CLSE vs. BFLX

Last updated Jul 14, 2026

CLSE (Convergence Long/Short Equity ETF) and BFLX (iShares Flexible Equity Active ETF) are both Long-Short funds. Both are actively managed. A 0.67 correlation means they provide meaningful diversification when combined. CLSE charges 1.52%/yr vs 0.40%/yr for BFLX.

Performance

CLSE vs. BFLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Convergence Long/Short Equity ETF (CLSE) and iShares Flexible Equity Active ETF (BFLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

CLSE

• 1D: -0.29%
• 1M: -0.41%
• 6M: 22.60%
• YTD: 24.66%
• 1Y: 47.95%
• 3Y*: 29.99%
• 5Y*: —
• 10Y*: —

BFLX

• 1D: -1.12%
• 1M: -0.58%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CLSE vs. BFLX - Yearly Performance Comparison

	2026 (YTD)
CLSE Convergence Long/Short Equity ETF	4.25%
BFLX iShares Flexible Equity Active ETF	0.28%

Correlation

The correlation between CLSE and BFLX is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 20, 2026	0.67

Return for Risk

CLSE vs. BFLX — Risk / Return Rank

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

CLSE

CLSE Risk / Return Rank: 97
CLSE Sharpe Ratio Rank: 97
CLSE Sortino Ratio Rank: 96
CLSE Omega Ratio Rank: 95
CLSE Calmar Ratio Rank: 98
CLSE Martin Ratio Rank: 97

BFLX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

CLSE vs. BFLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Convergence Long/Short Equity ETF (CLSE) and iShares Flexible Equity Active ETF (BFLX). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	CLSE	BFLX	Difference
Sharpe ratio: Return per unit of total volatility	3.51	—	—
Sortino ratio: Return per unit of downside risk	4.69	—	—
Omega ratio: Gain probability vs. loss probability	1.61	—	—
Calmar ratio: Return relative to maximum drawdown	9.94	—	—
Martin ratio: Return relative to average drawdown	34.91	—	—

Drawdowns

CLSE vs. BFLX - Drawdown Comparison

The maximum CLSE drawdown since its inception was -16.45%, which is greater than BFLX's maximum drawdown of -3.85%. Use the drawdown chart below to compare losses from any high point for CLSE and BFLX.

Drawdown Indicators

	CLSE	BFLX	Difference
Max Drawdown Largest peak-to-trough decline	-16.45%	-3.85%	-12.60%
Max Drawdown (1Y) Largest decline over 1 year	-4.85%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-16.45%	—	—
Current Drawdown Current decline from peak	-1.10%	-2.47%	+1.37%
Average Drawdown Average peak-to-trough decline	-3.54%	-1.32%	-2.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.38%	—	—

Volatility

Volatility by Period

	CLSE	BFLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.92%	—	—
Volatility (6M) Calculated over the trailing 6-month period	10.73%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	13.76%	14.58%	-0.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.90%	14.58%	-0.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.90%	14.58%	-0.68%

CLSE vs. BFLX - Expense Ratio Comparison

CLSE has a 1.52% expense ratio, which is higher than BFLX's 0.40% expense ratio.

Dividends

CLSE vs. BFLX - Dividend Comparison

CLSE's dividend yield for the trailing twelve months is around 0.76%, while BFLX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
BFLX iShares Flexible Equity Active ETF	0.00%	0.00%	0.00%	0.00%	0.00%
CLSE Convergence Long/Short Equity ETF	0.76%	0.95%	0.93%	1.21%	0.85%

Frequently Asked Questions

Can I hold both CLSE and BFLX in my portfolio?

CLSE and BFLX have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CLSE or BFLX?

On fees, BFLX is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CLSE or BFLX?

BFLX is cheaper with a 0.40% expense ratio, compared with 1.52% for CLSE.

Which ETF pays a higher dividend yield, CLSE or BFLX?

CLSE has the higher dividend yield at 0.76%, compared with 0.00% for BFLX.

What is the main difference between CLSE and BFLX?

They also come from different issuers: Convergence Investment Partners and iShares. Their fees differ too: 1.52% for CLSE and 0.40% for BFLX.