CLSE vs. DFND

Last updated Jun 23, 2026

CLSE (Convergence Long/Short Equity ETF) and DFND (Siren DIVCON Dividend Defender ETF) are both exchange-traded funds - CLSE is a Long-Short fund actively managed by Convergence Investment Partners, while DFND is a Large Cap Blend Equities fund tracking the Siren DIVCON Dividend Defender Index. CLSE is actively managed, while DFND is passively managed. Over the past 3 years, CLSE returned 31.74%/yr vs 8.10%/yr for DFND. At a 0.27 correlation, their price movements are largely independent. CLSE charges 1.52%/yr vs 1.50%/yr for DFND.

Performance

CLSE vs. DFND - Performance Comparison

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

Returns By Period

CLSE

• 1D: 0.79%
• 1M: 4.52%
• YTD: 26.05%
• 6M: 25.23%
• 1Y: 51.69%
• 3Y*: 31.74%
• 5Y*: —
• 10Y*: —

DFND

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: 0.00%
• 1Y: 2.16%
• 3Y*: 8.10%
• 5Y*: 4.54%
• 10Y*: 7.15%

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

CLSE vs. DFND - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
CLSE Convergence Long/Short Equity ETF	26.05%	20.44%	35.54%	17.54%	-4.38%
DFND Siren DIVCON Dividend Defender ETF	0.00%	10.37%	8.48%	12.13%	-9.37%

Correlation

The correlation between CLSE and DFND is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (All Time) Calculated using the full available price history since Feb 22, 2022	0.27

The correlation between CLSE and DFND shifts across timeframes, from 0.13 (1 year) to 0.27 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CLSE vs. DFND — Risk / Return Rank

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

CLSE

CLSE Risk / Return Rank: 96
CLSE Sharpe Ratio Rank: 96
CLSE Sortino Ratio Rank: 95
CLSE Omega Ratio Rank: 94
CLSE Calmar Ratio Rank: 97
CLSE Martin Ratio Rank: 97

DFND

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. DFND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Convergence Long/Short Equity ETF (CLSE) and Siren DIVCON Dividend Defender ETF (DFND). 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	DFND	Difference
Sharpe ratio: Return per unit of total volatility	3.82	0.19	+3.63
Sortino ratio: Return per unit of downside risk	5.11	0.35	+4.76
Omega ratio: Gain probability vs. loss probability	1.67	1.05	+0.61
Calmar ratio: Return relative to maximum drawdown	10.71	0.60	+10.11
Martin ratio: Return relative to average drawdown	38.98	1.08	+37.91

CLSE vs. DFND - Sharpe Ratio Comparison

The current CLSE Sharpe Ratio is 3.82, which is higher than the DFND Sharpe Ratio of 0.19. The chart below compares the historical Sharpe Ratios of CLSE and DFND, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CLSE vs. DFND - Drawdown Comparison

The maximum CLSE drawdown since its inception was -16.45%, smaller than the maximum DFND drawdown of -22.65%. Use the drawdown chart below to compare losses from any high point for CLSE and DFND.

Drawdown Indicators

	CLSE	DFND	Difference
Max Drawdown Largest peak-to-trough decline	-16.45%	-22.65%	+6.20%
Max Drawdown (1Y) Largest decline over 1 year	-4.85%	-3.44%	-1.41%
Max Drawdown (3Y) Largest decline over 3 years	-16.45%	-12.56%	-3.89%
Max Drawdown (5Y) Largest decline over 5 years	—	-22.65%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-22.65%	—
Current Drawdown Current decline from peak	-0.00%	-3.69%	+3.69%
Average Drawdown Average peak-to-trough decline	-3.57%	-5.70%	+2.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.33%	3.72%	-2.39%

Volatility

CLSE vs. DFND - Volatility Comparison

Convergence Long/Short Equity ETF (CLSE) has a higher volatility of 4.03% compared to Siren DIVCON Dividend Defender ETF (DFND) at 0.00%. This indicates that CLSE's price experiences larger fluctuations and is considered to be riskier than DFND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CLSE	DFND	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.03%	0.00%	+4.03%
Volatility (6M) Calculated over the trailing 6-month period	10.52%	6.10%	+4.42%
Volatility (1Y) Calculated over the trailing 1-year period	13.63%	10.88%	+2.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.91%	22.44%	-8.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.91%	19.08%	-5.17%

CLSE vs. DFND - Expense Ratio Comparison

CLSE has a 1.52% expense ratio, which is higher than DFND's 1.50% expense ratio.

Dividends

CLSE vs. DFND - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CLSE Convergence Long/Short Equity ETF	0.76%	0.95%	0.93%	1.21%	0.85%	0.00%	0.00%	0.00%	0.00%	0.00%
DFND Siren DIVCON Dividend Defender ETF	0.62%	1.10%	1.64%	1.84%	0.29%	0.00%	0.00%	0.77%	0.53%	0.02%

Frequently Asked Questions

Can I hold both CLSE and DFND in my portfolio?

CLSE and DFND have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CLSE or DFND?

CLSE has higher volatility (4.03%) compared to DFND (0.00%). In terms of maximum drawdown, CLSE dropped -16.45% vs DFND's -22.65%.

Which ETF is better, CLSE or DFND?

On 3-year performance, CLSE leads with 31.74% vs 8.10% for DFND. On fees, DFND is cheaper at 1.50% per year. On volatility, DFND has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CLSE or DFND?

Over the 3-year period, CLSE has performed better with a 31.74% return vs 8.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CLSE or DFND?

DFND is cheaper with a 1.50% expense ratio, compared with 1.52% for CLSE.

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

CLSE has the higher dividend yield at 0.76%, compared with 0.62% for DFND.

What is the main difference between CLSE and DFND?

CLSE is categorized as Long-Short, while DFND is Large Cap Blend Equities. They also come from different issuers: Convergence Investment Partners and SRN Advisors. Their fees differ too: 1.52% for CLSE and 1.50% for DFND.

Which has better risk-adjusted returns?

CLSE currently has the higher Sharpe Ratio (3.82 vs 0.19), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.