EHLS vs. CSM

Last updated Jun 4, 2026

EHLS (Even Herd Long Short ETF) and CSM (Proshares Large Cap Core Plus) are both Long-Short funds. EHLS is actively managed, while CSM is passively managed. Over the past year, EHLS returned 23.69% vs 28.48% for CSM. A 0.60 correlation means they provide meaningful diversification when combined. EHLS charges 1.58%/yr vs 0.45%/yr for CSM.

Performance

EHLS vs. CSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Even Herd Long Short ETF (EHLS) and Proshares Large Cap Core Plus (CSM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EHLS achieves a 15.59% return, which is significantly higher than CSM's 8.62% return.

EHLS

• 1D: -0.28%
• 1M: 2.51%
• YTD: 15.59%
• 6M: 16.66%
• 1Y: 23.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CSM

• 1D: -0.84%
• 1M: 4.86%
• YTD: 8.62%
• 6M: 9.99%
• 1Y: 28.48%
• 3Y*: 22.04%
• 5Y*: 13.38%
• 10Y*: 14.36%

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

EHLS vs. CSM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EHLS Even Herd Long Short ETF	15.59%	6.67%	11.57%
CSM Proshares Large Cap Core Plus	8.62%	21.84%	11.35%

Correlation

The correlation between EHLS and CSM is 0.53, 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	0.53
Correlation (All Time) Calculated using the full available price history since Apr 3, 2024	0.60

The correlation between EHLS and CSM has been stable across timeframes, ranging from 0.53 to 0.60 - a consistent structural relationship.

EHLS vs. CSM - Sectors Allocation Comparison

Sectors	EHLS	CSM
Financial Services	15.6%	16.3%
Industrials	13.5%	9.0%
Energy	13.4%	3.1%
Technology	12.4%	28.7%
Healthcare	9.6%	8.5%
Basic Materials	8.3%	1.9%
Utilities	7.9%	3.8%
Real Estate	5.7%	3.1%
Communication Services	5.0%	7.7%
Consumer Cyclical	4.5%	8.7%
Consumer Defensive	4.3%	4.9%

Return for Risk

EHLS vs. CSM — Risk / Return Rank

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

EHLS

EHLS Risk / Return Rank: 41
EHLS Sharpe Ratio Rank: 36
EHLS Sortino Ratio Rank: 32
EHLS Omega Ratio Rank: 35
EHLS Calmar Ratio Rank: 53
EHLS Martin Ratio Rank: 47

CSM

CSM Risk / Return Rank: 69
CSM Sharpe Ratio Rank: 72
CSM Sortino Ratio Rank: 72
CSM Omega Ratio Rank: 69
CSM Calmar Ratio Rank: 61
CSM Martin Ratio Rank: 71

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. CSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Even Herd Long Short ETF (EHLS) and Proshares Large Cap Core Plus (CSM). 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	CSM	Difference
Sharpe ratio: Return per unit of total volatility	1.27	2.40	-1.13
Sortino ratio: Return per unit of downside risk	1.72	3.30	-1.59
Omega ratio: Gain probability vs. loss probability	1.23	1.42	-0.19
Calmar ratio: Return relative to maximum drawdown	2.63	3.04	-0.42
Martin ratio: Return relative to average drawdown	7.72	13.25	-5.53
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. CSM - Sharpe Ratio Comparison

The current EHLS Sharpe Ratio is 1.27, which is lower than the CSM Sharpe Ratio of 2.40. The chart below compares the historical Sharpe Ratios of EHLS and CSM, 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

	EHLS	CSM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.27	2.40	-1.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.79	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.78	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.81	0.86	-0.05

Drawdowns

EHLS vs. CSM - Drawdown Comparison

The maximum EHLS drawdown since its inception was -18.96%, smaller than the maximum CSM drawdown of -36.11%. Use the drawdown chart below to compare losses from any high point for EHLS and CSM.

Drawdown Indicators

	EHLS	CSM	Difference
Max Drawdown Largest peak-to-trough decline	-18.96%	-36.11%	+17.15%
Max Drawdown (1Y) Largest decline over 1 year	-9.06%	-9.40%	+0.34%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.30%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-23.82%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-36.11%	—
Current Drawdown Current decline from peak	-1.54%	-1.18%	-0.36%
Average Drawdown Average peak-to-trough decline	-4.43%	-4.04%	-0.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.08%	2.15%	+0.93%

Volatility

EHLS vs. CSM - Volatility Comparison

Even Herd Long Short ETF (EHLS) has a higher volatility of 5.41% compared to Proshares Large Cap Core Plus (CSM) at 2.85%. This indicates that EHLS's price experiences larger fluctuations and is considered to be riskier than CSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EHLS	CSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.41%	2.85%	+2.56%
Volatility (6M) Calculated over the trailing 6-month period	14.54%	8.81%	+5.73%
Volatility (1Y) Calculated over the trailing 1-year period	18.71%	11.95%	+6.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.76%	17.11%	+2.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.76%	18.38%	+1.38%

EHLS vs. CSM - Expense Ratio Comparison

EHLS has a 1.58% expense ratio, which is higher than CSM's 0.45% expense ratio.

Dividends

EHLS vs. CSM - Dividend Comparison

EHLS has not paid dividends to shareholders, while CSM's dividend yield for the trailing twelve months is around 1.01%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSM Proshares Large Cap Core Plus	1.01%	1.04%	1.06%	1.17%	1.37%	0.78%	1.21%	1.41%	1.54%	1.28%	1.49%	1.67%
EHLS Even Herd Long Short ETF	0.00%	0.00%	1.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EHLS and CSM in my portfolio?

EHLS and CSM have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EHLS or CSM?

EHLS has higher volatility (5.41%) compared to CSM (2.85%). In terms of maximum drawdown, EHLS dropped -18.96% vs CSM's -36.11%.

Which ETF is better, EHLS or CSM?

On 1-year performance, CSM leads with 28.48% vs 23.69% for EHLS. On fees, CSM is cheaper at 0.45% per year. On volatility, CSM has been the lower-risk option at 2.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EHLS or CSM?

Over the 1-year period, CSM has performed better with a 28.48% return vs 23.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EHLS or CSM?

CSM is cheaper with a 0.45% expense ratio, compared with 1.58% for EHLS.

Which ETF pays a higher dividend yield, EHLS or CSM?

CSM has the higher dividend yield at 1.01%, compared with 0.00% for EHLS.

What is the main difference between EHLS and CSM?

They also come from different issuers: N/A and ProShares. Their fees differ too: 1.58% for EHLS and 0.45% for CSM.

Which has better risk-adjusted returns?

CSM currently has the higher Sharpe Ratio (2.40 vs 1.27), 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.