CSM vs. FTLS
CSM (Proshares Large Cap Core Plus) and FTLS (First Trust Long/Short Equity ETF) are both Long-Short funds. CSM is passively managed, while FTLS is actively managed. Over the past 10 years, CSM returned 14.43%/yr vs 9.94%/yr for FTLS. Their correlation of 0.80 suggests significant overlap in exposure. CSM charges 0.45%/yr vs 1.60%/yr for FTLS.
Performance
CSM vs. FTLS - Performance Comparison
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Returns By Period
In the year-to-date period, CSM achieves a 6.09% return, which is significantly higher than FTLS's 4.70% return. Over the past 10 years, CSM has outperformed FTLS with an annualized return of 14.43%, while FTLS has yielded a comparatively lower 9.94% annualized return.
CSM
- 1D
- -1.20%
- 1M
- -1.28%
- YTD
- 6.09%
- 6M
- 5.46%
- 1Y
- 24.27%
- 3Y*
- 20.69%
- 5Y*
- 12.67%
- 10Y*
- 14.43%
FTLS
- 1D
- -0.80%
- 1M
- -0.52%
- YTD
- 4.70%
- 6M
- 4.14%
- 1Y
- 15.03%
- 3Y*
- 14.05%
- 5Y*
- 10.03%
- 10Y*
- 9.94%
CSM vs. FTLS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CSM Proshares Large Cap Core Plus | 6.09% | 21.84% | 22.09% | 23.50% | -18.27% | 33.13% | 10.94% | 29.26% | -7.88% | 22.52% |
FTLS First Trust Long/Short Equity ETF | 4.70% | 9.09% | 18.80% | 16.94% | -5.56% | 19.65% | 2.56% | 16.16% | -4.81% | 14.41% |
Correlation
The correlation between CSM and FTLS 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 | 0.76 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.77 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.81 |
Correlation (All Time) Calculated using the full available price history since Sep 10, 2014 | 0.80 |
The correlation between CSM and FTLS has been stable across timeframes, ranging from 0.74 to 0.81 - a consistent structural relationship.
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Return for Risk
CSM vs. FTLS — Risk / Return Rank
CSM
FTLS
CSM vs. FTLS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Proshares Large Cap Core Plus (CSM) and First Trust Long/Short Equity ETF (FTLS). 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.
| CSM | FTLS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.17 | ||
| Sortino ratioReturn per unit of downside risk | +0.11 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.33 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.59 | 3.99 | -1.39 |
| Martin ratioReturn relative to average drawdown | 10.87 | 12.35 | -1.48 |
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Drawdowns
CSM vs. FTLS - Drawdown Comparison
The maximum CSM drawdown since its inception was -36.11%, which is greater than FTLS's maximum drawdown of -20.54%. Use the drawdown chart below to compare losses from any high point for CSM and FTLS.
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Drawdown Indicators
| CSM | FTLS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.11% | -20.54% | -15.57% |
Max Drawdown (1Y)Largest decline over 1 year | -9.40% | -3.79% | -5.61% |
Max Drawdown (3Y)Largest decline over 3 years | -18.30% | -11.69% | -6.61% |
Max Drawdown (5Y)Largest decline over 5 years | -23.82% | -11.69% | -12.13% |
Max Drawdown (10Y)Largest decline over 10 years | -36.11% | -20.54% | -15.57% |
Current DrawdownCurrent decline from peak | -3.47% | -0.82% | -2.65% |
Average DrawdownAverage peak-to-trough decline | -4.03% | -2.69% | -1.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.24% | 1.22% | +1.02% |
Volatility
CSM vs. FTLS - Volatility Comparison
Proshares Large Cap Core Plus (CSM) has a higher volatility of 4.50% compared to First Trust Long/Short Equity ETF (FTLS) at 2.55%. This indicates that CSM's price experiences larger fluctuations and is considered to be riskier than FTLS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CSM | FTLS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.50% | 2.55% | +1.95% |
Volatility (6M)Calculated over the trailing 6-month period | 9.57% | 5.95% | +3.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.42% | 8.40% | +4.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.19% | 10.58% | +6.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.39% | 11.27% | +7.12% |
CSM vs. FTLS - Expense Ratio Comparison
CSM has a 0.45% expense ratio, which is lower than FTLS's 1.60% expense ratio.
Dividends
CSM vs. FTLS - Dividend Comparison
CSM's dividend yield for the trailing twelve months is around 1.03%, more than FTLS's 0.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CSM Proshares Large Cap Core Plus | 1.03% | 1.04% | 1.06% | 1.17% | 1.37% | 0.78% | 1.21% | 1.41% | 1.54% | 1.28% | 1.49% | 1.67% |
FTLS First Trust Long/Short Equity ETF | 0.90% | 1.07% | 1.50% | 1.49% | 0.81% | 0.01% | 0.44% | 0.83% | 0.87% | 0.43% | 1.04% | 0.49% |
Frequently Asked Questions
CSM and FTLS 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.
CSM has higher volatility (4.50%) compared to FTLS (2.55%). In terms of maximum drawdown, CSM dropped -36.11% vs FTLS's -20.54%.
On 10-year performance, CSM leads with 14.43% vs 9.94% for FTLS. On fees, CSM is cheaper at 0.45% per year. On volatility, FTLS has been the lower-risk option at 2.55%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, CSM has performed better with a 14.43% return vs 9.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CSM is cheaper with a 0.45% expense ratio, compared with 1.60% for FTLS.
CSM has the higher dividend yield at 1.03%, compared with 0.90% for FTLS.
They also come from different issuers: ProShares and First Trust. Their fees differ too: 0.45% for CSM and 1.60% for FTLS.
CSM currently has the higher Sharpe Ratio (1.97 vs 1.80), 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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