HEFT vs. CLSE

Last updated Apr 2, 2026

Compare and contrast key facts about Hedgeye Fourth Turning ETF (HEFT) and Convergence Long/Short Equity ETF (CLSE).

HEFT and CLSE are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HEFT is an actively managed fund by Hedgeye. It was launched on Nov 20, 2025. CLSE is an actively managed fund by Convergence Investment Partners. It was launched on Feb 22, 2022.

Performance

HEFT vs. CLSE - Performance Comparison

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

HEFT vs. CLSE - Yearly Performance Comparison

	2026 (YTD)	2025
HEFT Hedgeye Fourth Turning ETF	5.26%	0.98%
CLSE Convergence Long/Short Equity ETF	4.79%	5.36%

Returns By Period

In the year-to-date period, HEFT achieves a 5.26% return, which is significantly higher than CLSE's 4.79% return.

HEFT

• 1D: -0.04%
• 1M: -3.48%
• YTD: 5.26%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CLSE

• 1D: 1.78%
• 1M: 1.27%
• YTD: 4.79%
• 6M: 10.66%
• 1Y: 32.89%
• 3Y*: 24.89%
• 5Y*: —
• 10Y*: —

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

HEFT vs. CLSE - Expense Ratio Comparison

HEFT has a 0.70% expense ratio, which is lower than CLSE's 1.56% expense ratio.

CLSE

Convergence Long/Short Equity ETF

HEFT

Hedgeye Fourth Turning ETF

Return for Risk

HEFT vs. CLSE — Risk / Return Rank

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

CLSE

CLSE Risk / Return Rank: 94
CLSE Sharpe Ratio Rank: 93
CLSE Sortino Ratio Rank: 94
CLSE Omega Ratio Rank: 92
CLSE Calmar Ratio Rank: 95
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.

HEFT vs. CLSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hedgeye Fourth Turning ETF (HEFT) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	HEFT	CLSE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.27	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.44	1.28	+0.16

Correlation

The correlation between HEFT and CLSE is 0.24, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

HEFT vs. CLSE - Dividend Comparison

HEFT's dividend yield for the trailing twelve months is around 0.02%, less than CLSE's 0.91% yield.

	TTM	2025	2024	2023	2022
HEFT Hedgeye Fourth Turning ETF	0.02%	0.02%	0.00%	0.00%	0.00%
CLSE Convergence Long/Short Equity ETF	0.91%	0.95%	0.93%	1.21%	0.85%

Drawdowns

HEFT vs. CLSE - Drawdown Comparison

The maximum HEFT drawdown since its inception was -6.57%, smaller than the maximum CLSE drawdown of -16.45%. Use the drawdown chart below to compare losses from any high point for HEFT and CLSE.

Drawdown Indicators

	HEFT	CLSE	Difference
Max Drawdown Largest peak-to-trough decline	-6.57%	-16.45%	+9.88%
Max Drawdown (1Y) Largest decline over 1 year	—	-7.88%	—
Current Drawdown Current decline from peak	-5.03%	-0.80%	-4.23%
Average Drawdown Average peak-to-trough decline	-2.00%	-3.73%	+1.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.67%	—

Volatility

Volatility by Period

	HEFT	CLSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.74%	—
Volatility (6M) Calculated over the trailing 6-month period	—	10.49%	—
Volatility (1Y) Calculated over the trailing 1-year period	13.37%	14.55%	-1.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.37%	13.87%	-0.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.37%	13.87%	-0.50%