CLSE vs. HECA

Last updated Jun 21, 2026

CLSE (Convergence Long/Short Equity ETF) and HECA (Hedgeye Capital Allocation ETF) are both exchange-traded funds - CLSE is a Long-Short fund actively managed by Convergence Investment Partners, while HECA is a Global Allocation fund actively managed by Hedgeye. Both are actively managed. At a 0.37 correlation, their price movements are largely independent. CLSE charges 1.52%/yr vs 1.02%/yr for HECA.

Performance

CLSE vs. HECA - Performance Comparison

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

Returns By Period

In the year-to-date period, CLSE achieves a 25.06% return, which is significantly higher than HECA's -2.82% return.

CLSE

• 1D: 0.29%
• 1M: 3.61%
• YTD: 25.06%
• 6M: 24.84%
• 1Y: 50.50%
• 3Y*: 31.66%
• 5Y*: —
• 10Y*: —

HECA

• 1D: -0.04%
• 1M: -2.18%
• YTD: -2.82%
• 6M: -2.69%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CLSE vs. HECA - Yearly Performance Comparison

	2026 (YTD)	2025
CLSE Convergence Long/Short Equity ETF	25.06%	18.07%
HECA Hedgeye Capital Allocation ETF	-2.82%	12.83%

Correlation

The correlation between CLSE and HECA is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 1, 2025	0.37

Return for Risk

CLSE vs. HECA — Risk / Return Rank

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

CLSE

CLSE Risk / Return Rank: 96
CLSE Sharpe Ratio Rank: 95
CLSE Sortino Ratio Rank: 95
CLSE Omega Ratio Rank: 94
CLSE Calmar Ratio Rank: 97
CLSE Martin Ratio Rank: 97

HECA

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

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. HECA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Convergence Long/Short Equity ETF (CLSE) and Hedgeye Capital Allocation ETF (HECA). 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	HECA	Difference
Sharpe ratio: Return per unit of total volatility	3.66	—	—
Sortino ratio: Return per unit of downside risk	4.92	—	—
Omega ratio: Gain probability vs. loss probability	1.64	—	—
Calmar ratio: Return relative to maximum drawdown	10.26	—	—
Martin ratio: Return relative to average drawdown	37.35	—	—

Drawdowns

CLSE vs. HECA - Drawdown Comparison

The maximum CLSE drawdown since its inception was -16.45%, which is greater than HECA's maximum drawdown of -12.82%. Use the drawdown chart below to compare losses from any high point for CLSE and HECA.

Drawdown Indicators

	CLSE	HECA	Difference
Max Drawdown Largest peak-to-trough decline	-16.45%	-12.82%	-3.63%
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	-0.78%	-12.82%	+12.04%
Average Drawdown Average peak-to-trough decline	-3.57%	-3.54%	-0.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.33%	—	—

Volatility

Volatility by Period

	CLSE	HECA	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.02%	—	—
Volatility (6M) Calculated over the trailing 6-month period	10.55%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	13.61%	12.62%	+0.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.91%	12.62%	+1.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.91%	12.62%	+1.29%

CLSE vs. HECA - Expense Ratio Comparison

CLSE has a 1.52% expense ratio, which is higher than HECA's 1.02% expense ratio.

Dividends

CLSE vs. HECA - Dividend Comparison

CLSE's dividend yield for the trailing twelve months is around 0.76%, less than HECA's 2.08% yield.

Position	TTM	2025	2024	2023	2022
CLSE Convergence Long/Short Equity ETF	0.76%	0.95%	0.93%	1.21%	0.85%
HECA Hedgeye Capital Allocation ETF	2.08%	2.02%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CLSE and HECA in my portfolio?

CLSE and HECA have a correlation of 0.37, 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 HECA?

On fees, HECA is cheaper at 1.02% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CLSE or HECA?

HECA is cheaper with a 1.02% expense ratio, compared with 1.52% for CLSE.

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

HECA has the higher dividend yield at 2.08%, compared with 0.76% for CLSE.

What is the main difference between CLSE and HECA?

CLSE is categorized as Long-Short, while HECA is Global Allocation. They also come from different issuers: Convergence Investment Partners and Hedgeye. Their fees differ too: 1.52% for CLSE and 1.02% for HECA.