CLSE vs. EHLS

Last updated Jun 4, 2026

CLSE (Convergence Long/Short Equity ETF) and EHLS (Even Herd Long Short ETF) are both Long-Short funds. Both are actively managed. Over the past year, CLSE returned 50.91% vs 23.69% for EHLS. A 0.75 correlation means they provide meaningful diversification when combined. CLSE charges 1.56%/yr vs 1.58%/yr for EHLS.

Performance

CLSE vs. EHLS - Performance Comparison

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

Returns By Period

In the year-to-date period, CLSE achieves a 25.76% return, which is significantly higher than EHLS's 15.59% return.

CLSE

• 1D: 0.35%
• 1M: 9.28%
• YTD: 25.76%
• 6M: 28.57%
• 1Y: 50.91%
• 3Y*: 32.39%
• 5Y*: —
• 10Y*: —

EHLS

• 1D: -0.28%
• 1M: 2.51%
• YTD: 15.59%
• 6M: 16.66%
• 1Y: 23.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CLSE vs. EHLS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CLSE Convergence Long/Short Equity ETF	25.76%	20.44%	12.71%
EHLS Even Herd Long Short ETF	15.59%	6.67%	11.57%

Correlation

The correlation between CLSE and EHLS is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.68
Correlation (All Time) Calculated using the full available price history since Apr 3, 2024	0.75

The correlation between CLSE and EHLS has been stable across timeframes, ranging from 0.68 to 0.75 - a consistent structural relationship.

CLSE vs. EHLS - Sectors Allocation Comparison

Sectors	CLSE	EHLS
Technology	33.2%	12.4%
Healthcare	6.5%	9.6%
Consumer Cyclical	6.2%	4.5%
Communication Services	6.1%	5.0%
Energy	2.7%	13.4%
Industrials	2.2%	13.5%
Utilities	1.7%	7.9%
Real Estate	1.7%	5.7%
Basic Materials	1.5%	8.3%
Consumer Defensive	0.9%	4.3%
Financial Services	-2.5%	15.6%

Return for Risk

CLSE vs. EHLS — Risk / Return Rank

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

CLSE

CLSE Risk / Return Rank: 95
CLSE Sharpe Ratio Rank: 95
CLSE Sortino Ratio Rank: 95
CLSE Omega Ratio Rank: 93
CLSE Calmar Ratio Rank: 97
CLSE Martin Ratio Rank: 96

EHLS

EHLS Risk / Return Rank: 41
EHLS Sharpe Ratio Rank: 36
EHLS Sortino Ratio Rank: 32
EHLS Omega Ratio Rank: 35
EHLS Calmar Ratio Rank: 53
EHLS Martin Ratio Rank: 47

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. EHLS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Convergence Long/Short Equity ETF (CLSE) and Even Herd Long Short ETF (EHLS). 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.

	CLSE	EHLS	Difference
Sharpe ratio Return per unit of total volatility	3.84	1.27	+2.57
Sortino ratio Return per unit of downside risk	5.20	1.72	+3.49
Omega ratio Gain probability vs. loss probability	1.67	1.23	+0.44
Calmar ratio Return relative to maximum drawdown	10.55	2.63	+7.92
Martin ratio Return relative to average drawdown	39.58	7.72	+31.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CLSE vs. EHLS - Sharpe Ratio Comparison

The current CLSE Sharpe Ratio is 3.84, which is higher than the EHLS Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of CLSE and EHLS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CLSE	EHLS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.84	1.27	+2.57
Sharpe Ratio (All Time) Calculated using the full available price history	1.59	0.81	+0.79

Drawdowns

CLSE vs. EHLS - Drawdown Comparison

The maximum CLSE drawdown since its inception was -16.45%, smaller than the maximum EHLS drawdown of -18.96%. Use the drawdown chart below to compare losses from any high point for CLSE and EHLS.

Drawdown Indicators

	CLSE	EHLS	Difference
Max Drawdown Largest peak-to-trough decline	-16.45%	-18.96%	+2.51%
Max Drawdown (1Y) Largest decline over 1 year	-4.85%	-9.06%	+4.21%
Max Drawdown (3Y) Largest decline over 3 years	-16.45%	—	—
Current Drawdown Current decline from peak	0.00%	-1.54%	+1.54%
Average Drawdown Average peak-to-trough decline	-3.59%	-4.43%	+0.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.29%	3.08%	-1.79%

Volatility

CLSE vs. EHLS - Volatility Comparison

The current volatility for Convergence Long/Short Equity ETF (CLSE) is 4.31%, while Even Herd Long Short ETF (EHLS) has a volatility of 5.41%. This indicates that CLSE experiences smaller price fluctuations and is considered to be less risky than EHLS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CLSE	EHLS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.31%	5.41%	-1.10%
Volatility (6M) Calculated over the trailing 6-month period	10.21%	14.54%	-4.33%
Volatility (1Y) Calculated over the trailing 1-year period	13.32%	18.71%	-5.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.88%	19.76%	-5.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.88%	19.76%	-5.88%

CLSE vs. EHLS - Expense Ratio Comparison

CLSE has a 1.56% expense ratio, which is lower than EHLS's 1.58% expense ratio.

Dividends

CLSE vs. EHLS - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022
CLSE Convergence Long/Short Equity ETF	0.76%	0.95%	0.93%	1.21%	0.85%
EHLS Even Herd Long Short ETF	0.00%	0.00%	1.03%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CLSE and EHLS in my portfolio?

CLSE and EHLS have a correlation of 0.68, 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 EHLS?

EHLS has higher volatility (5.41%) compared to CLSE (4.31%). In terms of maximum drawdown, CLSE dropped -16.45% vs EHLS's -18.96%.

Which ETF is better, CLSE or EHLS?

On 1-year performance, CLSE leads with 50.91% vs 23.69% for EHLS. On fees, CLSE is cheaper at 1.56% per year. On volatility, CLSE has been the lower-risk option at 4.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CLSE or EHLS?

Over the 1-year period, CLSE has performed better with a 50.91% return vs 23.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CLSE or EHLS?

CLSE is cheaper with a 1.56% expense ratio, compared with 1.58% for EHLS.

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

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

What is the main difference between CLSE and EHLS?

They also come from different issuers: Convergence Investment Partners and N/A. Their fees differ too: 1.56% for CLSE and 1.58% for EHLS.

Which has better risk-adjusted returns?

CLSE currently has the higher Sharpe Ratio (3.84 vs 1.27), 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.