IVOL vs. CLSE
IVOL (Quadratic Interest Rate Volatility & Inflation Hedge ETF) and CLSE (Convergence Long/Short Equity ETF) are both exchange-traded funds - IVOL is a Inflation-Protected Bonds fund actively managed by CICC, while CLSE is a Long-Short fund actively managed by Convergence. Both are actively managed. Over the past 3 years, IVOL returned -1.90%/yr vs 29.42%/yr for CLSE. Their -0.08 correlation means they have often moved in opposite directions in the past. IVOL charges 0.99%/yr vs 1.52%/yr for CLSE.
Performance
IVOL vs. CLSE - Performance Comparison
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Returns By Period
In the year-to-date period, IVOL achieves a -7.33% return, which is significantly lower than CLSE's 24.37% return.
IVOL
- 1D
- 0.17%
- 1M
- 0.36%
- 6M
- -6.64%
- YTD
- -7.33%
- 1Y
- -7.62%
- 3Y*
- -1.90%
- 5Y*
- -5.87%
- 10Y*
- —
- ALL TIME*
- -1.42%
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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $15.17M | $11.74M | $9.80M | |
| $1.46M | $1.22M | $2.07M |
IVOL vs. CLSE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF | -7.33% | 11.97% | -11.07% | -5.18% | -10.56% |
CLSE Convergence Long/Short Equity ETF | 24.37% | 20.44% | 35.54% | 17.54% | -4.38% |
Correlation
The correlation between IVOL and CLSE is -0.16, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.16 |
Correlation (3Y) Balances recent behavior with more history. | -0.12 |
Correlation (All Time) Calculated using the full available price history since Feb 22, 2022 | -0.08 |
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Return for Risk
IVOL vs. CLSE — Risk / Return Rank
IVOL
CLSE
IVOL vs. CLSE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL) 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.
| IVOL | CLSE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.01 | ||
| Sortino ratioReturn per unit of downside risk | -5.49 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.53 | -0.67 |
| Calmar ratioReturn relative to maximum drawdown | -0.51 | 8.77 | -9.28 |
| Martin ratioReturn relative to average drawdown | -0.99 | 29.59 | -30.58 |
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Drawdowns
IVOL vs. CLSE - Drawdown Comparison
The maximum IVOL drawdown since its inception was -31.16%, which is greater than CLSE's maximum drawdown of -16.45%. Use the drawdown chart below to compare losses from any high point for IVOL and CLSE.
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Drawdown Indicators
| IVOL | CLSE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.16% | -16.45% | -14.71% |
Max Drawdown (1Y)Largest decline over 1 year | -12.17% | -4.85% | -7.32% |
Max Drawdown (3Y)Largest decline over 3 years | -14.48% | -16.45% | +1.97% |
Max Drawdown (5Y)Largest decline over 5 years | -30.07% | — | — |
Current DrawdownCurrent decline from peak | -27.12% | -1.34% | -25.78% |
Average DrawdownAverage peak-to-trough decline | -13.60% | -3.52% | -10.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.22% | 1.44% | +4.78% |
Volatility
IVOL vs. CLSE - Volatility Comparison
The current volatility for Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL) is 1.74%, while Convergence Long/Short Equity ETF (CLSE) has a volatility of 3.24%. This indicates that IVOL 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.
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Volatility by Period
| IVOL | CLSE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.74% | 3.24% | -1.50% |
Volatility (6M)Calculated over the trailing 6-month period | 4.95% | 10.80% | -5.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.74% | 13.79% | -7.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.85% | 13.86% | -1.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.91% | 13.86% | -1.95% |
IVOL vs. CLSE - Expense Ratio Comparison
IVOL has a 0.99% expense ratio, which is lower than CLSE's 1.52% expense ratio.
Dividends
IVOL vs. CLSE - Dividend Comparison
IVOL's dividend yield for the trailing twelve months is around 3.88%, more than CLSE's 0.77% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
CLSE Convergence Long/Short Equity ETF | 0.77% | 0.95% | 0.93% | 1.21% | 0.85% | 0.00% | 0.00% | 0.00% |
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF | 3.88% | 3.61% | 3.83% | 3.73% | 3.92% | 3.93% | 3.44% | 2.02% |
Frequently Asked Questions
IVOL and CLSE have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CLSE has higher volatility (3.24%) compared to IVOL (1.74%). In terms of maximum drawdown, IVOL dropped -31.16% vs CLSE's -16.45%.
On 3-year performance, CLSE leads with 29.42% vs -1.90% for IVOL. On fees, IVOL is cheaper at 0.99% per year. On volatility, IVOL has been the lower-risk option at 1.74%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, CLSE has performed better with a 29.42% return vs -1.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IVOL is cheaper with a 0.99% expense ratio, compared with 1.52% for CLSE.
IVOL has the higher dividend yield at 3.88%, compared with 0.77% for CLSE.
IVOL is categorized as Inflation-Protected Bonds, while CLSE is Long-Short. They also come from different issuers: CICC and Convergence. Their fees differ too: 0.99% for IVOL and 1.52% for CLSE.
CLSE currently has the higher Sharpe Ratio (3.09 vs -0.92), 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.
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