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

In the 26 weeks the S&P 500 fell, by 1.07% a week on average, CBLS averaged −1.61% and ORR −0.27%, so ORR returned more in those weeks.

Which earned more than cash, CBLS or ORR?

Over the same weeks, CBLS finished 2.5 percentage points behind cash and ORR finished 16.7 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.

Data as of Nov 4, 2026.

Alternative ETFs

CBLS vs ORR: Correlation to the S&P 500

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Over the year to Nov 4, 2026, ORR moved less with the S&P 500 than CBLS: correlation +0.41 against +0.59.

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Net assets: $56m on Jul 31, 2026 for Clough Hedged Equity ETF, and $355m on Aug 31, 2026 for Militia Long/Short Equity ETF.

CBLS on its own →ORR on its own →

At a glance

+0.59

CBLS correlation with the S&P 500

+0.41

ORR correlation with the S&P 500

150.0%

CBLS down-week capture

25.0%

ORR 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%.

ORR Fell 25% as much as the S&P 500

ORR in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, ORR −0.27%.

Pair scorecard

Their one-year returns differ by 20.4 points.

CBLS vs ORR: Correlation to the S&P 500
Measure	CBLS	ORR
Return
Measure	CBLS	ORR
Total return, 1 year	+1.2%	+21.6%
Against its benchmark
Measure	CBLS	ORR
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	CBLS	ORR
Expense ratio	1.89%	not published
Net assets, CBLS as of Jul 31, 2026 and ORR as of Aug 31, 2026	$56m	$355m
Holdings
Measure	CBLS	ORR
Holdings in common	not published
Risk
Measure	CBLS	ORR
Beta to the S&P 500	+0.97: about 0.97% for each 1%	+0.47: about 0.47% for each 1%
Its average week when the S&P 500 fell	fell 1.61%	fell 0.27%

Method

Window by window

Window by window: CBLS vs ORR: Correlation to the S&P 500
	Total return
Window	CBLS	ORR
3 months	−7.3%	−1.6%
6 months	−13.2%	+5.2%
1 year	+1.2%	+21.6%
3 years	+50.4%	–
Since launchNot the same days: CBLS Nov 2020 · ORR Jan 2025	+40.8%	+49.6%

– 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 ORR Militia Long/Short Equity ETF · Long-short equity fund: owns stocks and sells others short, so part of its exposure to the stock market cancels out

Issuer Clough Militia

Strategy Long-short equity Long-short equity

Correlation with the S&P 500 +0.59 +0.41

Beta to the S&P 500 +0.97 +0.47

Down-week capture 150.0% 25.0%

Average week when the S&P 500 fell −1.61% −0.27%

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

Total return, same 52 weeks +1.1% +20.3%

Against T-bills, percentage points −2.5 pts +16.7 pts

Expense ratio 1.89% not published

First traded Nov 13, 2020 Jan 15, 2025

Net assets, CBLS as of Jul 31, 2026 and ORR as of Aug 31, 2026 $56m $355m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

CBLS and ORR 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 ORR’s +0.41. In the 26 weeks the index fell, by 1.07% a week on average, CBLS averaged −1.61% and ORR −0.27%. Over the same weeks, CBLS finished 2.5 percentage points behind cash and ORR finished 16.7 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.

ORR

ORR is a long-short equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.41 with the S&P 500’s and a beta of +0.47, so for each 1% the index moved it moved about 0.47% the same way. In the same weeks ORR fell 0.27% on average, a down-week capture of 25.0%. Over the same 52 weeks ORR returned +20.3% and a Treasury bill fund +3.7%, so it finished 16.7 percentage points ahead of cash.

Questions people ask

Which moved less with the S&P 500, CBLS or ORR?: Over the 52 weeks to Nov 4, 2026, CBLS’s weekly returns had a correlation of +0.59 with the S&P 500 and ORR’s +0.41, so ORR moved less with the index.
Which did better when the S&P 500 fell, CBLS or ORR?: In the 26 weeks the S&P 500 fell, by 1.07% a week on average, CBLS averaged −1.61% and ORR −0.27%, so ORR returned more in those weeks.
Which earned more than cash, CBLS or ORR?: Over the same weeks, CBLS finished 2.5 percentage points behind cash and ORR finished 16.7 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.

Other comparisons

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

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

Sources and dates

CBLS filings on SEC EDGAR ↗

CBLS prospectus with the expense ratio (SEC) ↗

Clough website ↗

ORR filings on SEC EDGAR ↗

ORR prospectus with the expense ratio (SEC) ↗

Militia page for ORR ↗

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

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.