Data as of Nov 4, 2026.
CBLS vs FFLS: Correlation to the S&P 500
Over the year to Nov 4, 2026, CBLS moved less with the S&P 500 than FFLS: correlation +0.59 against +0.65.
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Net assets: $56m on Jul 31, 2026 for Clough Hedged Equity ETF, and $43m on Aug 31, 2026 for The Future Fund Long/Short ETF.
CBLS in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, CBLS −1.61%.
FFLS in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, FFLS −0.70%.
Pair scorecard
FFLS costs 0.65 points a year less; their one-year returns differ by 1.3 points.
| Measure | CBLS | FFLS |
|---|---|---|
| Return | ||
| Total return, 1 year | +1.2% | −0.1% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 1.89% | 1.24% |
| Net assets, CBLS as of Jul 31, 2026 and FFLS as of Aug 31, 2026 | $56m | $43m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | +0.97: about 0.97% for each 1% | +0.61: about 0.61% for each 1% |
| Its average week when the S&P 500 fell | fell 1.61% | fell 0.70% |
Window by window
| Total return | ||
|---|---|---|
| Window | CBLS | FFLS |
| 3 months | −7.3% | −0.3% |
| 6 months | −13.2% | +2.6% |
| 1 year | +1.2% | −0.1% |
| 3 years | +50.4% | +36.0% |
| Since launchNot the same days: CBLS Nov 2020 · FFLS Jun 2023 | +40.8% | +30.5% |
Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
CBLS and FFLS 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 FFLS’s +0.65. In the 26 weeks the index fell, by 1.07% a week on average, CBLS averaged −1.61% and FFLS −0.70%. Over the same weeks, CBLS finished 2.5 percentage points behind cash and FFLS finished 2.4 points behind cash.
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.
FFLS
FFLS is a long-short equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.65 with the S&P 500’s and a beta of +0.61, so for each 1% the index moved it moved about 0.61% the same way. In the same weeks FFLS fell 0.70% on average, a down-week capture of 65.7%. Over the same 52 weeks FFLS returned +1.3% and a Treasury bill fund +3.7%, so it finished 2.4 percentage points behind cash.
Questions people ask
- Which moved less with the S&P 500, CBLS or FFLS?
- Over the 52 weeks to Nov 4, 2026, CBLS’s weekly returns had a correlation of +0.59 with the S&P 500 and FFLS’s +0.65, so CBLS moved less with the index.
- Which did better when the S&P 500 fell, CBLS or FFLS?
- In the 26 weeks the S&P 500 fell, by 1.07% a week on average, CBLS averaged −1.61% and FFLS −0.70%, so FFLS returned more in those weeks.
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
Every number is an ETFIQ calculation with distributions reinvested.
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ETFIQ, CBLS against FFLS, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/cbls-vs-ffls
ETFIQ. (Nov 4, 2026). CBLS against FFLS. Retrieved from https://etfiq.com/compare/alternatives/cbls-vs-ffls
[CBLS against FFLS (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/alternatives/cbls-vs-ffls)
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