HFEQ vs. CLSE

Last updated Aug 2, 2026

HFEQ (Unlimited HFEQ Equity Long/Short ETF) and CLSE (Convergence Long/Short Equity ETF) are both Long-Short funds. Both are actively managed. Their 0.64 correlation means they have sometimes moved together and sometimes differently. HFEQ charges 1.00%/yr vs 1.52%/yr for CLSE.

Performance

HFEQ vs. CLSE - Performance Comparison

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

Returns By Period

HFEQ

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

CLSE

• 1D: 0.24%
• 1M: 2.19%
• 6M: 20.32%
• YTD: 24.37%
• 1Y: 44.25%
• 3Y*: 29.42%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 20.44%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CLSE Convergence Long/Short Equity ETF	$15.17M	$11.74M	$9.80M

HFEQ vs. CLSE - Yearly Performance Comparison

	2026 (YTD)	2025
HFEQ Unlimited HFEQ Equity Long/Short ETF	9.98%	14.35%
CLSE Convergence Long/Short Equity ETF	24.37%	17.47%

Correlation

The correlation between HFEQ and CLSE is 0.66, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.66
Correlation (All Time) Calculated using the full available price history since Jul 15, 2025	0.64

The correlation between HFEQ and CLSE has been stable across timeframes, ranging from 0.64 to 0.66 - a consistent structural relationship.

Return for Risk

HFEQ vs. CLSE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

HFEQ

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

CLSE

CLSE Risk / Return Rank: 96
CLSE Sharpe Ratio Rank: 97
CLSE Sortino Ratio Rank: 96
CLSE Omega Ratio Rank: 95
CLSE Calmar Ratio Rank: 98
CLSE Martin Ratio Rank: 97

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HFEQ vs. CLSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Unlimited HFEQ Equity Long/Short ETF (HFEQ) 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.

	HFEQ	CLSE	Difference
Sharpe ratio: Return per unit of total volatility	—	3.09	—
Sortino ratio: Return per unit of downside risk	—	4.23	—
Omega ratio: Gain probability vs. loss probability	—	1.53	—
Calmar ratio: Return relative to maximum drawdown	—	8.77	—
Martin ratio: Return relative to average drawdown	—	29.59	—

Drawdowns

Drawdown Indicators

	HFEQ	CLSE	Difference
Max Drawdown Largest peak-to-trough decline	—	-16.45%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-4.85%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-16.45%	—
Current Drawdown Current decline from peak	—	-1.34%	—
Average Drawdown Average peak-to-trough decline	—	-3.52%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.44%	—

Volatility

Volatility by Period

	HFEQ	CLSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.24%	—
Volatility (6M) Calculated over the trailing 6-month period	—	10.80%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	13.79%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	13.86%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	13.86%	—

HFEQ vs. CLSE - Expense Ratio Comparison

HFEQ has a 1.00% expense ratio, which is lower than CLSE's 1.52% expense ratio.

Dividends

HFEQ vs. CLSE - Dividend Comparison

HFEQ has not paid dividends to shareholders, while CLSE's dividend yield for the trailing twelve months is around 0.77%.

Position	TTM	2025	2024	2023	2022
CLSE Convergence Long/Short Equity ETF	0.77%	0.95%	0.93%	1.21%	0.85%
HFEQ Unlimited HFEQ Equity Long/Short ETF	9.59%	10.55%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HFEQ and CLSE in my portfolio?

HFEQ and CLSE have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HFEQ or CLSE?

On fees, HFEQ is cheaper at 1.00% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HFEQ or CLSE?

HFEQ is cheaper with a 1.00% expense ratio, compared with 1.52% for CLSE.

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

HFEQ has the higher dividend yield at 9.59%, compared with 0.77% for CLSE.

What is the main difference between HFEQ and CLSE?

They also come from different issuers: Unlimited and Convergence. Their fees differ too: 1.00% for HFEQ and 1.52% for CLSE.