GBTG vs. CBSE

Last updated Jun 4, 2026

GBTG (Global Business Travel Group Inc) is a stock, while CBSE (Clough Select Equity ETF) is Large Cap Value Equities fund actively managed by Clough. Over the past 5 years, GBTG returned -0.91%/yr vs 12.52%/yr for CBSE. At a 0.27 correlation, their price movements are largely independent.

Performance

GBTG vs. CBSE - Performance Comparison

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

Returns By Period

In the year-to-date period, GBTG achieves a 22.48% return, which is significantly lower than CBSE's 32.18% return.

GBTG

• 1D: 0.00%
• 1M: 0.32%
• YTD: 22.48%
• 6M: 17.12%
• 1Y: 46.41%
• 3Y*: 6.85%
• 5Y*: -0.91%
• 10Y*: —

CBSE

• 1D: -0.93%
• 1M: 10.89%
• YTD: 32.18%
• 6M: 29.85%
• 1Y: 51.66%
• 3Y*: 31.65%
• 5Y*: 12.52%
• 10Y*: —

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

GBTG vs. CBSE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
GBTG Global Business Travel Group Inc	22.48%	-17.56%	43.88%	-4.44%	-31.61%	-5.19%	7.88%
CBSE Clough Select Equity ETF	32.18%	19.53%	32.20%	17.29%	-19.92%	14.57%	12.72%

Correlation

The correlation between GBTG and CBSE is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (3Y) Calculated over the trailing 3-year period	0.36
Correlation (5Y) Calculated over the trailing 5-year period	0.27
Correlation (All Time) Calculated using the full available price history since Nov 24, 2020	0.27

Return for Risk

GBTG vs. CBSE — Risk / Return Rank

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

GBTG

GBTG Risk / Return Rank: 69
GBTG Sharpe Ratio Rank: 63
GBTG Sortino Ratio Rank: 77
GBTG Omega Ratio Rank: 75
GBTG Calmar Ratio Rank: 64
GBTG Martin Ratio Rank: 65

CBSE

CBSE Risk / Return Rank: 67
CBSE Sharpe Ratio Rank: 70
CBSE Sortino Ratio Rank: 65
CBSE Omega Ratio Rank: 61
CBSE Calmar Ratio Rank: 76
CBSE Martin Ratio Rank: 64

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.

GBTG vs. CBSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global Business Travel Group Inc (GBTG) and Clough Select Equity ETF (CBSE). 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.

	GBTG	CBSE	Difference
Sharpe ratio Return per unit of total volatility	0.67	2.30	-1.63
Sortino ratio Return per unit of downside risk	2.08	3.02	-0.94
Omega ratio Gain probability vs. loss probability	1.26	1.37	-0.11
Calmar ratio Return relative to maximum drawdown	1.15	3.83	-2.67
Martin ratio Return relative to average drawdown	2.70	11.59	-8.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GBTG vs. CBSE - Sharpe Ratio Comparison

The current GBTG Sharpe Ratio is 0.67, which is lower than the CBSE Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of GBTG and CBSE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GBTG	CBSE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.67	2.30	-1.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.02	0.52	-0.54
Sharpe Ratio (All Time) Calculated using the full available price history	-0.01	0.80	-0.81

Drawdowns

GBTG vs. CBSE - Drawdown Comparison

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

Drawdown Indicators

	GBTG	CBSE	Difference
Max Drawdown Largest peak-to-trough decline	-60.07%	-36.30%	-23.77%
Max Drawdown (1Y) Largest decline over 1 year	-40.41%	-13.57%	-26.84%
Max Drawdown (3Y) Largest decline over 3 years	-48.01%	-29.40%	-18.61%
Max Drawdown (5Y) Largest decline over 5 years	-56.00%	-36.30%	-19.70%
Current Drawdown Current decline from peak	-14.97%	-0.93%	-14.04%
Average Drawdown Average peak-to-trough decline	-30.16%	-12.31%	-17.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.26%	4.47%	+12.79%

Volatility

GBTG vs. CBSE - Volatility Comparison

The current volatility for Global Business Travel Group Inc (GBTG) is 2.94%, while Clough Select Equity ETF (CBSE) has a volatility of 7.80%. This indicates that GBTG experiences smaller price fluctuations and is considered to be less risky than CBSE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GBTG	CBSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.94%	7.80%	-4.86%
Volatility (6M) Calculated over the trailing 6-month period	54.50%	17.58%	+36.92%
Volatility (1Y) Calculated over the trailing 1-year period	69.82%	22.55%	+47.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.42%	24.06%	+25.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.26%	23.79%	+23.47%

Dividends

GBTG vs. CBSE - Dividend Comparison

GBTG has not paid dividends to shareholders, while CBSE's dividend yield for the trailing twelve months is around 0.26%.

Position	TTM	2025	2024	2023	2022
CBSE Clough Select Equity ETF	0.26%	0.35%	0.37%	1.50%	0.52%
GBTG Global Business Travel Group Inc	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GBTG and CBSE in my portfolio?

GBTG and CBSE have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GBTG or CBSE?

CBSE has higher volatility (7.80%) compared to GBTG (2.94%). In terms of maximum drawdown, GBTG dropped -60.07% vs CBSE's -36.30%.

Which has better risk-adjusted returns?

CBSE currently has the higher Sharpe Ratio (2.30 vs 0.67), 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.