1D: 0.41%
• 1M: 5.04%
• YTD: 31.82%
• 6M: 29.38%
• 1Y: 46.42%
• 3Y*: 32.02%
• 5Y*: 12.84%
• 10Y*: —

SPY

• 1D: -0.31%
• 1M: 0.09%
• YTD: 9.74%
• 6M: 9.27%
• 1Y: 26.65%
• 3Y*: 21.27%
• 5Y*: 13.51%
• 10Y*: 15.70%

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

CBSE vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
CBSE Clough Select Equity ETF	31.82%	19.53%	32.20%	17.29%	-19.92%	14.57%	17.27%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	26.18%	-18.18%	28.73%	6.30%

Correlation

The correlation between CBSE and SPY is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (All Time) Calculated using the full available price history since Nov 13, 2020	0.77

The correlation between CBSE and SPY has been stable across timeframes, ranging from 0.74 to 0.78 - a consistent structural relationship.

Return for Risk

CBSE vs. SPY — Risk / Return Rank

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

CBSE

CBSE Risk / Return Rank: 58
CBSE Sharpe Ratio Rank: 58
CBSE Sortino Ratio Rank: 51
CBSE Omega Ratio Rank: 52
CBSE Calmar Ratio Rank: 70
CBSE Martin Ratio Rank: 58

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Clough Select Equity ETF (CBSE) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.89	2.16	-0.27
Sortino ratio: Return per unit of downside risk	2.45	2.91	-0.46
Omega ratio: Gain probability vs. loss probability	1.32	1.39	-0.07
Calmar ratio: Return relative to maximum drawdown	3.44	3.01	+0.42
Martin ratio: Return relative to average drawdown	10.01	13.54	-3.53

CBSE vs. SPY - Sharpe Ratio Comparison

The current CBSE Sharpe Ratio is 1.89, which is comparable to the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of CBSE and SPY, 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. SPY - Drawdown Comparison

The maximum CBSE drawdown since its inception was -36.30%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for CBSE and SPY.

Drawdown Indicators

	CBSE	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-36.30%	-55.19%	+18.89%
Max Drawdown (1Y) Largest decline over 1 year	-13.57%	-8.88%	-4.69%
Max Drawdown (3Y) Largest decline over 3 years	-29.40%	-18.76%	-10.64%
Max Drawdown (5Y) Largest decline over 5 years	-36.30%	-24.50%	-11.80%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-1.20%	-1.75%	+0.55%
Average Drawdown Average peak-to-trough decline	-12.24%	-9.04%	-3.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.65%	1.97%	+2.68%

Volatility

CBSE vs. SPY - Volatility Comparison

Clough Select Equity ETF (CBSE) has a higher volatility of 12.01% compared to State Street SPDR S&P 500 ETF (SPY) at 4.64%. This indicates that CBSE's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CBSE	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.01%	4.64%	+7.37%
Volatility (6M) Calculated over the trailing 6-month period	20.07%	9.75%	+10.32%
Volatility (1Y) Calculated over the trailing 1-year period	24.77%	12.43%	+12.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.47%	17.14%	+7.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.08%	17.99%	+6.09%

CBSE vs. SPY - Expense Ratio Comparison

CBSE has a 0.85% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

CBSE vs. SPY - Dividend Comparison

CBSE's dividend yield for the trailing twelve months is around 0.26%, less than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CBSE Clough Select Equity ETF	0.26%	0.35%	0.37%	1.50%	0.52%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both CBSE and SPY in my portfolio?

CBSE and SPY have a correlation of 0.74, 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 SPY?

CBSE has higher volatility (12.01%) compared to SPY (4.64%). In terms of maximum drawdown, CBSE dropped -36.30% vs SPY's -55.19%.

Which ETF is better, CBSE or SPY?

On 5-year performance, SPY leads with 13.51% vs 12.84% for CBSE. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CBSE or SPY?

Over the 5-year period, SPY has performed better with a 13.51% return vs 12.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CBSE or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.85% for CBSE.

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

SPY has the higher dividend yield at 1.01%, compared with 0.26% for CBSE.

What is the main difference between CBSE and SPY?

CBSE is categorized as Large Cap Value Equities, while SPY is S&P 500. They also come from different issuers: Clough and State Street. Their fees differ too: 0.85% for CBSE and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.16 vs 1.89), 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.