CBYYX vs. CLSE

Last updated Apr 2, 2026

Compare and contrast key facts about Victory Pioneer Cat Bond Fund Class Y (CBYYX) and Convergence Long/Short Equity ETF (CLSE).

CBYYX is an actively managed fund by Victory. It was launched on Jan 27, 2023. CLSE is an actively managed fund by Convergence Investment Partners. It was launched on Feb 22, 2022.

Performance

CBYYX vs. CLSE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Victory Pioneer Cat Bond Fund Class Y (CBYYX) and Convergence Long/Short Equity ETF (CLSE). The values are adjusted to include any dividend payments, if applicable.

CBYYX vs. CLSE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CBYYX Victory Pioneer Cat Bond Fund Class Y	1.27%	11.09%	15.69%	3.43%
CLSE Convergence Long/Short Equity ETF	4.79%	20.44%	35.54%	6.37%

Returns By Period

In the year-to-date period, CBYYX achieves a 1.27% return, which is significantly lower than CLSE's 4.79% return.

CBYYX

• 1D: 0.00%
• 1M: 0.27%
• YTD: 1.27%
• 6M: 3.33%
• 1Y: 10.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CLSE

• 1D: 1.78%
• 1M: 1.27%
• YTD: 4.79%
• 6M: 10.66%
• 1Y: 32.89%
• 3Y*: 24.89%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

CBYYX vs. CLSE - Expense Ratio Comparison

CBYYX has a 1.46% expense ratio, which is lower than CLSE's 1.56% expense ratio.

CLSE

Convergence Long/Short Equity ETF

CBYYX

Victory Pioneer Cat Bond Fund Class Y

Return for Risk

CBYYX vs. CLSE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CBYYX

CBYYX Risk / Return Rank: 100
CBYYX Sharpe Ratio Rank: 100
CBYYX Sortino Ratio Rank: 100
CBYYX Omega Ratio Rank: 100
CBYYX Calmar Ratio Rank: 100
CBYYX Martin Ratio Rank: 100

CLSE

CLSE Risk / Return Rank: 94
CLSE Sharpe Ratio Rank: 93
CLSE Sortino Ratio Rank: 94
CLSE Omega Ratio Rank: 92
CLSE Calmar Ratio Rank: 95
CLSE Martin Ratio Rank: 97

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CBYYX vs. CLSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Victory Pioneer Cat Bond Fund Class Y (CBYYX) and Convergence Long/Short Equity ETF (CLSE). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	CBYYX	CLSE	Difference
Sharpe ratio Return per unit of total volatility	8.54	2.27	+6.27
Sortino ratio Return per unit of downside risk	25.47	2.95	+22.52
Omega ratio Gain probability vs. loss probability	6.68	1.41	+5.27
Calmar ratio Return relative to maximum drawdown	59.32	4.29	+55.03
Martin ratio Return relative to average drawdown	312.31	20.29	+292.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CBYYX vs. CLSE - Sharpe Ratio Comparison

The current CBYYX Sharpe Ratio is 8.54, which is higher than the CLSE Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of CBYYX and CLSE, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CBYYX	CLSE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	8.54	2.27	+6.27
Sharpe Ratio (All Time) Calculated using the full available price history	1.46	1.28	+0.18

Correlation

The correlation between CBYYX and CLSE is 0.00, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

CBYYX vs. CLSE - Dividend Comparison

CBYYX's dividend yield for the trailing twelve months is around 9.02%, more than CLSE's 0.91% yield.

	TTM	2025	2024	2023	2022
CBYYX Victory Pioneer Cat Bond Fund Class Y	9.02%	9.14%	10.33%	9.41%	0.00%
CLSE Convergence Long/Short Equity ETF	0.91%	0.95%	0.93%	1.21%	0.85%

Drawdowns

CBYYX vs. CLSE - Drawdown Comparison

The maximum CBYYX drawdown since its inception was -8.72%, smaller than the maximum CLSE drawdown of -16.45%. Use the drawdown chart below to compare losses from any high point for CBYYX and CLSE.

Drawdown Indicators

	CBYYX	CLSE	Difference
Max Drawdown Largest peak-to-trough decline	-8.72%	-16.45%	+7.73%
Max Drawdown (1Y) Largest decline over 1 year	-0.18%	-7.88%	+7.70%
Current Drawdown Current decline from peak	0.00%	-0.80%	+0.80%
Average Drawdown Average peak-to-trough decline	-1.40%	-3.73%	+2.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.03%	1.67%	-1.64%

Volatility

CBYYX vs. CLSE - Volatility Comparison

The current volatility for Victory Pioneer Cat Bond Fund Class Y (CBYYX) is 0.27%, while Convergence Long/Short Equity ETF (CLSE) has a volatility of 5.74%. This indicates that CBYYX experiences smaller price fluctuations and is considered to be less risky than CLSE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CBYYX	CLSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.27%	5.74%	-5.47%
Volatility (6M) Calculated over the trailing 6-month period	0.63%	10.49%	-9.86%
Volatility (1Y) Calculated over the trailing 1-year period	1.27%	14.55%	-13.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.49%	13.87%	-5.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.49%	13.87%	-5.38%