CLSE vs. DFND

Last updated Aug 2, 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, 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. Their 0.27 correlation means their historical movements had little consistent relationship. 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: 0.24%
• 1M: 2.19%
• 6M: 20.32%
• YTD: 24.37%
• 1Y: 44.25%
• 3Y*: 29.42%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 20.44%

DFND

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CLSE Convergence Long/Short Equity ETF	$15.17M	$11.74M	$9.80M

CLSE vs. DFND - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
CLSE Convergence Long/Short Equity ETF	24.37%	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 0.11, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.11
Correlation (3Y) Balances recent behavior with more history.	0.15
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 0.11 (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 historical risk-adjusted metric ranks over the past 12 months.

CLSE

CLSE Risk / Return Rank: 96
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

DFND

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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	3.09	—	—
Sortino ratio: Return per unit of downside risk	4.23	—	—
Omega ratio: Gain probability vs. loss probability	1.53	—	—
Calmar ratio: Return relative to maximum drawdown	8.77	—	—
Martin ratio: Return relative to average drawdown	29.59	—	—

Drawdowns

Drawdown Indicators

	CLSE	DFND	Difference
Max Drawdown Largest peak-to-trough decline	-16.45%	—	—
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	-1.34%	—	—
Average Drawdown Average peak-to-trough decline	-3.52%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	1.44%	—	—

Volatility

Volatility by Period

	CLSE	DFND	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.24%	—	—
Volatility (6M) Calculated over the trailing 6-month period	10.80%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	13.79%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.86%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.86%	—	—

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 0.77%, 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	0.77%	0.95%	0.93%	1.21%	0.85%	0.00%	0.00%	0.00%	0.00%	0.00%
DFND Siren DIVCON Dividend Defender ETF	0.29%	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 0.11, 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 DFND?

On fees, DFND is cheaper at 1.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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 0.77%, compared with 0.29% 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 and SRN Advisors. Their fees differ too: 1.52% for CLSE and 1.50% for DFND.