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, 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 30.39%/yr vs 37.01%/yr for GBTC. Their 0.26 correlation means their historical movements had little consistent relationship. CLSE charges 1.52%/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 24.81% return, which is significantly higher than GBTC's -27.69% return.
CLSE
- 1D
- 0.35%
- 1M
- 2.56%
- 6M
- 19.27%
- YTD
- 24.81%
- 1Y
- 44.76%
- 3Y*
- 30.39%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 20.50%
GBTC
- 1D
- 1.44%
- 1M
- 3.76%
- 6M
- -18.73%
- YTD
- -27.69%
- 1Y
- -44.39%
- 3Y*
- 37.01%
- 5Y*
- 8.32%
- 10Y*
- 49.81%
- ALL TIME*
- 54.64%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $15.23M | $12.23M | $10.07M | |
| $78.35M | $76.63M | $100.73M |
CLSE vs. GBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
CLSE Convergence Long/Short Equity ETF | 24.81% | 20.44% | 35.54% | 17.54% | -4.38% |
GBTC Grayscale Bitcoin Trust ETF | -27.69% | -7.65% | 113.81% | 317.61% | -69.63% |
Correlation
The correlation between CLSE and GBTC is 0.33, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.33 |
Correlation (3Y) Balances recent behavior with more history. | 0.26 |
Correlation (All Time) Calculated using the full available price history since Feb 22, 2022 | 0.26 |
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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.
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 | GBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +4.29 | ||
| Sortino ratioReturn per unit of downside risk | +5.96 | ||
| Omega ratioGain probability vs. loss probability | 1.57 | 0.84 | +0.73 |
| Calmar ratioReturn relative to maximum drawdown | 9.27 | -0.83 | +10.10 |
| Martin ratioReturn relative to average drawdown | 31.26 | -1.27 | +32.52 |
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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% | -53.75% | +48.90% |
Max Drawdown (3Y)Largest decline over 3 years | -16.45% | -53.75% | +37.30% |
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 | -0.99% | -49.78% | +48.79% |
Average DrawdownAverage peak-to-trough decline | -3.52% | -43.51% | +39.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.44% | 35.06% | -33.62% |
Volatility
CLSE vs. GBTC - Volatility Comparison
The current volatility for Convergence Long/Short Equity ETF (CLSE) is 2.81%, while Grayscale Bitcoin Trust ETF (GBTC) has a volatility of 8.85%. 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 | 2.81% | 8.85% | -6.04% |
Volatility (6M)Calculated over the trailing 6-month period | 10.76% | 33.72% | -22.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.71% | 44.38% | -30.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.86% | 60.56% | -46.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.86% | 81.19% | -67.33% |
CLSE vs. GBTC - Expense Ratio Comparison
CLSE has a 1.52% 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 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GBTC has higher volatility (8.85%) compared to CLSE (2.81%). In terms of maximum drawdown, CLSE dropped -16.45% vs GBTC's -89.91%.
On 3-year performance, GBTC leads with 37.01% vs 30.39% for CLSE. On fees, GBTC is cheaper at 1.50% per year. On volatility, CLSE has been the lower-risk option at 2.81%. 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 37.01% return vs 30.39%. 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 1.52% 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 and Grayscale. Their fees differ too: 1.52% for CLSE and 1.50% for GBTC.
CLSE currently has the higher Sharpe Ratio (3.29 vs -1.01), 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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