MMNIX vs. CLSE

Last updated Jun 4, 2026

MMNIX (Miller Market Neutral Income Fund Class I) and CLSE (Convergence Long/Short Equity ETF) are both funds - MMNIX is a Equity Market Neutral fund actively managed by Miller, while CLSE is a Long-Short fund actively managed by Convergence Investment Partners. Both are actively managed. Over the past year, MMNIX returned 9.63% vs 50.91% for CLSE. At a correlation of -0.13, they often move in opposite directions. MMNIX charges 1.69%/yr vs 1.56%/yr for CLSE.

Performance

MMNIX vs. CLSE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Miller Market Neutral Income Fund Class I (MMNIX) 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, MMNIX achieves a 3.47% return, which is significantly lower than CLSE's 25.76% return.

MMNIX

• 1D: -0.09%
• 1M: 0.71%
• YTD: 3.47%
• 6M: 4.33%
• 1Y: 9.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CLSE

• 1D: 0.35%
• 1M: 9.28%
• YTD: 25.76%
• 6M: 28.57%
• 1Y: 50.91%
• 3Y*: 32.39%
• 5Y*: —
• 10Y*: —

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

MMNIX vs. CLSE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MMNIX Miller Market Neutral Income Fund Class I	3.47%	10.04%	9.56%
CLSE Convergence Long/Short Equity ETF	25.76%	20.44%	36.87%

Correlation

The correlation between MMNIX and CLSE is -0.16, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.16
Correlation (All Time) Calculated using the full available price history since Jan 3, 2024	-0.13

Return for Risk

MMNIX vs. CLSE — Risk / Return Rank

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

MMNIX

MMNIX Risk / Return Rank: 99
MMNIX Sharpe Ratio Rank: 100
MMNIX Sortino Ratio Rank: 100
MMNIX Omega Ratio Rank: 99
MMNIX Calmar Ratio Rank: 100
MMNIX Martin Ratio Rank: 100

CLSE

CLSE Risk / Return Rank: 95
CLSE Sharpe Ratio Rank: 95
CLSE Sortino Ratio Rank: 95
CLSE Omega Ratio Rank: 93
CLSE Calmar Ratio Rank: 97
CLSE Martin Ratio Rank: 96

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.

MMNIX vs. CLSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Miller Market Neutral Income Fund Class I (MMNIX) 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.

	MMNIX	CLSE	Difference
Sharpe ratio: Return per unit of total volatility	6.14	3.84	+2.29
Sortino ratio: Return per unit of downside risk	11.39	5.20	+6.19
Omega ratio: Gain probability vs. loss probability	2.82	1.67	+1.14
Calmar ratio: Return relative to maximum drawdown	20.83	10.55	+10.28
Martin ratio: Return relative to average drawdown	89.27	39.58	+49.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MMNIX vs. CLSE - Sharpe Ratio Comparison

The current MMNIX Sharpe Ratio is 6.14, which is higher than the CLSE Sharpe Ratio of 3.84. The chart below compares the historical Sharpe Ratios of MMNIX 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.

Sharpe Ratios by Period

	MMNIX	CLSE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	6.14	3.84	+2.29
Sharpe Ratio (All Time) Calculated using the full available price history	5.53	1.59	+3.94

Drawdowns

MMNIX vs. CLSE - Drawdown Comparison

The maximum MMNIX drawdown since its inception was -0.49%, smaller than the maximum CLSE drawdown of -16.45%. Use the drawdown chart below to compare losses from any high point for MMNIX and CLSE.

Drawdown Indicators

	MMNIX	CLSE	Difference
Max Drawdown Largest peak-to-trough decline	-0.49%	-16.45%	+15.96%
Max Drawdown (1Y) Largest decline over 1 year	-0.46%	-4.85%	+4.39%
Max Drawdown (3Y) Largest decline over 3 years	—	-16.45%	—
Current Drawdown Current decline from peak	-0.09%	0.00%	-0.09%
Average Drawdown Average peak-to-trough decline	-0.06%	-3.59%	+3.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.11%	1.29%	-1.18%

Volatility

MMNIX vs. CLSE - Volatility Comparison

The current volatility for Miller Market Neutral Income Fund Class I (MMNIX) is 0.42%, while Convergence Long/Short Equity ETF (CLSE) has a volatility of 4.31%. This indicates that MMNIX 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

	MMNIX	CLSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.42%	4.31%	-3.89%
Volatility (6M) Calculated over the trailing 6-month period	1.12%	10.21%	-9.09%
Volatility (1Y) Calculated over the trailing 1-year period	1.56%	13.32%	-11.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.74%	13.88%	-12.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.74%	13.88%	-12.14%

MMNIX vs. CLSE - Expense Ratio Comparison

MMNIX has a 1.69% expense ratio, which is higher than CLSE's 1.56% expense ratio.

Dividends

MMNIX vs. CLSE - Dividend Comparison

MMNIX's dividend yield for the trailing twelve months is around 4.75%, more than CLSE's 0.76% yield.

Position	TTM	2025	2024	2023	2022
CLSE Convergence Long/Short Equity ETF	0.76%	0.95%	0.93%	1.21%	0.85%
MMNIX Miller Market Neutral Income Fund Class I	4.75%	5.03%	4.74%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MMNIX and CLSE in my portfolio?

MMNIX 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.

Which is riskier, MMNIX or CLSE?

CLSE has higher volatility (4.31%) compared to MMNIX (0.42%). In terms of maximum drawdown, MMNIX dropped -0.49% vs CLSE's -16.45%.

Which has better risk-adjusted returns?

MMNIX currently has the higher Sharpe Ratio (6.14 vs 3.84), 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.