CBSE vs SPY
Clough Select Equity ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. CBSE delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | CBSE | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.86% | 0.09% | |
| AUM | $51M | $821.1B | |
| Dividend Yield | 0.30% | 1.01% | |
| Holdings | 39 | 505 | |
| YTD Return | +5.78% | +13.21% | |
| 1Y Return | +47.62% | +19.87% | |
| 3Y Return (annualized) | +12.66% | +21.16% | |
| 5Y Return (annualized) | - | +12.74% | |
| Volatility (annualized) | 22.2% | 15.3% | |
| Max Drawdown | -36.3% | -56.5% | |
| Fund Family | Changebridge Capital | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Nov 12, 2020 | Jan 22, 1993 |
CBSE vs SPY Performance
Clough Select Equity ETF (CBSE) 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 CBSE returned +47.62% while SPY returned +19.87%. Year to date, CBSE is up 5.78% versus a gain of 13.21% for SPY.
Over three years, CBSE compounded at +12.66% per year against +21.16% for SPY. Across the full 4-year window we track, CBSE has the edge at +14.85% annualized vs +8.82%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
CBSE has been the more volatile fund, with annualized monthly volatility of 22.2% 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 -36.3% for CBSE 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 0.77. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
CBSE charges 0.86% per year while SPY charges 0.09%. On a $10,000 position that is $86 vs $9 annually, a gap of $77 per year that compounds over a long holding period. On income, CBSE currently yields 0.30% against 1.01% for SPY.
Holdings Overlap
CBSE and SPY share 12 holdings out of 534 unique holdings combined, representing a 7.5% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, CBSE or SPY?
CBSE has an expense ratio of 0.86% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $77 per year of difference.
Which performed better, CBSE or SPY?
Over the past year CBSE returned +47.62% vs +19.87% for SPY, so CBSE leads on 1-year performance. Over the longest common window we track (4 years), CBSE annualized +14.85% vs +8.82% for SPY. Past performance does not guarantee future results.
Which is riskier, CBSE or SPY?
CBSE has been the more volatile fund at 22.2% annualized versus 15.3% for SPY. Worst drawdown: CBSE -36.3% vs SPY -56.5%.
Should I hold both CBSE and SPY?
CBSE and SPY have a monthly-return correlation of 0.77, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between CBSE and SPY?
CBSE and SPY share 12 common holdings with a 7.5% weight overlap. Combined, they hold 534 unique securities.
Which pays a higher dividend, CBSE or SPY?
CBSE yields 0.30% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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