OOSP vs. CBSE

Last updated Jun 4, 2026

OOSP (Obra Opportunistic Structured Products ETF) and CBSE (Clough Select Equity ETF) are both exchange-traded funds - OOSP is a Multisector Bonds fund actively managed by Obra, while CBSE is a Large Cap Value Equities fund actively managed by Clough. Both are actively managed. Over the past year, OOSP returned 6.71% vs 51.66% for CBSE. At a correlation of -0.11, they often move in opposite directions. OOSP charges 0.90%/yr vs 0.85%/yr for CBSE.

Performance

OOSP vs. CBSE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Obra Opportunistic Structured Products ETF (OOSP) 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, OOSP achieves a 2.41% return, which is significantly lower than CBSE's 32.18% return.

OOSP

• 1D: 0.00%
• 1M: 0.91%
• YTD: 2.41%
• 6M: 2.51%
• 1Y: 6.71%
• 3Y*: —
• 5Y*: —
• 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)

OOSP vs. CBSE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
OOSP Obra Opportunistic Structured Products ETF	2.41%	7.41%	6.43%
CBSE Clough Select Equity ETF	32.18%	19.53%	21.37%

Correlation

The correlation between OOSP and CBSE is -0.15, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.15
Correlation (All Time) Calculated using the full available price history since Apr 11, 2024	-0.11

Return for Risk

OOSP vs. CBSE — Risk / Return Rank

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

OOSP

OOSP Risk / Return Rank: 68
OOSP Sharpe Ratio Rank: 52
OOSP Sortino Ratio Rank: 54
OOSP Omega Ratio Rank: 61
OOSP Calmar Ratio Rank: 88
OOSP Martin Ratio Rank: 87

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.

OOSP vs. CBSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Obra Opportunistic Structured Products ETF (OOSP) 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.

	OOSP	CBSE	Difference
Sharpe ratio: Return per unit of total volatility	1.82	2.30	-0.49
Sortino ratio: Return per unit of downside risk	2.64	3.02	-0.38
Omega ratio: Gain probability vs. loss probability	1.38	1.37	0.00
Calmar ratio: Return relative to maximum drawdown	5.13	3.83	+1.31
Martin ratio: Return relative to average drawdown	19.01	11.59	+7.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OOSP vs. CBSE - Sharpe Ratio Comparison

The current OOSP Sharpe Ratio is 1.82, which is comparable to the CBSE Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of OOSP 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

	OOSP	CBSE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.82	2.30	-0.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.52	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.29	0.80	+1.48

Drawdowns

OOSP vs. CBSE - Drawdown Comparison

The maximum OOSP drawdown since its inception was -1.31%, smaller than the maximum CBSE drawdown of -36.30%. Use the drawdown chart below to compare losses from any high point for OOSP and CBSE.

Drawdown Indicators

	OOSP	CBSE	Difference
Max Drawdown Largest peak-to-trough decline	-1.31%	-36.30%	+34.99%
Max Drawdown (1Y) Largest decline over 1 year	-1.31%	-13.57%	+12.26%
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	-0.18%	-0.93%	+0.75%
Average Drawdown Average peak-to-trough decline	-0.20%	-12.31%	+12.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.35%	4.47%	-4.12%

Volatility

OOSP vs. CBSE - Volatility Comparison

The current volatility for Obra Opportunistic Structured Products ETF (OOSP) is 1.23%, while Clough Select Equity ETF (CBSE) has a volatility of 7.80%. This indicates that OOSP 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

	OOSP	CBSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.23%	7.80%	-6.57%
Volatility (6M) Calculated over the trailing 6-month period	2.23%	17.58%	-15.35%
Volatility (1Y) Calculated over the trailing 1-year period	3.71%	22.55%	-18.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.35%	24.06%	-20.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.35%	23.79%	-20.44%

OOSP vs. CBSE - Expense Ratio Comparison

OOSP has a 0.90% expense ratio, which is higher than CBSE's 0.85% expense ratio.

Dividends

OOSP vs. CBSE - Dividend Comparison

OOSP's dividend yield for the trailing twelve months is around 6.47%, more than CBSE's 0.26% yield.

Position	TTM	2025	2024	2023	2022
CBSE Clough Select Equity ETF	0.26%	0.35%	0.37%	1.50%	0.52%
OOSP Obra Opportunistic Structured Products ETF	6.47%	6.71%	5.42%	0.00%	0.00%

Frequently Asked Questions

Can I hold both OOSP and CBSE in my portfolio?

OOSP and CBSE have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OOSP or CBSE?

CBSE has higher volatility (7.80%) compared to OOSP (1.23%). In terms of maximum drawdown, OOSP dropped -1.31% vs CBSE's -36.30%.

Which ETF is better, OOSP or CBSE?

On 1-year performance, CBSE leads with 51.66% vs 6.71% for OOSP. On fees, CBSE is cheaper at 0.85% per year. On volatility, OOSP has been the lower-risk option at 1.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OOSP or CBSE?

Over the 1-year period, CBSE has performed better with a 51.66% return vs 6.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OOSP or CBSE?

CBSE is cheaper with a 0.85% expense ratio, compared with 0.90% for OOSP.

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

OOSP has the higher dividend yield at 6.47%, compared with 0.26% for CBSE.

What is the main difference between OOSP and CBSE?

OOSP is categorized as Multisector Bonds, while CBSE is Large Cap Value Equities. They also come from different issuers: Obra and Clough. Their fees differ too: 0.90% for OOSP and 0.85% for CBSE.

Which has better risk-adjusted returns?

CBSE currently has the higher Sharpe Ratio (2.30 vs 1.82), 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.