EMPB vs. CBLS

Last updated Jun 24, 2026

EMPB (Efficient Market Portfolio Plus ETF) and CBLS (Changebridge Capital Long/Short Equity ETF) are both Long-Short funds. Both are actively managed. Over the past year, EMPB returned 18.84% vs 17.91% for CBLS. A 0.51 correlation means they provide meaningful diversification when combined. EMPB charges 1.82%/yr vs 1.95%/yr for CBLS.

Performance

EMPB vs. CBLS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Efficient Market Portfolio Plus ETF (EMPB) and Changebridge Capital Long/Short Equity ETF (CBLS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMPB achieves a 12.86% return, which is significantly lower than CBLS's 20.31% return.

EMPB

• 1D: -0.47%
• 1M: 1.21%
• YTD: 12.86%
• 6M: 12.85%
• 1Y: 18.84%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CBLS

• 1D: -2.34%
• 1M: 2.02%
• YTD: 20.31%
• 6M: 19.29%
• 1Y: 17.91%
• 3Y*: 19.64%
• 5Y*: 5.22%
• 10Y*: —

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

EMPB vs. CBLS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EMPB Efficient Market Portfolio Plus ETF	12.86%	14.84%	0.43%
CBLS Changebridge Capital Long/Short Equity ETF	20.31%	5.87%	-0.99%

Correlation

The correlation between EMPB and CBLS is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (All Time) Calculated using the full available price history since Dec 12, 2024	0.51

The correlation between EMPB and CBLS has been stable across timeframes, ranging from 0.44 to 0.51 - a consistent structural relationship.

Return for Risk

EMPB vs. CBLS — Risk / Return Rank

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

EMPB

EMPB Risk / Return Rank: 57
EMPB Sharpe Ratio Rank: 53
EMPB Sortino Ratio Rank: 53
EMPB Omega Ratio Rank: 55
EMPB Calmar Ratio Rank: 67
EMPB Martin Ratio Rank: 57

CBLS

CBLS Risk / Return Rank: 35
CBLS Sharpe Ratio Rank: 32
CBLS Sortino Ratio Rank: 29
CBLS Omega Ratio Rank: 31
CBLS Calmar Ratio Rank: 47
CBLS Martin Ratio Rank: 36

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.

EMPB vs. CBLS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Efficient Market Portfolio Plus ETF (EMPB) and Changebridge Capital Long/Short Equity ETF (CBLS). 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.

	EMPB	CBLS	Difference
Sharpe ratio: Return per unit of total volatility	1.69	1.09	+0.61
Sortino ratio: Return per unit of downside risk	2.39	1.51	+0.88
Omega ratio: Gain probability vs. loss probability	1.32	1.20	+0.12
Calmar ratio: Return relative to maximum drawdown	3.16	2.21	+0.96
Martin ratio: Return relative to average drawdown	9.30	5.20	+4.10

EMPB vs. CBLS - Sharpe Ratio Comparison

The current EMPB Sharpe Ratio is 1.69, which is higher than the CBLS Sharpe Ratio of 1.09. The chart below compares the historical Sharpe Ratios of EMPB and CBLS, 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

EMPB vs. CBLS - Drawdown Comparison

The maximum EMPB drawdown since its inception was -7.55%, smaller than the maximum CBLS drawdown of -32.78%. Use the drawdown chart below to compare losses from any high point for EMPB and CBLS.

Drawdown Indicators

	EMPB	CBLS	Difference
Max Drawdown Largest peak-to-trough decline	-7.55%	-32.78%	+25.23%
Max Drawdown (1Y) Largest decline over 1 year	-5.98%	-8.15%	+2.17%
Max Drawdown (3Y) Largest decline over 3 years	—	-15.27%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-31.24%	—
Current Drawdown Current decline from peak	-1.15%	-3.50%	+2.35%
Average Drawdown Average peak-to-trough decline	-1.46%	-12.70%	+11.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.03%	3.45%	-1.42%

Volatility

EMPB vs. CBLS - Volatility Comparison

The current volatility for Efficient Market Portfolio Plus ETF (EMPB) is 2.29%, while Changebridge Capital Long/Short Equity ETF (CBLS) has a volatility of 8.05%. This indicates that EMPB experiences smaller price fluctuations and is considered to be less risky than CBLS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMPB	CBLS	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.29%	8.05%	-5.76%
Volatility (6M) Calculated over the trailing 6-month period	8.51%	13.81%	-5.30%
Volatility (1Y) Calculated over the trailing 1-year period	11.27%	16.56%	-5.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.70%	15.86%	-4.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.70%	16.28%	-4.58%

EMPB vs. CBLS - Expense Ratio Comparison

EMPB has a 1.82% expense ratio, which is lower than CBLS's 1.95% expense ratio.

Dividends

EMPB vs. CBLS - Dividend Comparison

EMPB's dividend yield for the trailing twelve months is around 0.78%, more than CBLS's 0.75% yield.

Position	TTM	2025	2024	2023
CBLS Changebridge Capital Long/Short Equity ETF	0.75%	0.90%	0.73%	0.44%
EMPB Efficient Market Portfolio Plus ETF	0.78%	0.88%	0.28%	0.00%

Frequently Asked Questions

Can I hold both EMPB and CBLS in my portfolio?

EMPB and CBLS have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EMPB or CBLS?

CBLS has higher volatility (8.05%) compared to EMPB (2.29%). In terms of maximum drawdown, EMPB dropped -7.55% vs CBLS's -32.78%.

Which ETF is better, EMPB or CBLS?

On 1-year performance, EMPB leads with 18.84% vs 17.91% for CBLS. On fees, EMPB is cheaper at 1.82% per year. On volatility, EMPB has been the lower-risk option at 2.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMPB or CBLS?

Over the 1-year period, EMPB has performed better with a 18.84% return vs 17.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMPB or CBLS?

EMPB is cheaper with a 1.82% expense ratio, compared with 1.95% for CBLS.

Which ETF pays a higher dividend yield, EMPB or CBLS?

EMPB has the higher dividend yield at 0.78%, compared with 0.75% for CBLS.

What is the main difference between EMPB and CBLS?

They also come from different issuers: Empowered Funds and Changebridge Capital LLC. Their fees differ too: 1.82% for EMPB and 1.95% for CBLS.

Which has better risk-adjusted returns?

EMPB currently has the higher Sharpe Ratio (1.69 vs 1.09), 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.