GRNY vs. CLSE

Last updated Jun 21, 2026

GRNY (Fundstrat Granny Shots U.S. Large Cap ETF) and CLSE (Convergence Long/Short Equity ETF) are both exchange-traded funds - GRNY is a Large Cap Blend Equities fund actively managed by Tidal ETFs, while CLSE is a Long-Short fund actively managed by Convergence Investment Partners. Both are actively managed. Over the past year, GRNY returned 28.34% vs 50.50% for CLSE. A 0.73 correlation means they provide meaningful diversification when combined. GRNY charges 0.75%/yr vs 1.52%/yr for CLSE.

Performance

GRNY vs. CLSE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fundstrat Granny Shots U.S. Large Cap ETF (GRNY) 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, GRNY achieves a 11.03% return, which is significantly lower than CLSE's 25.06% return.

GRNY

• 1D: 0.70%
• 1M: 2.31%
• YTD: 11.03%
• 6M: 9.83%
• 1Y: 28.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CLSE

• 1D: 0.29%
• 1M: 3.61%
• YTD: 25.06%
• 6M: 24.84%
• 1Y: 50.50%
• 3Y*: 31.66%
• 5Y*: —
• 10Y*: —

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

GRNY vs. CLSE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GRNY Fundstrat Granny Shots U.S. Large Cap ETF	11.03%	24.05%	-0.45%
CLSE Convergence Long/Short Equity ETF	25.06%	20.44%	-1.59%

Correlation

The correlation between GRNY and CLSE is 0.72, 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	0.72
Correlation (All Time) Calculated using the full available price history since Nov 7, 2024	0.73

The correlation between GRNY and CLSE has been stable across timeframes, ranging from 0.72 to 0.73 - a consistent structural relationship.

Return for Risk

GRNY vs. CLSE — Risk / Return Rank

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

GRNY

GRNY Risk / Return Rank: 46
GRNY Sharpe Ratio Rank: 47
GRNY Sortino Ratio Rank: 44
GRNY Omega Ratio Rank: 42
GRNY Calmar Ratio Rank: 51
GRNY Martin Ratio Rank: 46

CLSE

CLSE Risk / Return Rank: 96
CLSE Sharpe Ratio Rank: 95
CLSE Sortino Ratio Rank: 95
CLSE Omega Ratio Rank: 94
CLSE Calmar Ratio Rank: 97
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.

GRNY vs. CLSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fundstrat Granny Shots U.S. Large Cap ETF (GRNY) 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.

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.

	GRNY	CLSE	Difference
Sharpe ratio: Return per unit of total volatility	1.56	3.66	-2.10
Sortino ratio: Return per unit of downside risk	2.11	4.92	-2.81
Omega ratio: Gain probability vs. loss probability	1.26	1.64	-0.38
Calmar ratio: Return relative to maximum drawdown	2.42	10.26	-7.84
Martin ratio: Return relative to average drawdown	7.32	37.35	-30.03

GRNY vs. CLSE - Sharpe Ratio Comparison

The current GRNY Sharpe Ratio is 1.56, which is lower than the CLSE Sharpe Ratio of 3.66. The chart below compares the historical Sharpe Ratios of GRNY 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.

Drawdowns

GRNY vs. CLSE - Drawdown Comparison

The maximum GRNY drawdown since its inception was -24.18%, which is greater than CLSE's maximum drawdown of -16.45%. Use the drawdown chart below to compare losses from any high point for GRNY and CLSE.

Drawdown Indicators

	GRNY	CLSE	Difference
Max Drawdown Largest peak-to-trough decline	-24.18%	-16.45%	-7.73%
Max Drawdown (1Y) Largest decline over 1 year	-11.63%	-4.85%	-6.78%
Max Drawdown (3Y) Largest decline over 3 years	—	-16.45%	—
Current Drawdown Current decline from peak	-0.97%	-0.78%	-0.19%
Average Drawdown Average peak-to-trough decline	-3.96%	-3.57%	-0.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.83%	1.33%	+2.50%

Volatility

GRNY vs. CLSE - Volatility Comparison

Fundstrat Granny Shots U.S. Large Cap ETF (GRNY) has a higher volatility of 5.34% compared to Convergence Long/Short Equity ETF (CLSE) at 4.02%. This indicates that GRNY'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

	GRNY	CLSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.34%	4.02%	+1.32%
Volatility (6M) Calculated over the trailing 6-month period	13.26%	10.55%	+2.71%
Volatility (1Y) Calculated over the trailing 1-year period	18.01%	13.61%	+4.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.15%	13.91%	+9.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.15%	13.91%	+9.24%

GRNY vs. CLSE - Expense Ratio Comparison

GRNY has a 0.75% expense ratio, which is lower than CLSE's 1.52% expense ratio.

Dividends

GRNY vs. CLSE - Dividend Comparison

GRNY has not paid dividends to shareholders, while CLSE's dividend yield for the trailing twelve months is around 0.76%.

Position	TTM	2025	2024	2023	2022
CLSE Convergence Long/Short Equity ETF	0.76%	0.95%	0.93%	1.21%	0.85%
GRNY Fundstrat Granny Shots U.S. Large Cap ETF	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GRNY and CLSE in my portfolio?

GRNY and CLSE have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GRNY or CLSE?

GRNY has higher volatility (5.34%) compared to CLSE (4.02%). In terms of maximum drawdown, GRNY dropped -24.18% vs CLSE's -16.45%.

Which ETF is better, GRNY or CLSE?

On 1-year performance, CLSE leads with 50.50% vs 28.34% for GRNY. On fees, GRNY is cheaper at 0.75% per year. On volatility, CLSE has been the lower-risk option at 4.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GRNY or CLSE?

Over the 1-year period, CLSE has performed better with a 50.50% return vs 28.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GRNY or CLSE?

GRNY is cheaper with a 0.75% expense ratio, compared with 1.52% for CLSE.

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

CLSE has the higher dividend yield at 0.76%, compared with 0.00% for GRNY.

What is the main difference between GRNY and CLSE?

GRNY is categorized as Large Cap Blend Equities, while CLSE is Long-Short. They also come from different issuers: Tidal ETFs and Convergence Investment Partners. Their fees differ too: 0.75% for GRNY and 1.52% for CLSE.

Which has better risk-adjusted returns?

CLSE currently has the higher Sharpe Ratio (3.66 vs 1.56), 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.