CBLS vs SPY
Clough Hedged Equity ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. CBLS delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | CBLS | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 1.90% | 0.09% | |
| AUM | $57M | $821.1B | |
| Dividend Yield | 0.82% | 1.01% | |
| Holdings | 77 | 505 | |
| YTD Return | +6.30% | +14.24% | |
| 1Y Return | +38.20% | +21.71% | |
| 3Y Return (annualized) | +6.54% | +22.10% | |
| 5Y Return (annualized) | - | +13.21% | |
| Volatility (annualized) | 17.2% | 15.3% | |
| Max Drawdown | -32.8% | -56.5% | |
| Fund Family | Changebridge Capital | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Nov 13, 2020 | Jan 22, 1993 |
CBLS vs SPY Performance
Clough Hedged Equity ETF (CBLS) is a ETF from Changebridge Capital and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year CBLS returned +38.20% while SPY returned +21.71%. Year to date, CBLS is up 6.30% versus a gain of 14.24% for SPY.
Over three years, CBLS compounded at +6.54% per year against +22.10% for SPY. Across the full 4-year window we track, SPY has the edge at +8.86% annualized vs +8.27%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
CBLS has been the more volatile fund, with annualized monthly volatility of 17.2% compared with 15.3% 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 -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.52. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
CBLS charges 1.90% per year while SPY charges 0.09%. On a $10,000 position that is $190 vs $9 annually, a gap of $181 per year that compounds over a long holding period. On income, CBLS currently yields 0.82% against 1.01% for SPY.
Holdings Overlap
CBLS and SPY share 38 holdings out of 538 unique holdings combined, representing a 10.6% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, CBLS or SPY?
CBLS has an expense ratio of 1.90% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $181 per year of difference.
Which performed better, CBLS or SPY?
Over the past year CBLS returned +38.20% vs +21.71% for SPY, so CBLS leads on 1-year performance. Over the longest common window we track (4 years), CBLS annualized +8.27% vs +8.86% for SPY. Past performance does not guarantee future results.
Which is riskier, CBLS or SPY?
CBLS has been the more volatile fund at 17.2% annualized versus 15.3% for SPY. Worst drawdown: CBLS -32.8% vs SPY -56.5%.
Should I hold both CBLS and SPY?
CBLS and SPY have a monthly-return correlation of 0.52, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between CBLS and SPY?
CBLS and SPY share 38 common holdings with a 10.6% weight overlap. Combined, they hold 538 unique securities.
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.
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