CLSE vs. SVXY
CLSE (Convergence Long/Short Equity ETF) and SVXY (ProShares Short VIX Short-Term Futures ETF) are both exchange-traded funds - CLSE is a Long-Short fund actively managed by Convergence Investment Partners, while SVXY is a Volatility fund tracking the S&P 500 VIX Short-Term Futures Index (-100%). CLSE is actively managed, while SVXY is passively managed. Over the past 3 years, CLSE returned 32.39%/yr vs 13.21%/yr for SVXY. A 0.53 correlation means they provide meaningful diversification when combined. CLSE charges 1.56%/yr vs 1.38%/yr for SVXY.
Performance
CLSE vs. SVXY - 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 SVXY's -0.92% return.
CLSE
- 1D
- 0.35%
- 1M
- 9.28%
- YTD
- 25.76%
- 6M
- 28.57%
- 1Y
- 50.91%
- 3Y*
- 32.39%
- 5Y*
- —
- 10Y*
- —
SVXY
- 1D
- -0.20%
- 1M
- 8.44%
- YTD
- -0.92%
- 6M
- 7.55%
- 1Y
- 33.37%
- 3Y*
- 13.21%
- 5Y*
- 15.76%
- 10Y*
- -1.59%
CLSE vs. SVXY - 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% |
SVXY ProShares Short VIX Short-Term Futures ETF | -0.92% | 10.63% | -3.17% | 76.21% | 12.33% |
Correlation
The correlation between CLSE and SVXY is 0.50, 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 | 0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.51 |
Correlation (All Time) Calculated using the full available price history since Feb 23, 2022 | 0.53 |
The correlation between CLSE and SVXY has been stable across timeframes, ranging from 0.50 to 0.53 - a consistent structural relationship.
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Return for Risk
CLSE vs. SVXY — Risk / Return Rank
CLSE
SVXY
CLSE vs. SVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Convergence Long/Short Equity ETF (CLSE) and ProShares Short VIX Short-Term Futures ETF (SVXY). 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 | SVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.67 | ||
| Sortino ratioReturn per unit of downside risk | +3.56 | ||
| Omega ratioGain probability vs. loss probability | 1.67 | 1.23 | +0.44 |
| Calmar ratioReturn relative to maximum drawdown | 10.55 | 1.46 | +9.09 |
| Martin ratioReturn relative to average drawdown | 39.58 | 4.78 | +34.80 |
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 | SVXY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.84 | 1.17 | +2.67 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.45 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.03 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.59 | 0.22 | +1.38 |
Drawdowns
CLSE vs. SVXY - Drawdown Comparison
The maximum CLSE drawdown since its inception was -16.45%, smaller than the maximum SVXY drawdown of -95.25%. Use the drawdown chart below to compare losses from any high point for CLSE and SVXY.
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Drawdown Indicators
| CLSE | SVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.45% | -95.25% | +78.80% |
Max Drawdown (1Y)Largest decline over 1 year | -4.85% | -22.94% | +18.09% |
Max Drawdown (3Y)Largest decline over 3 years | -16.45% | -46.45% | +30.00% |
Max Drawdown (5Y)Largest decline over 5 years | — | -46.45% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -95.25% | — |
Current DrawdownCurrent decline from peak | 0.00% | -80.15% | +80.15% |
Average DrawdownAverage peak-to-trough decline | -3.59% | -56.87% | +53.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.29% | 7.00% | -5.71% |
Volatility
CLSE vs. SVXY - Volatility Comparison
Convergence Long/Short Equity ETF (CLSE) has a higher volatility of 4.31% compared to ProShares Short VIX Short-Term Futures ETF (SVXY) at 3.76%. This indicates that CLSE's price experiences larger fluctuations and is considered to be riskier than SVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CLSE | SVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.31% | 3.76% | +0.55% |
Volatility (6M)Calculated over the trailing 6-month period | 10.21% | 21.42% | -11.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.32% | 28.62% | -15.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.88% | 35.38% | -21.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.88% | 50.75% | -36.87% |
CLSE vs. SVXY - Expense Ratio Comparison
CLSE has a 1.56% expense ratio, which is higher than SVXY's 1.38% expense ratio.
Dividends
CLSE vs. SVXY - Dividend Comparison
CLSE's dividend yield for the trailing twelve months is around 0.76%, while SVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
CLSE Convergence Long/Short Equity ETF | 0.76% | 0.95% | 0.93% | 1.21% | 0.85% |
SVXY ProShares Short VIX Short-Term Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CLSE and SVXY have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CLSE has higher volatility (4.31%) compared to SVXY (3.76%). In terms of maximum drawdown, CLSE dropped -16.45% vs SVXY's -95.25%.
On 3-year performance, CLSE leads with 32.39% vs 13.21% for SVXY. On fees, SVXY is cheaper at 1.38% per year. On volatility, SVXY has been the lower-risk option at 3.76%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, CLSE has performed better with a 32.39% return vs 13.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SVXY is cheaper with a 1.38% expense ratio, compared with 1.56% for CLSE.
CLSE has the higher dividend yield at 0.76%, compared with 0.00% for SVXY.
CLSE is categorized as Long-Short, while SVXY is Volatility. They also come from different issuers: Convergence Investment Partners and ProShares. Their fees differ too: 1.56% for CLSE and 1.38% for SVXY.
CLSE currently has the higher Sharpe Ratio (3.84 vs 1.17), 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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