CLSE vs. IALT
CLSE (Convergence Long/Short Equity ETF) and IALT (iShares Systematic Alternatives Active ETF) are both exchange-traded funds - CLSE is a Long-Short fund actively managed by Convergence Investment Partners, while IALT is a Multistrategy fund actively managed by iShares. Both are actively managed. At a 0.49 correlation, their price movements are largely independent. CLSE charges 1.52%/yr vs 0.99%/yr for IALT.
Performance
CLSE vs. IALT - Performance Comparison
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Returns By Period
In the year-to-date period, CLSE achieves a 25.03% return, which is significantly higher than IALT's 12.70% return.
CLSE
- 1D
- 0.47%
- 1M
- 0.92%
- 6M
- 23.18%
- YTD
- 25.03%
- 1Y
- 48.39%
- 3Y*
- 31.07%
- 5Y*
- —
- 10Y*
- —
IALT
- 1D
- -0.14%
- 1M
- 0.63%
- 6M
- 10.58%
- YTD
- 12.70%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CLSE vs. IALT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CLSE Convergence Long/Short Equity ETF | 25.03% | 0.74% |
IALT iShares Systematic Alternatives Active ETF | 12.70% | 0.83% |
Correlation
The correlation between CLSE and IALT is 0.49, 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 Dec 10, 2025 | 0.49 |
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Return for Risk
CLSE vs. IALT — Risk / Return Rank
CLSE
IALT
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
CLSE vs. IALT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Convergence Long/Short Equity ETF (CLSE) and iShares Systematic Alternatives Active ETF (IALT). 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 | IALT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.61 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 9.99 | — | — |
| Martin ratioReturn relative to average drawdown | 35.16 | — | — |
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Drawdowns
CLSE vs. IALT - Drawdown Comparison
The maximum CLSE drawdown since its inception was -16.45%, which is greater than IALT's maximum drawdown of -2.27%. Use the drawdown chart below to compare losses from any high point for CLSE and IALT.
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Drawdown Indicators
| CLSE | IALT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.45% | -2.27% | -14.18% |
Max Drawdown (1Y)Largest decline over 1 year | -4.85% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -16.45% | — | — |
Current DrawdownCurrent decline from peak | -0.81% | -0.46% | -0.35% |
Average DrawdownAverage peak-to-trough decline | -3.54% | -0.48% | -3.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.38% | — | — |
Volatility
CLSE vs. IALT - Volatility Comparison
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Volatility by Period
| CLSE | IALT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.99% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 10.76% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 13.75% | 7.82% | +5.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.91% | 7.82% | +6.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.91% | 7.82% | +6.09% |
CLSE vs. IALT - Expense Ratio Comparison
CLSE has a 1.52% expense ratio, which is higher than IALT's 0.99% expense ratio.
Dividends
CLSE vs. IALT - Dividend Comparison
CLSE's dividend yield for the trailing twelve months is around 0.76%, more than IALT's 0.40% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
CLSE Convergence Long/Short Equity ETF | 0.76% | 0.95% | 0.93% | 1.21% | 0.85% |
IALT iShares Systematic Alternatives Active ETF | 0.40% | 0.14% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CLSE and IALT have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IALT is cheaper at 0.99% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IALT is cheaper with a 0.99% expense ratio, compared with 1.52% for CLSE.
CLSE has the higher dividend yield at 0.76%, compared with 0.40% for IALT.
CLSE is categorized as Long-Short, while IALT is Multistrategy. They also come from different issuers: Convergence Investment Partners and iShares. Their fees differ too: 1.52% for CLSE and 0.99% for IALT.
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