CLSE vs. FTLS

Last updated Jun 4, 2026

CLSE (Convergence Long/Short Equity ETF) and FTLS (First Trust Long/Short Equity ETF) are both Long-Short funds. Both are actively managed. Over the past 3 years, CLSE returned 32.39%/yr vs 14.31%/yr for FTLS. A 0.67 correlation means they provide meaningful diversification when combined. CLSE charges 1.56%/yr vs 1.60%/yr for FTLS.

Performance

CLSE vs. FTLS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Convergence Long/Short Equity ETF (CLSE) and First Trust Long/Short Equity ETF (FTLS). 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 FTLS's 5.34% return.

CLSE

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

FTLS

• 1D: 0.12%
• 1M: 2.01%
• YTD: 5.34%
• 6M: 5.22%
• 1Y: 14.27%
• 3Y*: 14.31%
• 5Y*: 10.27%
• 10Y*: 9.83%

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

CLSE vs. FTLS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
CLSE Convergence Long/Short Equity ETF	25.76%	20.44%	35.54%	17.54%	-3.04%
FTLS First Trust Long/Short Equity ETF	5.34%	9.09%	18.80%	16.94%	-0.13%

Correlation

The correlation between CLSE and FTLS is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (All Time) Calculated using the full available price history since Feb 23, 2022	0.67

The correlation between CLSE and FTLS has been stable across timeframes, ranging from 0.61 to 0.67 - a consistent structural relationship.

CLSE vs. FTLS - Sectors Allocation Comparison

Sectors	CLSE	FTLS
Technology	33.2%	26.9%
Healthcare	6.5%	8.4%
Consumer Cyclical	6.2%	9.5%
Communication Services	6.1%	6.1%
Energy	2.7%	7.3%
Industrials	2.2%	7.6%
Utilities	1.7%	0.9%
Real Estate	1.7%	1.9%
Basic Materials	1.5%	5.1%
Consumer Defensive	0.9%	6.5%
Financial Services	-2.5%	19.9%

Return for Risk

CLSE vs. FTLS — 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

FTLS

FTLS Risk / Return Rank: 58
FTLS Sharpe Ratio Rank: 50
FTLS Sortino Ratio Rank: 52
FTLS Omega Ratio Rank: 50
FTLS Calmar Ratio Rank: 74
FTLS Martin Ratio Rank: 64

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. FTLS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Convergence Long/Short Equity ETF (CLSE) and First Trust Long/Short Equity ETF (FTLS). 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	FTLS	Difference
Sharpe ratio: Return per unit of total volatility	3.84	1.75	+2.09
Sortino ratio: Return per unit of downside risk	5.20	2.56	+2.65
Omega ratio: Gain probability vs. loss probability	1.67	1.32	+0.36
Calmar ratio: Return relative to maximum drawdown	10.55	3.79	+6.76
Martin ratio: Return relative to average drawdown	39.58	11.78	+27.79
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. FTLS - Sharpe Ratio Comparison

The current CLSE Sharpe Ratio is 3.84, which is higher than the FTLS Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of CLSE and FTLS, 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	FTLS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.84	1.75	+2.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.98	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.59	0.81	+0.78

Drawdowns

CLSE vs. FTLS - Drawdown Comparison

The maximum CLSE drawdown since its inception was -16.45%, smaller than the maximum FTLS drawdown of -20.54%. Use the drawdown chart below to compare losses from any high point for CLSE and FTLS.

Drawdown Indicators

	CLSE	FTLS	Difference
Max Drawdown Largest peak-to-trough decline	-16.45%	-20.54%	+4.09%
Max Drawdown (1Y) Largest decline over 1 year	-4.85%	-3.79%	-1.06%
Max Drawdown (3Y) Largest decline over 3 years	-16.45%	-11.69%	-4.76%
Max Drawdown (5Y) Largest decline over 5 years	—	-11.69%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-20.54%	—
Current Drawdown Current decline from peak	0.00%	-0.03%	+0.03%
Average Drawdown Average peak-to-trough decline	-3.59%	-2.69%	-0.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.29%	1.21%	+0.08%

Volatility

CLSE vs. FTLS - Volatility Comparison

Convergence Long/Short Equity ETF (CLSE) has a higher volatility of 4.31% compared to First Trust Long/Short Equity ETF (FTLS) at 1.81%. This indicates that CLSE's price experiences larger fluctuations and is considered to be riskier than FTLS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CLSE	FTLS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.31%	1.81%	+2.50%
Volatility (6M) Calculated over the trailing 6-month period	10.21%	5.65%	+4.56%
Volatility (1Y) Calculated over the trailing 1-year period	13.32%	8.18%	+5.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.88%	10.55%	+3.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.88%	11.30%	+2.58%

CLSE vs. FTLS - Expense Ratio Comparison

CLSE has a 1.56% expense ratio, which is lower than FTLS's 1.60% expense ratio.

Dividends

CLSE vs. FTLS - Dividend Comparison

CLSE's dividend yield for the trailing twelve months is around 0.76%, less than FTLS's 0.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
FTLS First Trust Long/Short Equity ETF	0.90%	1.07%	1.50%	1.49%	0.81%	0.01%	0.44%	0.83%	0.87%	0.43%	1.04%	0.49%

Frequently Asked Questions

Can I hold both CLSE and FTLS in my portfolio?

CLSE and FTLS have a correlation of 0.61, 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 FTLS?

CLSE has higher volatility (4.31%) compared to FTLS (1.81%). In terms of maximum drawdown, CLSE dropped -16.45% vs FTLS's -20.54%.

Which ETF is better, CLSE or FTLS?

On 3-year performance, CLSE leads with 32.39% vs 14.31% for FTLS. On fees, CLSE is cheaper at 1.56% per year. On volatility, FTLS has been the lower-risk option at 1.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CLSE or FTLS?

Over the 3-year period, CLSE has performed better with a 32.39% return vs 14.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CLSE or FTLS?

CLSE is cheaper with a 1.56% expense ratio, compared with 1.60% for FTLS.

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

FTLS has the higher dividend yield at 0.90%, compared with 0.76% for CLSE.

What is the main difference between CLSE and FTLS?

They also come from different issuers: Convergence Investment Partners and First Trust. Their fees differ too: 1.56% for CLSE and 1.60% for FTLS.

Which has better risk-adjusted returns?

CLSE currently has the higher Sharpe Ratio (3.84 vs 1.75), 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.