CLSE vs. GBTC
CLSE (Convergence Long/Short Equity ETF) and GBTC (Grayscale Bitcoin Trust ETF) are both exchange-traded funds - CLSE is a Long-Short fund actively managed by Convergence Investment Partners, while GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index. CLSE is actively managed, while GBTC is passively managed. Over the past 3 years, CLSE returned 32.39%/yr vs 52.23%/yr for GBTC. At a 0.25 correlation, their price movements are largely independent. CLSE charges 1.56%/yr vs 1.50%/yr for GBTC.
Performance
CLSE vs. GBTC - Performance Comparison
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Returns By Period
In the year-to-date period, CLSE achieves a 25.76% return, which is significantly higher than GBTC's -25.79% return.
CLSE
- 1D
- 0.35%
- 1M
- 9.28%
- YTD
- 25.76%
- 6M
- 28.57%
- 1Y
- 50.91%
- 3Y*
- 32.39%
- 5Y*
- —
- 10Y*
- —
GBTC
- 1D
- -2.74%
- 1M
- -18.48%
- YTD
- -25.79%
- 6M
- -30.25%
- 1Y
- -39.46%
- 3Y*
- 52.23%
- 5Y*
- 10.42%
- 10Y*
- 50.46%
CLSE vs. GBTC - 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% |
GBTC Grayscale Bitcoin Trust ETF | -25.79% | -7.65% | 113.81% | 317.61% | -68.03% |
Correlation
The correlation between CLSE and GBTC is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
Correlation (All Time) Calculated using the full available price history since Feb 23, 2022 | 0.25 |
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Return for Risk
CLSE vs. GBTC — Risk / Return Rank
CLSE
GBTC
CLSE vs. GBTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Convergence Long/Short Equity ETF (CLSE) and Grayscale Bitcoin Trust ETF (GBTC). 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 | GBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +4.75 | ||
| Sortino ratioReturn per unit of downside risk | +6.47 | ||
| Omega ratioGain probability vs. loss probability | 1.67 | 0.86 | +0.82 |
| Calmar ratioReturn relative to maximum drawdown | 10.55 | -0.80 | +11.35 |
| Martin ratioReturn relative to average drawdown | 39.58 | -1.38 | +40.95 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CLSE | GBTC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.84 | -0.91 | +4.75 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.17 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.62 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.59 | 0.66 | +0.93 |
Drawdowns
CLSE vs. GBTC - Drawdown Comparison
The maximum CLSE drawdown since its inception was -16.45%, smaller than the maximum GBTC drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for CLSE and GBTC.
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Drawdown Indicators
| CLSE | GBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.45% | -89.91% | +73.46% |
Max Drawdown (1Y)Largest decline over 1 year | -4.85% | -49.55% | +44.70% |
Max Drawdown (3Y)Largest decline over 3 years | -16.45% | -49.55% | +33.10% |
Max Drawdown (5Y)Largest decline over 5 years | — | -85.42% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -89.91% | — |
Current DrawdownCurrent decline from peak | 0.00% | -48.46% | +48.46% |
Average DrawdownAverage peak-to-trough decline | -3.59% | -43.43% | +39.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.29% | 28.63% | -27.34% |
Volatility
CLSE vs. GBTC - Volatility Comparison
The current volatility for Convergence Long/Short Equity ETF (CLSE) is 4.31%, while Grayscale Bitcoin Trust ETF (GBTC) has a volatility of 9.43%. This indicates that CLSE experiences smaller price fluctuations and is considered to be less risky than GBTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CLSE | GBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.31% | 9.43% | -5.12% |
Volatility (6M)Calculated over the trailing 6-month period | 10.21% | 34.39% | -24.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.32% | 43.66% | -30.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.88% | 62.45% | -48.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.88% | 82.21% | -68.33% |
CLSE vs. GBTC - Expense Ratio Comparison
CLSE has a 1.56% expense ratio, which is higher than GBTC's 1.50% expense ratio.
Dividends
CLSE vs. GBTC - Dividend Comparison
CLSE's dividend yield for the trailing twelve months is around 0.76%, while GBTC 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% |
GBTC Grayscale Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 5.61% |
Frequently Asked Questions
CLSE and GBTC have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GBTC has higher volatility (9.43%) compared to CLSE (4.31%). In terms of maximum drawdown, CLSE dropped -16.45% vs GBTC's -89.91%.
On 3-year performance, GBTC leads with 52.23% vs 32.39% for CLSE. On fees, GBTC is cheaper at 1.50% 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.
Over the 3-year period, GBTC has performed better with a 52.23% return vs 32.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GBTC is cheaper with a 1.50% expense ratio, compared with 1.56% for CLSE.
CLSE has the higher dividend yield at 0.76%, compared with 0.00% for GBTC.
CLSE is categorized as Long-Short, while GBTC is Cryptocurrency. They also come from different issuers: Convergence Investment Partners and Grayscale. Their fees differ too: 1.56% for CLSE and 1.50% for GBTC.
CLSE currently has the higher Sharpe Ratio (3.84 vs -0.91), 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.
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