GARIX vs. CLSE

Last updated Apr 1, 2026

Compare and contrast key facts about Gotham Absolute Return Fund (GARIX) and Convergence Long/Short Equity ETF (CLSE).

GARIX is managed by Gotham. It was launched on Aug 30, 2012. CLSE is an actively managed fund by Convergence Investment Partners. It was launched on Feb 22, 2022.

Performance

GARIX vs. CLSE - Performance Comparison

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

GARIX vs. CLSE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
GARIX Gotham Absolute Return Fund	-1.21%	16.18%	20.46%	17.70%	0.00%
CLSE Convergence Long/Short Equity ETF	2.96%	20.44%	35.54%	17.54%	-3.04%

Returns By Period

In the year-to-date period, GARIX achieves a -1.21% return, which is significantly lower than CLSE's 2.96% return.

GARIX

• 1D: -0.42%
• 1M: -3.77%
• YTD: -1.21%
• 6M: 1.41%
• 1Y: 16.00%
• 3Y*: 16.18%
• 5Y*: 12.59%
• 10Y*: 8.52%

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)

GARIX vs. CLSE - Expense Ratio Comparison

GARIX has a 1.50% expense ratio, which is lower than CLSE's 1.56% expense ratio.

CLSE

Convergence Long/Short Equity ETF

GARIX

Gotham Absolute Return Fund

Return for Risk

GARIX vs. CLSE — Risk / Return Rank

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

GARIX

GARIX Risk / Return Rank: 82
GARIX Sharpe Ratio Rank: 78
GARIX Sortino Ratio Rank: 80
GARIX Omega Ratio Rank: 80
GARIX Calmar Ratio Rank: 83
GARIX Martin Ratio Rank: 91

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.

GARIX vs. CLSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gotham Absolute Return Fund (GARIX) 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.

	GARIX	CLSE	Difference
Sharpe ratio Return per unit of total volatility	1.40	2.19	-0.78
Sortino ratio Return per unit of downside risk	2.02	2.84	-0.82
Omega ratio Gain probability vs. loss probability	1.31	1.40	-0.09
Calmar ratio Return relative to maximum drawdown	2.02	4.14	-2.12
Martin ratio Return relative to average drawdown	10.65	19.56	-8.91
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GARIX vs. CLSE - Sharpe Ratio Comparison

The current GARIX Sharpe Ratio is 1.40, which is lower than the CLSE Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of GARIX 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

	GARIX	CLSE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.40	2.19	-0.78
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.82	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	1.25	-0.56

Correlation

The correlation between GARIX 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

GARIX vs. CLSE - Dividend Comparison

GARIX's dividend yield for the trailing twelve months is around 7.26%, more than CLSE's 0.92% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GARIX Gotham Absolute Return Fund	7.26%	7.18%	18.74%	5.87%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.36%
CLSE Convergence Long/Short Equity ETF	0.92%	0.95%	0.93%	1.21%	0.85%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

GARIX vs. CLSE - Drawdown Comparison

The maximum GARIX drawdown since its inception was -26.49%, which is greater than CLSE's maximum drawdown of -16.45%. Use the drawdown chart below to compare losses from any high point for GARIX and CLSE.

Drawdown Indicators

	GARIX	CLSE	Difference
Max Drawdown Largest peak-to-trough decline	-26.49%	-16.45%	-10.04%
Max Drawdown (1Y) Largest decline over 1 year	-7.49%	-7.88%	+0.39%
Max Drawdown (5Y) Largest decline over 5 years	-23.15%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-26.49%	—	—
Current Drawdown Current decline from peak	-4.47%	-2.53%	-1.94%
Average Drawdown Average peak-to-trough decline	-4.57%	-3.73%	-0.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.42%	1.67%	-0.25%

Volatility

GARIX vs. CLSE - Volatility Comparison

The current volatility for Gotham Absolute Return Fund (GARIX) is 2.43%, while Convergence Long/Short Equity ETF (CLSE) has a volatility of 5.68%. This indicates that GARIX 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

	GARIX	CLSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.43%	5.68%	-3.25%
Volatility (6M) Calculated over the trailing 6-month period	6.02%	10.35%	-4.33%
Volatility (1Y) Calculated over the trailing 1-year period	11.81%	14.47%	-2.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.34%	13.85%	+1.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.86%	13.85%	+0.01%