CBLS vs SPY
Clough Hedged Equity ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, CBLS or SPY?
All Cap Blend against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y and the full window. CBLS is less concentrated, with 35.4% of the fund in its ten largest positions against 38.0%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | CBLS | SPY |
|---|---|---|
| Expense Ratio | 1.89% | 0.09%Best |
| AUM | $56M | $814.4B |
| Dividend Yield | 0.82% | 1.01% |
| Holdings | 73 | 505 |
| Volatility (annualized) | 17.2% | 15.8%Best |
| Max Drawdown | -32.8% | -24.5%Best |
| $10,000 over 4.2 years | $13,962 | $17,725Best |
| Top 10 Weight | 35.4%Best | 38.0% |
| Fund Family | Changebridge Capital | State Street Investment Management |
| Category | Equity | Equity |
| Style | All Cap Blend | Large Cap Blend |
| Inception | Nov 13, 2020 | Jan 22, 1993 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized).
The two price series end 599 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. CBLS has data through Jan 17, 2025 and SPY through Sep 8, 2026.
Volatility and max drawdown, and the $10,000 over 4.2 years row, are measured over the window both funds cover: Nov 13, 2020 to Jan 17, 2025 (4.2 years).
Risk: Volatility and Drawdowns
CBLS has been the more volatile fund, with annualized monthly volatility of 17.2% compared with 15.8% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -32.8% for CBLS and -24.5% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.52. They move together some of the time, and apart the rest.
Fees and Cost Over Time
CBLS charges 1.89% per year while SPY charges 0.09%. On a $10,000 position that is $189 vs $9 annually, a gap of $180 per year that compounds over a long holding period. On income, CBLS currently yields 0.82% against 1.01% for SPY.
Holdings Overlap
40.7% of CBLS's money is in holdings SPY also owns. 12.8% of SPY's money is in holdings CBLS also owns.
The two portfolios partly overlap.
35 positions in common, counted across the 70 positions we hold weights for in CBLS and 503 in SPY, against full books of 73 and 505.
What only one of them owns
Our book lists 459 positions for SPY that do not appear in our book for CBLS (86.6% of the fund), and 17 for CBLS that do not appear in SPY (46.1%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in CBLS | Weight in SPY | Difference |
|---|---|---|---|
| AVGOBroadcom Inc | 2.33% | 2.97% | 0.64% |
| GOOGAlphabet, Inc., Class C | 2.42% | 2.67% | 0.25% |
| METAMeta Platform Inc | 2.35% | 1.94% | 0.41% |
| MRVLMarvell Technology Group Ltd. | 2.99% | 0.29% | 2.70% |
| APAApa Corp | 3.04% | 0.02% | 3.02% |
| SBUXStarbucks Corp 2.45 6/26 | 2.85% | 0.18% | 2.67% |
| UNHUnitedhealth Group | 2.43% | 0.56% | 1.87% |
| DVNDevon Energy Corporation 4.75 05/15/2042 | 2.86% | 0.08% | 2.78% |
| BKRBaker Hughes Inc | 2.82% | 0.09% | 2.73% |
| CEGConstellation Energy Corp | 2.74% | 0.13% | 2.61% |
40.7% of CBLS is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, CBLS or SPY?
CBLS has an expense ratio of 1.89% while SPY charges 0.09%. SPY is the cheaper option, by $180 a year on a $10,000 investment.
Which is riskier, CBLS or SPY?
CBLS has been the more volatile fund at 17.2% annualized versus 15.8% for SPY. Worst drawdown: CBLS -32.8% vs SPY -24.5%.
Should I hold both CBLS and SPY?
CBLS and SPY have a monthly-return correlation of 0.52, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between CBLS and SPY?
40.7% of CBLS's money is in holdings SPY also owns. 12.8% of SPY's is in holdings CBLS also owns. They hold 35 positions in common, counted across the 70 positions we hold weights for in CBLS and 503 in SPY.
Which pays a higher dividend, CBLS or SPY?
CBLS yields 0.82% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
Is SPY better than CBLS?
SPY has a lower expense ratio. SPY led over 1Y and the full window. CBLS is less concentrated, with 35.4% of the fund in its ten largest positions against 38.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.