Which did better when the S&P 500 fell, CBLS or EHLS?

In the 26 weeks the S&P 500 fell, by 1.07% a week on average, CBLS averaged −1.61% and EHLS −1.32%, so EHLS returned more in those weeks.

Which earned more than cash, CBLS or EHLS?

Over the same weeks, CBLS finished 2.5 percentage points behind cash and EHLS finished 3.2 percentage points behind cash. Cash here is BIL, a fund of Treasury bills.

Which is cheaper, CBLS or EHLS?

CBLS charges 1.89% a year and EHLS charges 3.35%, so CBLS is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Alternative ETFs

CBLS vs EHLS: Correlation to the S&P 500

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Over the year to Nov 4, 2026, CBLS moved less with the S&P 500 than EHLS: correlation +0.59 against +0.69.

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Net assets: $56m on Jul 31, 2026 for Clough Hedged Equity ETF, and $61m on Jun 30, 2026 for Even Herd Long Short ETF.

CBLS on its own →EHLS on its own →

At a glance

+0.59

CBLS correlation with the S&P 500

+0.69

EHLS correlation with the S&P 500

150.0%

CBLS down-week capture

123.5%

EHLS down-week capture

CBLS Fell more than the S&P 500

CBLS in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, CBLS −1.61%.

EHLS Fell more than the S&P 500

EHLS in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, EHLS −1.32%.

Pair scorecard

CBLS costs 1.46 points a year less; their one-year returns differ by 0.1 points.

CBLS vs EHLS: Correlation to the S&P 500
Measure	CBLS	EHLS
Return
Measure	CBLS	EHLS
Total return, 1 year	+1.2%	+1.3%
Against its benchmark
Measure	CBLS	EHLS
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	CBLS	EHLS
Expense ratio	1.89%	3.35%
Net assets, CBLS as of Jul 31, 2026 and EHLS as of Jun 30, 2026	$56m	$61m
Holdings
Measure	CBLS	EHLS
Holdings in common	not published
Risk
Measure	CBLS	EHLS
Beta to the S&P 500	+0.97: about 0.97% for each 1%	+0.91: about 0.91% for each 1%
Its average week when the S&P 500 fell	fell 1.61%	fell 1.32%

Method

Window by window

Window by window: CBLS vs EHLS: Correlation to the S&P 500
	Total return		vs its benchmark
Window	CBLS	EHLS	CBLS	EHLS
3 months	−7.3%	−10.0%	not measured	−9.9 pts vs VOO
6 months	−13.2%	−13.8%	not measured	−18.8 pts vs VOO
1 year	+1.2%	+1.3%	not measured	−13.5 pts vs VOO
3 years	+50.4%	–	not measured	–
Since launchNot the same days: CBLS Nov 2020 · EHLS Apr 2024	+40.8%	+19.2%	not measured	−33.2 pts vs VOO

– means no data for this window. Open this comparison in the app →

Side by side

CBLS Clough Hedged Equity ETF · Long-short equity fund: owns stocks and sells others short, so part of its exposure to the stock market cancels out EHLS Even Herd Long Short ETF · Long-short equity fund: owns stocks and sells others short, so part of its exposure to the stock market cancels out

Issuer Clough Even Herd

Strategy Long-short equity Long-short equity

Correlation with the S&P 500 +0.59 +0.69

Beta to the S&P 500 +0.97 +0.91

Down-week capture 150.0% 123.5%

Average week when the S&P 500 fell −1.61% −1.32%

The S&P 500 in those weeks −1.07% −1.07%

Total return, same 52 weeks +1.1% +0.5%

Against T-bills, percentage points −2.5 pts −3.2 pts

Expense ratio 1.89% 3.35%

First traded Nov 13, 2020 Apr 2, 2024

Net assets, CBLS as of Jul 31, 2026 and EHLS as of Jun 30, 2026 $56m $61m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

CBLS and EHLS both run a long-short equity strategy. Over the same 52 weeks to Nov 4, 2026, CBLS’s weekly returns had a correlation of +0.59 with the S&P 500 and EHLS’s +0.69. In the 26 weeks the index fell, by 1.07% a week on average, CBLS averaged −1.61% and EHLS −1.32%. Over the same weeks, CBLS finished 2.5 percentage points behind cash and EHLS finished 3.2 points behind cash.

Alert

About each fund

CBLS

CBLS is a long-short equity fund. ETFIQ measures what every alternatives fund is sold on: whether it moves differently from the stock market. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.59 with the S&P 500’s and a beta of +0.97, so for each 1% the index moved it moved about 0.97% the same way. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. In the same weeks CBLS fell 1.61% on average, a down-week capture of 150.0%. Over the same 52 weeks CBLS returned +1.1% and a Treasury bill fund +3.7%, so it finished 2.5 percentage points behind cash.

EHLS

EHLS is a long-short equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.69 with the S&P 500’s and a beta of +0.91, so for each 1% the index moved it moved about 0.91% the same way. In the same weeks EHLS fell 1.32% on average, a down-week capture of 123.5%. Over the same 52 weeks EHLS returned +0.5% and a Treasury bill fund +3.7%, so it finished 3.2 percentage points behind cash.

Questions people ask

Which moved less with the S&P 500, CBLS or EHLS?: Over the 52 weeks to Nov 4, 2026, CBLS’s weekly returns had a correlation of +0.59 with the S&P 500 and EHLS’s +0.69, so CBLS moved less with the index.
Which did better when the S&P 500 fell, CBLS or EHLS?: In the 26 weeks the S&P 500 fell, by 1.07% a week on average, CBLS averaged −1.61% and EHLS −1.32%, so EHLS returned more in those weeks.
Which earned more than cash, CBLS or EHLS?: Over the same weeks, CBLS finished 2.5 percentage points behind cash and EHLS finished 3.2 percentage points behind cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, CBLS or EHLS?: CBLS charges 1.89% a year and EHLS charges 3.35%, so CBLS is cheaper. Fees come from each fund's prospectus.

Other comparisons

CBLS vs FFLS CBLS vs HFEQ CBLS vs LSEQ CBLS vs ORR EHLS vs FFLS EHLS vs HFEQ EHLS vs LSEQ EHLS vs ORR

Where to next

BIL, the T-bill fund these are measured against →SPY, the S&P 500 fund these are measured against →All alternatives ETFs ranked by the Stock Diversification Score →How the scores are computed →CBLS on its own →EHLS on its own →CBLS dividend history →EHLS dividend history →Method →Standards and sources →

Sources and dates

CBLS filings on SEC EDGAR ↗

CBLS prospectus with the expense ratio (SEC) ↗

Clough website ↗

EHLS filings on SEC EDGAR ↗

EHLS prospectus with the expense ratio (SEC) ↗

Even Herd website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

Every number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, CBLS against EHLS, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/cbls-vs-ehls

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