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CBLS vs QALT

Clough Hedged Equity ETF

CBLSDNYSE Arca

SEI DBi Multi-Strategy Alternative ETF

QALTANasdaq

Overlap

Expense ratio

QALT −1.09pt a year

CBLS1.89%QALT0.80%

Avg volume · 30D

QALT 6.4×the volume

CBLS2.76KQALT17.7K

CBLS vs QALT Performance

Oct 31, 2025 – Oct 30, 2026

+6.9%CBLS+6.6%QALT

Oct 31, 2025 to Oct 30, 2026. CBLS +6.9%. QALT +6.6%. Use the arrow keys to read each point.−5%0%10%15%20%Oct 2025Apr 2026Oct 2026
Expense ratio
CBLS 1.89%
QALT 0.80%, better
Fund size
CBLS $52M
QALT $195M
1Y total return
CBLS +6.9%, better
QALT +6.6%
Yield (12M)
CBLS 0.82%
QALT No data
Holdings
CBLS 37
QALT 26
Avg volume (30D)
CBLS 2.76K sh
QALT 17.7K sh, better
NAV per share
CBLS $30.05
QALT $25.87
52W range

ETF.net Grade

CBLS: Cost 24, Risk 36, Mission not scored, Tradability 57, Holdings not scored, Durability 53. QALT: Cost 90, Risk 65, Mission not scored, Tradability 57, Holdings not scored, Durability 65.
Pillar letters and Scores for CBLS, QALT, with each pillar’s weight
PillarCBLSQALT
Cost30% weightF24A90Higher
Mission25% weightNot scoredNot scored
Risk15% weightD36B65Higher
Tradability15% weightB57B57
Holdings10% weightNot scoredNot scored
Durability5% weightC53B65Higher

Rank among Alternative Strategies funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. CBLS and QALT are both graded against the same 29 Alternative Strategies funds, so their Grades compare head to head.

Alternative Strategies⁠

Category · 29 funds
See all 29 ›

QALT ranks 4th and CBLS 21st of 29 funds in the Alternative Strategies Category.

  1. Rank 1AFLSPFranklin Systematic Style Premia ETFScore 77
  2. Rank 2AHBDCHilton BDC Corporate Bond ETFScore 76
  3. Rank 2AQAINYLI Hedge Multi-Strategy Tracker ETFScore 76
  4. Rank 4AQALTSEI DBi Multi-Strategy Alternative ETFScore 74
  5. Rank 5BIALTiShares Systematic Alternatives Active ETFScore 69
  6. Rank 20CLBAYLeatherback Long/Short Alternative Yield ETFScore 44
  7. Rank 21DCBLSClough Hedged Equity ETFScore 36
  8. Rank 22DFFLSThe Future Fund Long/Short ETFScore 34

Our read on each fund

ETF.net Research

CBLSDClough Hedged Equity ETF

QALTASEI DBi Multi-Strategy Alternative ETF

In short

CBLS A real long book paired with a real short book, wrapped in an everyday ETF. Live since 2020, it lets an active manager bet on the stocks he likes and against the ones he doesn't, and it charges hedge-fund-adjacent money to do it.

QALT One ticker, several hedge fund playbooks: SEI stacks sub-advisers running directional, event-driven and arbitrage strategies, and measures itself against 3-month T-bills instead of the S&P 500. It undercuts the typical alternatives fund on fees.

Stated mandate

CBLS The Fund is an actively managed ETF that seeks returns by buying securities the adviser views as financially strong, undervalued, or capable of growth, while shorting securities the adviser expects to decline.

QALT The fund seeks positive absolute returns across market cycles with reduced correlation to stocks and bonds. It pursues this through multiple underlying funds and sub-advisers using directional or tactical, event-driven, and arbitrage approaches.

