EHLS vs. CLSE

Last updated Apr 1, 2026

Compare and contrast key facts about Even Herd Long Short ETF (EHLS) and Convergence Long/Short Equity ETF (CLSE).

EHLS and CLSE are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. EHLS is an actively managed fund by N/A. It was launched on Apr 1, 2024. CLSE is an actively managed fund by Convergence Investment Partners. It was launched on Feb 22, 2022.

Performance

EHLS vs. CLSE - Performance Comparison

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

EHLS vs. CLSE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EHLS Even Herd Long Short ETF	6.23%	6.67%	11.57%
CLSE Convergence Long/Short Equity ETF	2.96%	20.44%	12.71%

Returns By Period

In the year-to-date period, EHLS achieves a 6.23% return, which is significantly higher than CLSE's 2.96% return.

EHLS

• 1D: 3.03%
• 1M: -3.88%
• YTD: 6.23%
• 6M: 6.41%
• 1Y: 24.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CLSE

• 1D: 2.44%
• 1M: -1.02%
• YTD: 2.96%
• 6M: 9.11%
• 1Y: 31.47%
• 3Y*: 24.16%
• 5Y*: —
• 10Y*: —

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

EHLS vs. CLSE - Expense Ratio Comparison

EHLS has a 1.58% expense ratio, which is higher than CLSE's 1.56% expense ratio.

EHLS

Even Herd Long Short ETF

CLSE

Convergence Long/Short Equity ETF

Return for Risk

EHLS vs. CLSE — Risk / Return Rank

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

EHLS

EHLS Risk / Return Rank: 72
EHLS Sharpe Ratio Rank: 71
EHLS Sortino Ratio Rank: 66
EHLS Omega Ratio Rank: 64
EHLS Calmar Ratio Rank: 86
EHLS Martin Ratio Rank: 74

CLSE

CLSE Risk / Return Rank: 94
CLSE Sharpe Ratio Rank: 94
CLSE Sortino Ratio Rank: 94
CLSE Omega Ratio Rank: 92
CLSE Calmar Ratio Rank: 96
CLSE Martin Ratio Rank: 97

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.

EHLS vs. CLSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Even Herd Long Short ETF (EHLS) and Convergence Long/Short Equity ETF (CLSE). 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.

	EHLS	CLSE	Difference
Sharpe ratio Return per unit of total volatility	1.26	2.19	-0.93
Sortino ratio Return per unit of downside risk	1.68	2.84	-1.16
Omega ratio Gain probability vs. loss probability	1.23	1.40	-0.16
Calmar ratio Return relative to maximum drawdown	2.66	4.14	-1.48
Martin ratio Return relative to average drawdown	7.80	19.56	-11.76
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EHLS vs. CLSE - Sharpe Ratio Comparison

The current EHLS Sharpe Ratio is 1.26, which is lower than the CLSE Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of EHLS and CLSE, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	EHLS	CLSE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.26	2.19	-0.93
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	1.25	-0.62

Correlation

The correlation between EHLS and CLSE is 0.76, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

EHLS vs. CLSE - Dividend Comparison

EHLS has not paid dividends to shareholders, while CLSE's dividend yield for the trailing twelve months is around 0.92%.

	TTM	2025	2024	2023	2022
EHLS Even Herd Long Short ETF	0.00%	0.00%	1.03%	0.00%	0.00%
CLSE Convergence Long/Short Equity ETF	0.92%	0.95%	0.93%	1.21%	0.85%

Drawdowns

EHLS vs. CLSE - Drawdown Comparison

The maximum EHLS drawdown since its inception was -18.96%, which is greater than CLSE's maximum drawdown of -16.45%. Use the drawdown chart below to compare losses from any high point for EHLS and CLSE.

Drawdown Indicators

	EHLS	CLSE	Difference
Max Drawdown Largest peak-to-trough decline	-18.96%	-16.45%	-2.51%
Max Drawdown (1Y) Largest decline over 1 year	-9.06%	-7.88%	-1.18%
Current Drawdown Current decline from peak	-5.58%	-2.53%	-3.05%
Average Drawdown Average peak-to-trough decline	-4.71%	-3.73%	-0.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.09%	1.67%	+1.42%

Volatility

EHLS vs. CLSE - Volatility Comparison

Even Herd Long Short ETF (EHLS) has a higher volatility of 7.93% compared to Convergence Long/Short Equity ETF (CLSE) at 5.68%. This indicates that EHLS's price experiences larger fluctuations and is considered to be riskier than CLSE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EHLS	CLSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.93%	5.68%	+2.25%
Volatility (6M) Calculated over the trailing 6-month period	15.78%	10.35%	+5.43%
Volatility (1Y) Calculated over the trailing 1-year period	19.19%	14.47%	+4.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.00%	13.85%	+6.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.00%	13.85%	+6.15%