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

In the 26 weeks the S&P 500 fell, by 1.07% a week on average, CBLS averaged −1.61% and FTLS −0.48%, so FTLS returned more in those weeks.

Which earned more than cash, CBLS or FTLS?

Over the same weeks, CBLS finished 2.5 percentage points behind cash and FTLS finished 4.1 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.

Which is cheaper, CBLS or FTLS?

CBLS charges 1.89% a year and FTLS charges 1.38%, so FTLS is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Alternative ETFs

CBLS vs FTLS: 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 FTLS: correlation +0.59 against +0.83.

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Net assets: $56m on Jul 31, 2026 for Clough Hedged Equity ETF, and $2.6bn on Nov 3, 2026 for First Trust Long/Short Equity.

CBLS on its own →FTLS on its own →

At a glance

+0.59

CBLS correlation with the S&P 500

+0.83

FTLS correlation with the S&P 500

150.0%

CBLS down-week capture

44.7%

FTLS 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%.

FTLS Fell 45% as much as the S&P 500

FTLS in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, FTLS −0.48%.

Pair scorecard

FTLS costs 0.51 points a year less; their one-year returns differ by 7.3 points.

CBLS vs FTLS: Correlation to the S&P 500
Measure	CBLS	FTLS
Return
Measure	CBLS	FTLS
Total return, 1 year	+1.2%	+8.5%
Against its benchmark
Measure	CBLS	FTLS
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	CBLS	FTLS
Expense ratio	1.89%	1.38%
Net assets, CBLS as of Jul 31, 2026 and FTLS as of Nov 3, 2026	$56m	$2.6bn
Holdings
Measure	CBLS	FTLS
Holdings in common	not published
Risk
Measure	CBLS	FTLS
Beta to the S&P 500	+0.97: about 0.97% for each 1%	+0.48: about 0.48% for each 1%
Its average week when the S&P 500 fell	fell 1.61%	fell 0.48%

Method

Window by window

Window by window: CBLS vs FTLS: Correlation to the S&P 500
	Total return		vs its benchmark
Window	CBLS	FTLS	CBLS	FTLS
3 months	−7.3%	+1.0%	not measured	+1.1 pts vs VOO
6 months	−13.2%	+3.6%	not measured	−1.4 pts vs VOO
1 year	+1.2%	+8.5%	not measured	−6.3 pts vs VOO
3 years	+50.4%	+46.9%	not measured	−36.4 pts vs VOO
Since launchNot the same days: CBLS Nov 2020 · FTLS Sep 2014	+40.8%	+183.1%	not measured	−190.1 pts vs VOO

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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 FTLS First Trust Long/Short Equity · Long-short equity fund: owns stocks and sells others short, so part of its exposure to the stock market cancels out

Issuer Clough First Trust

Strategy Long-short equity Long-short equity

Correlation with the S&P 500 +0.59 +0.83

Beta to the S&P 500 +0.97 +0.48

Down-week capture 150.0% 44.7%

Average week when the S&P 500 fell −1.61% −0.48%

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

Total return, same 52 weeks +1.1% +7.7%

Against T-bills, percentage points −2.5 pts +4.1 pts

Expense ratio 1.89% 1.38%

First traded Nov 13, 2020 Sep 10, 2014

Net assets, CBLS as of Jul 31, 2026 and FTLS as of Nov 3, 2026 $56m $2.6bn

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

CBLS and FTLS 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 FTLS’s +0.83. In the 26 weeks the index fell, by 1.07% a week on average, CBLS averaged −1.61% and FTLS −0.48%. Over the same weeks, CBLS finished 2.5 percentage points behind cash and FTLS finished 4.1 points ahead of 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.

FTLS

FTLS is a long-short equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.83 with the S&P 500’s and a beta of +0.48, so for each 1% the index moved it moved about 0.48% the same way. In the same weeks FTLS fell 0.48% on average, a down-week capture of 44.7%. Over the same 52 weeks FTLS returned +7.7% and a Treasury bill fund +3.7%, so it finished 4.1 percentage points ahead of cash.

Questions people ask

Which moved less with the S&P 500, CBLS or FTLS?: Over the 52 weeks to Nov 4, 2026, CBLS’s weekly returns had a correlation of +0.59 with the S&P 500 and FTLS’s +0.83, so CBLS moved less with the index.
Which did better when the S&P 500 fell, CBLS or FTLS?: In the 26 weeks the S&P 500 fell, by 1.07% a week on average, CBLS averaged −1.61% and FTLS −0.48%, so FTLS returned more in those weeks.
Which earned more than cash, CBLS or FTLS?: Over the same weeks, CBLS finished 2.5 percentage points behind cash and FTLS finished 4.1 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, CBLS or FTLS?: CBLS charges 1.89% a year and FTLS charges 1.38%, so FTLS is cheaper. Fees come from each fund's prospectus.

Other comparisons

CBLS vs CLSE CBLS vs CSM CBLS vs ORR CBLS vs EHLS FTLS vs HFEQ FTLS vs LSEQ FTLS vs ORR FTLS vs EHLS

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 →FTLS on its own →CBLS dividend history →FTLS dividend history →Method →Standards and sources →

Sources and dates

CBLS filings on SEC EDGAR ↗

CBLS prospectus with the expense ratio (SEC) ↗

Clough website ↗

FTLS filings on SEC EDGAR ↗

FTLS prospectus with the expense ratio (SEC) ↗

First Trust page for FTLS ↗

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 FTLS, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/cbls-vs-ftls

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