Data as of Nov 4, 2026.
CBLS vs LSEQ: Correlation to the S&P 500
Over the year to Nov 4, 2026, LSEQ moved less with the S&P 500 than CBLS: correlation +0.18 against +0.59.
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Net assets: $56m on Jul 31, 2026 for Clough Hedged Equity ETF, and $17m on Nov 3, 2026 for Harbor Long-Short Equity ETF.
CBLS in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, CBLS −1.61%.
LSEQ in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, LSEQ −0.27%.
Pair scorecard
CBLS costs 0.39 points a year less; their one-year returns differ by 25.3 points.
| Measure | CBLS | LSEQ |
|---|---|---|
| Return | ||
| Total return, 1 year | +1.2% | +26.5% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 1.89% | 2.28% |
| Net assets, CBLS as of Jul 31, 2026 and LSEQ as of Nov 3, 2026 | $56m | $17m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | +0.97: about 0.97% for each 1% | +0.24: about 0.24% for each 1% |
| Its average week when the S&P 500 fell | fell 1.61% | fell 0.27% |
Window by window
| Total return | ||
|---|---|---|
| Window | CBLS | LSEQ |
| 3 months | −7.3% | +8.0% |
| 6 months | −13.2% | +1.2% |
| 1 year | +1.2% | +26.5% |
| 3 years | +50.4% | – |
| Since launchNot the same days: CBLS Nov 2020 · LSEQ Dec 2023 | +40.8% | +47.4% |
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Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
CBLS and LSEQ 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 LSEQ’s +0.18. In the 26 weeks the index fell, by 1.07% a week on average, CBLS averaged −1.61% and LSEQ −0.27%. Over the same weeks, CBLS finished 2.5 percentage points behind cash and LSEQ finished 20.8 points ahead of 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.
LSEQ
LSEQ is a long-short equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.18 with the S&P 500’s and a beta of +0.24, so for each 1% the index moved it moved about 0.24% the same way. In the same weeks LSEQ fell 0.27% on average, a down-week capture of 24.8%. Over the same 52 weeks LSEQ returned +24.5% and a Treasury bill fund +3.7%, so it finished 20.8 percentage points ahead of cash.
Questions people ask
- Which moved less with the S&P 500, CBLS or LSEQ?
- Over the 52 weeks to Nov 4, 2026, CBLS’s weekly returns had a correlation of +0.59 with the S&P 500 and LSEQ’s +0.18, so LSEQ moved less with the index.
- Which did better when the S&P 500 fell, CBLS or LSEQ?
- In the 26 weeks the S&P 500 fell, by 1.07% a week on average, CBLS averaged −1.61% and LSEQ −0.27%, so LSEQ returned more in those weeks.
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How this is computed
Every number is an ETFIQ calculation with distributions reinvested.
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ETFIQ, CBLS against LSEQ, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/cbls-vs-lseq
ETFIQ. (Nov 4, 2026). CBLS against LSEQ. Retrieved from https://etfiq.com/compare/alternatives/cbls-vs-lseq
[CBLS against LSEQ (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/alternatives/cbls-vs-lseq)
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