FLSP vs. CLSE

Last updated Jun 4, 2026

FLSP (Franklin Liberty Systematic Style Premia ETF) and CLSE (Convergence Long/Short Equity ETF) are both Long-Short funds. Both are actively managed. Over the past 3 years, FLSP returned 10.00%/yr vs 32.39%/yr for CLSE. At a 0.21 correlation, their price movements are largely independent. FLSP charges 0.65%/yr vs 1.56%/yr for CLSE.

Performance

FLSP vs. CLSE - Performance Comparison

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

Returns By Period

In the year-to-date period, FLSP achieves a 1.26% return, which is significantly lower than CLSE's 25.76% return.

FLSP

• 1D: 0.04%
• 1M: 1.15%
• YTD: 1.26%
• 6M: 3.45%
• 1Y: 14.67%
• 3Y*: 10.00%
• 5Y*: 7.70%
• 10Y*: —

CLSE

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

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

FLSP vs. CLSE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FLSP Franklin Liberty Systematic Style Premia ETF	1.26%	15.56%	11.75%	3.14%	2.13%
CLSE Convergence Long/Short Equity ETF	25.76%	20.44%	35.54%	17.54%	-3.04%

Correlation

The correlation between FLSP and CLSE is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.15
Correlation (All Time) Calculated using the full available price history since Feb 23, 2022	0.21

FLSP vs. CLSE - Sectors Allocation Comparison

Sectors	FLSP	CLSE
Technology	21.1%	33.2%
Financial Services	18.7%	-2.5%
Industrials	14.8%	2.2%
Healthcare	9.7%	6.5%
Consumer Cyclical	8.0%	6.2%
Communication Services	6.5%	6.1%
Consumer Defensive	6.3%	0.9%
Basic Materials	5.8%	1.5%
Energy	4.7%	2.7%
Utilities	3.3%	1.7%
Real Estate	1.2%	1.7%

Return for Risk

FLSP vs. CLSE — Risk / Return Rank

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

FLSP

FLSP Risk / Return Rank: 53
FLSP Sharpe Ratio Rank: 45
FLSP Sortino Ratio Rank: 45
FLSP Omega Ratio Rank: 42
FLSP Calmar Ratio Rank: 72
FLSP Martin Ratio Rank: 59

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

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.

FLSP vs. CLSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Liberty Systematic Style Premia ETF (FLSP) 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.

	FLSP	CLSE	Difference
Sharpe ratio: Return per unit of total volatility	1.59	3.84	-2.25
Sortino ratio: Return per unit of downside risk	2.27	5.20	-2.94
Omega ratio: Gain probability vs. loss probability	1.27	1.67	-0.40
Calmar ratio: Return relative to maximum drawdown	3.66	10.55	-6.89
Martin ratio: Return relative to average drawdown	10.59	39.58	-28.98
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FLSP vs. CLSE - Sharpe Ratio Comparison

The current FLSP Sharpe Ratio is 1.59, which is lower than the CLSE Sharpe Ratio of 3.84. The chart below compares the historical Sharpe Ratios of FLSP and CLSE, 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

	FLSP	CLSE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.59	3.84	-2.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.58	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	1.59	-1.29

Drawdowns

FLSP vs. CLSE - Drawdown Comparison

The maximum FLSP drawdown since its inception was -22.75%, which is greater than CLSE's maximum drawdown of -16.45%. Use the drawdown chart below to compare losses from any high point for FLSP and CLSE.

Drawdown Indicators

	FLSP	CLSE	Difference
Max Drawdown Largest peak-to-trough decline	-22.75%	-16.45%	-6.30%
Max Drawdown (1Y) Largest decline over 1 year	-4.03%	-4.85%	+0.82%
Max Drawdown (3Y) Largest decline over 3 years	-6.69%	-16.45%	+9.76%
Max Drawdown (5Y) Largest decline over 5 years	-9.52%	—	—
Current Drawdown Current decline from peak	-1.94%	0.00%	-1.94%
Average Drawdown Average peak-to-trough decline	-6.30%	-3.59%	-2.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.39%	1.29%	+0.10%

Volatility

FLSP vs. CLSE - Volatility Comparison

The current volatility for Franklin Liberty Systematic Style Premia ETF (FLSP) is 1.98%, while Convergence Long/Short Equity ETF (CLSE) has a volatility of 4.31%. This indicates that FLSP experiences smaller price fluctuations and is considered to be less risky than CLSE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLSP	CLSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.98%	4.31%	-2.33%
Volatility (6M) Calculated over the trailing 6-month period	6.86%	10.21%	-3.35%
Volatility (1Y) Calculated over the trailing 1-year period	9.27%	13.32%	-4.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.37%	13.88%	-0.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.53%	13.88%	-0.35%

FLSP vs. CLSE - Expense Ratio Comparison

FLSP has a 0.65% expense ratio, which is lower than CLSE's 1.56% expense ratio.

Dividends

FLSP vs. CLSE - Dividend Comparison

FLSP's dividend yield for the trailing twelve months is around 2.62%, more than CLSE's 0.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
CLSE Convergence Long/Short Equity ETF	0.76%	0.95%	0.93%	1.21%	0.85%	0.00%	0.00%
FLSP Franklin Liberty Systematic Style Premia ETF	2.62%	2.65%	1.18%	1.19%	2.18%	1.19%	8.08%

Frequently Asked Questions

Can I hold both FLSP and CLSE in my portfolio?

FLSP and CLSE have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLSP or CLSE?

CLSE has higher volatility (4.31%) compared to FLSP (1.98%). In terms of maximum drawdown, FLSP dropped -22.75% vs CLSE's -16.45%.

Which ETF is better, FLSP or CLSE?

On 3-year performance, CLSE leads with 32.39% vs 10.00% for FLSP. On fees, FLSP is cheaper at 0.65% per year. On volatility, FLSP has been the lower-risk option at 1.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLSP or CLSE?

Over the 3-year period, CLSE has performed better with a 32.39% return vs 10.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLSP or CLSE?

FLSP is cheaper with a 0.65% expense ratio, compared with 1.56% for CLSE.

Which ETF pays a higher dividend yield, FLSP or CLSE?

FLSP has the higher dividend yield at 2.62%, compared with 0.76% for CLSE.

What is the main difference between FLSP and CLSE?

They also come from different issuers: Franklin Templeton and Convergence Investment Partners. Their fees differ too: 0.65% for FLSP and 1.56% for CLSE.

Which has better risk-adjusted returns?

CLSE currently has the higher Sharpe Ratio (3.84 vs 1.59), 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.