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

In the 26 weeks the S&P 500 fell, by 1.07% a week on average, CBLS averaged −1.61% and HFEQ −1.70%, so CBLS returned more in those weeks.

Which earned more than cash, CBLS or HFEQ?

Over the same weeks, CBLS finished 2.5 percentage points behind cash and HFEQ finished 5.8 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.

Which is cheaper, CBLS or HFEQ?

CBLS charges 1.89% a year and HFEQ charges 0.96%, so HFEQ is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Alternative ETFs

CBLS vs HFEQ: 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 HFEQ: correlation +0.59 against +0.86.

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Net assets: $56m on Jul 31, 2026 for Clough Hedged Equity ETF, and $19m on Aug 31, 2026 for Unlimited HFEQ Equity Long/Short ETF.

CBLS on its own →HFEQ on its own →

At a glance

+0.59

CBLS correlation with the S&P 500

+0.86

HFEQ correlation with the S&P 500

150.0%

CBLS down-week capture

158.3%

HFEQ 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%.

HFEQ Fell more than the S&P 500

HFEQ in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HFEQ −1.70%.

Pair scorecard

HFEQ costs 0.93 points a year less; their one-year returns differ by 10.2 points.

CBLS vs HFEQ: Correlation to the S&P 500
Measure	CBLS	HFEQ
Return
Measure	CBLS	HFEQ
Total return, 1 year	+1.2%	+11.4%
Against its benchmark
Measure	CBLS	HFEQ
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	CBLS	HFEQ
Expense ratio	1.89%	0.96%
Net assets, CBLS as of Jul 31, 2026 and HFEQ as of Aug 31, 2026	$56m	$19m
Holdings
Measure	CBLS	HFEQ
Holdings in common	not published
Risk
Measure	CBLS	HFEQ
Beta to the S&P 500	+0.97: about 0.97% for each 1%	+1.31: about 1.31% for each 1%
Its average week when the S&P 500 fell	fell 1.61%	fell 1.70%

Method

Window by window

Window by window: CBLS vs HFEQ: Correlation to the S&P 500
	Total return		vs its benchmark
Window	CBLS	HFEQ	CBLS	HFEQ
3 months	−7.3%	−7.1%	not measured	−7.0 pts vs VOO
6 months	−13.2%	−2.7%	not measured	−7.7 pts vs VOO
1 year	+1.2%	+11.4%	not measured	−3.4 pts vs VOO
3 years	+50.4%	–	not measured	–
Since launchNot the same days: CBLS Nov 2020 · HFEQ Jul 2025	+40.8%	+26.4%	not measured	+1.4 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 HFEQ Unlimited HFEQ Equity 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 Unlimited

Strategy Long-short equity Long-short equity

Correlation with the S&P 500 +0.59 +0.86

Beta to the S&P 500 +0.97 +1.31

Down-week capture 150.0% 158.3%

Average week when the S&P 500 fell −1.61% −1.70%

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

Total return, same 52 weeks +1.1% +9.5%

Against T-bills, percentage points −2.5 pts +5.8 pts

Expense ratio 1.89% 0.96%

First traded Nov 13, 2020 Jul 15, 2025

Net assets, CBLS as of Jul 31, 2026 and HFEQ as of Aug 31, 2026 $56m $19m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

CBLS and HFEQ 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 HFEQ’s +0.86. In the 26 weeks the index fell, by 1.07% a week on average, CBLS averaged −1.61% and HFEQ −1.70%. Over the same weeks, CBLS finished 2.5 percentage points behind cash and HFEQ finished 5.8 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.

HFEQ

HFEQ is a long-short equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.86 with the S&P 500’s and a beta of +1.31, so for each 1% the index moved it moved about 1.31% the same way. In the same weeks HFEQ fell 1.70% on average, a down-week capture of 158.3%. Over the same 52 weeks HFEQ returned +9.5% and a Treasury bill fund +3.7%, so it finished 5.8 percentage points ahead of cash.

Questions people ask

Which moved less with the S&P 500, CBLS or HFEQ?: Over the 52 weeks to Nov 4, 2026, CBLS’s weekly returns had a correlation of +0.59 with the S&P 500 and HFEQ’s +0.86, so CBLS moved less with the index.
Which did better when the S&P 500 fell, CBLS or HFEQ?: In the 26 weeks the S&P 500 fell, by 1.07% a week on average, CBLS averaged −1.61% and HFEQ −1.70%, so CBLS returned more in those weeks.
Which earned more than cash, CBLS or HFEQ?: Over the same weeks, CBLS finished 2.5 percentage points behind cash and HFEQ finished 5.8 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, CBLS or HFEQ?: CBLS charges 1.89% a year and HFEQ charges 0.96%, so HFEQ is cheaper. Fees come from each fund's prospectus.

Other comparisons

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

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

Sources and dates

CBLS filings on SEC EDGAR ↗

CBLS prospectus with the expense ratio (SEC) ↗

Clough website ↗

HFEQ filings on SEC EDGAR ↗

HFEQ prospectus with the expense ratio (SEC) ↗

Unlimited 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.

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

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