CLSE vs. NELIX

Last updated Jun 4, 2026

CLSE (Convergence Long/Short Equity ETF) and NELIX (Nuveen Equity Long/Short Fund) are both Long-Short funds. Over the past 3 years, CLSE returned 32.39%/yr vs 18.45%/yr for NELIX. A 0.76 correlation means they provide meaningful diversification when combined. CLSE charges 1.56%/yr vs 1.35%/yr for NELIX.

Performance

CLSE vs. NELIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Convergence Long/Short Equity ETF (CLSE) and Nuveen Equity Long/Short Fund (NELIX). 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 NELIX's 7.96% return.

CLSE

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

NELIX

• 1D: -0.23%
• 1M: 2.55%
• YTD: 7.96%
• 6M: 7.89%
• 1Y: 19.68%
• 3Y*: 18.45%
• 5Y*: 10.77%
• 10Y*: 10.70%

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

CLSE vs. NELIX - 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%
NELIX Nuveen Equity Long/Short Fund	7.96%	11.31%	20.55%	24.09%	-9.57%

Correlation

The correlation between CLSE and NELIX is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (All Time) Calculated using the full available price history since Feb 23, 2022	0.76

The correlation between CLSE and NELIX has been stable across timeframes, ranging from 0.74 to 0.78 - a consistent structural relationship.

Return for Risk

CLSE vs. NELIX — 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

NELIX

NELIX Risk / Return Rank: 59
NELIX Sharpe Ratio Rank: 53
NELIX Sortino Ratio Rank: 52
NELIX Omega Ratio Rank: 50
NELIX Calmar Ratio Rank: 71
NELIX Martin Ratio Rank: 69

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. NELIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Convergence Long/Short Equity ETF (CLSE) and Nuveen Equity Long/Short Fund (NELIX). 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	NELIX	Difference
Sharpe ratio Return per unit of total volatility	3.84	2.16	+1.69
Sortino ratio Return per unit of downside risk	5.20	3.03	+2.17
Omega ratio Gain probability vs. loss probability	1.67	1.39	+0.28
Calmar ratio Return relative to maximum drawdown	10.55	3.29	+7.26
Martin ratio Return relative to average drawdown	39.58	13.27	+26.31
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. NELIX - Sharpe Ratio Comparison

The current CLSE Sharpe Ratio is 3.84, which is higher than the NELIX Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of CLSE and NELIX, 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	NELIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.84	2.16	+1.69
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.86	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.79	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.59	0.74	+0.86

Drawdowns

CLSE vs. NELIX - Drawdown Comparison

The maximum CLSE drawdown since its inception was -16.45%, smaller than the maximum NELIX drawdown of -28.72%. Use the drawdown chart below to compare losses from any high point for CLSE and NELIX.

Drawdown Indicators

	CLSE	NELIX	Difference
Max Drawdown Largest peak-to-trough decline	-16.45%	-28.72%	+12.27%
Max Drawdown (1Y) Largest decline over 1 year	-4.85%	-6.31%	+1.46%
Max Drawdown (3Y) Largest decline over 3 years	-16.45%	-15.50%	-0.95%
Max Drawdown (5Y) Largest decline over 5 years	—	-19.30%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-28.72%	—
Current Drawdown Current decline from peak	0.00%	-0.35%	+0.35%
Average Drawdown Average peak-to-trough decline	-3.59%	-4.70%	+1.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.29%	1.56%	-0.27%

Volatility

CLSE vs. NELIX - Volatility Comparison

Convergence Long/Short Equity ETF (CLSE) has a higher volatility of 4.31% compared to Nuveen Equity Long/Short Fund (NELIX) at 2.47%. This indicates that CLSE's price experiences larger fluctuations and is considered to be riskier than NELIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CLSE	NELIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.31%	2.47%	+1.84%
Volatility (6M) Calculated over the trailing 6-month period	10.21%	7.33%	+2.88%
Volatility (1Y) Calculated over the trailing 1-year period	13.32%	9.51%	+3.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.88%	12.66%	+1.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.88%	13.68%	+0.20%

CLSE vs. NELIX - Expense Ratio Comparison

CLSE has a 1.56% expense ratio, which is higher than NELIX's 1.35% expense ratio.

Dividends

CLSE vs. NELIX - Dividend Comparison

CLSE's dividend yield for the trailing twelve months is around 0.76%, less than NELIX's 3.53% yield.

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%
NELIX Nuveen Equity Long/Short Fund	3.53%	3.81%	4.78%	4.20%	6.84%	2.44%	0.00%	0.00%	1.35%	1.58%

Frequently Asked Questions

Can I hold both CLSE and NELIX in my portfolio?

CLSE and NELIX have a correlation of 0.74, 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 NELIX?

CLSE has higher volatility (4.31%) compared to NELIX (2.47%). In terms of maximum drawdown, CLSE dropped -16.45% vs NELIX's -28.72%.

Which has better risk-adjusted returns?

CLSE currently has the higher Sharpe Ratio (3.84 vs 2.16), 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.