Why people hold it

  • CBLS Actual shorting, not a synthetic proxy: the adviser buys names it views as undervalued, financially strong or growing, and sells short the ones it expects to fall.
  • Hedge-fund mechanics in a 1940 Act fund: daily pricing on an exchange, no lockups, no accreditation gate, disclosed holdings.
  • Trading since November 2020, so there is a multi-year, real-money record across sharply different markets to judge, not a backtest.
  • No index to hug. The balance between longs and shorts moves with the manager's judgment rather than a rulebook.
  • QALT Charges 0.80% a year against a 1.07% median for alternatives funds. Multi-manager hedge fund exposure usually bills more than that.
  • Not a one-trick fund. Directional or tactical, event-driven and arbitrage sleeves run side by side through several underlying funds and sub-advisers.
  • The yardstick is 3-month T-bills, the cash hurdle hedge funds get judged on. The stated aim is positive absolute return with reduced correlation to stocks and bonds.
  • Screens near the top of its alternatives peer group, and comes in under pricier multi-strategy options such as HFGM and HDG at 0.95%.

Worth knowing

  • CBLS The 1.89% expense ratio is the loudest fact in the file, at the high end of the alternatives shelf next to peers such as QALT (0.80%) and RNMN (0.59%).
  • Thinly traded, so bid-ask spreads and order type matter far more here than with a mega-cap index fund.
  • Results ride on one team's stock calls, and the short book carries borrow costs plus the risk of losing on both sides at once.
  • QALT Launched in 2025, so there is no long record showing how this manager lineup behaves through a full market cycle.
  • Trading is thin next to big index ETFs, which can mean wider spreads when you get in or out.
  • Not the cheapest seat in the aisle: RNMN (0.59%) and CCEF (0.74%) charge less, though each runs a narrower strategy set than a multi-manager book.

Full CBLS profile⁠

Full QALT profile⁠

CBLS vs QALT Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

CBLS vs QALT Cost

Overpaying CBLS vs QALT

$16,178

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • CBLS 1.89%

    $31,524

  • QALT 0.80%

    $15,346

$10,000
30 years

Cost over time

  • CBLS 1.89%
  • QALT 0.80%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$10K$20K$30K$40K051015202530CBLS $31,524QALT $15,346

Year by year

YearCBLSQALTOverpaying
10$3,211$1,422$1,789
20$11,602$5,393$6,209
30$31,524$15,346$16,178

Expense ratio

  • 1.89%CBLS
  • 0.80%QALT, cheaper
  • Middle half of Alternative Strategies funds
  • Median 1.13%

QALT 4th cheapest of 29 funds

CBLS 22nd cheapest of 29 funds

CBLS vs QALT Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
CBLS 0.82%
QALT No data
Payout (12M)
CBLS $0.25
QALT No data
Last payment
CBLS $0.25
QALT $0.17
Ex-dividend
CBLS Dec 30, 2025
QALT Oct 5, 2026
Paid on
CBLS Dec 31, 2025
QALT Oct 6, 2026
Frequency
CBLS Annual
QALT Quarterly

Distribution history

Per share, 2023 to 2026, same scale for both

CBLSAnnual · 3 paymentsAll CBLS payments⁠
One bar per payment. 3 payments from 2023 to 2026 YTD. Dec 21, 2023 $0.09; Dec 24, 2024 $0.19; Dec 30, 2025 $0.25. Use the arrow keys to read each point.$0$0.5020232026YTD
QALTQuarterly · 5 paymentsAll QALT payments⁠
One bar per payment. 5 payments from 2023 to 2026 YTD. Dec 17, 2025 $0.62; Dec 29, 2025 $0.66; Apr 6, 2026 $0.15; Jul 6, 2026 $0.15; Oct 5, 2026 $0.17. Use the arrow keys to read each point.$0$0.5020232026YTD

CBLS vs QALT Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
CBLS 15.0%QALT 7.2%since Sep 2025
Return per unit of riskSharpe ratio, 3 years
CBLS 0.88QALT 0.77since Sep 2025
Worst fallMax drawdown, 5 years
CBLS −31.2%QALT −4.9%since Aug 2025
Market sensitivityBeta, 5 years
CBLS 0.71QALT 0.24

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