NELIX vs. CLSE

Last updated Jun 23, 2026

NELIX (Nuveen Equity Long/Short Fund) and CLSE (Convergence Long/Short Equity ETF) are both Long-Short funds. Over the past 3 years, NELIX returned 17.89%/yr vs 31.74%/yr for CLSE. A 0.76 correlation means they provide meaningful diversification when combined. NELIX charges 1.35%/yr vs 1.52%/yr for CLSE.

Performance

NELIX vs. CLSE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Equity Long/Short Fund (NELIX) 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, NELIX achieves a 8.44% return, which is significantly lower than CLSE's 26.05% return.

NELIX

• 1D: 0.83%
• 1M: 1.03%
• YTD: 8.44%
• 6M: 8.00%
• 1Y: 19.72%
• 3Y*: 17.89%
• 5Y*: 11.42%
• 10Y*: 10.90%

CLSE

• 1D: 0.79%
• 1M: 4.52%
• YTD: 26.05%
• 6M: 25.23%
• 1Y: 51.69%
• 3Y*: 31.74%
• 5Y*: —
• 10Y*: —

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

NELIX vs. CLSE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
NELIX Nuveen Equity Long/Short Fund	8.44%	11.31%	20.55%	24.09%	-10.18%
CLSE Convergence Long/Short Equity ETF	26.05%	20.44%	35.54%	17.54%	-4.38%

Correlation

The correlation between NELIX and CLSE is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (All Time) Calculated using the full available price history since Feb 22, 2022	0.76

The correlation between NELIX and CLSE has been stable across timeframes, ranging from 0.75 to 0.78 - a consistent structural relationship.

Return for Risk

NELIX vs. CLSE — Risk / Return Rank

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

NELIX

NELIX Risk / Return Rank: 58
NELIX Sharpe Ratio Rank: 52
NELIX Sortino Ratio Rank: 51
NELIX Omega Ratio Rank: 50
NELIX Calmar Ratio Rank: 71
NELIX Martin Ratio Rank: 67

CLSE

CLSE Risk / Return Rank: 96
CLSE Sharpe Ratio Rank: 96
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.

NELIX vs. CLSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Equity Long/Short Fund (NELIX) 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.

	NELIX	CLSE	Difference
Sharpe ratio: Return per unit of total volatility	1.96	3.82	-1.86
Sortino ratio: Return per unit of downside risk	2.75	5.11	-2.36
Omega ratio: Gain probability vs. loss probability	1.36	1.67	-0.31
Calmar ratio: Return relative to maximum drawdown	3.11	10.71	-7.60
Martin ratio: Return relative to average drawdown	12.18	38.98	-26.80

NELIX vs. CLSE - Sharpe Ratio Comparison

The current NELIX Sharpe Ratio is 1.96, which is lower than the CLSE Sharpe Ratio of 3.82. The chart below compares the historical Sharpe Ratios of NELIX 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

NELIX vs. CLSE - Drawdown Comparison

The maximum NELIX drawdown since its inception was -28.72%, which is greater than CLSE's maximum drawdown of -16.45%. Use the drawdown chart below to compare losses from any high point for NELIX and CLSE.

Drawdown Indicators

	NELIX	CLSE	Difference
Max Drawdown Largest peak-to-trough decline	-28.72%	-16.45%	-12.27%
Max Drawdown (1Y) Largest decline over 1 year	-6.31%	-4.85%	-1.46%
Max Drawdown (3Y) Largest decline over 3 years	-15.50%	-16.45%	+0.95%
Max Drawdown (5Y) Largest decline over 5 years	-19.30%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-28.72%	—	—
Current Drawdown Current decline from peak	0.00%	-0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.68%	-3.57%	-1.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.60%	1.33%	+0.27%

Volatility

NELIX vs. CLSE - Volatility Comparison

The current volatility for Nuveen Equity Long/Short Fund (NELIX) is 3.69%, while Convergence Long/Short Equity ETF (CLSE) has a volatility of 4.03%. This indicates that NELIX 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

	NELIX	CLSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.69%	4.03%	-0.34%
Volatility (6M) Calculated over the trailing 6-month period	7.95%	10.52%	-2.57%
Volatility (1Y) Calculated over the trailing 1-year period	10.00%	13.63%	-3.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.73%	13.91%	-1.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.70%	13.91%	-0.21%

NELIX vs. CLSE - Expense Ratio Comparison

NELIX has a 1.35% expense ratio, which is lower than CLSE's 1.52% expense ratio.

Dividends

NELIX vs. CLSE - Dividend Comparison

NELIX's dividend yield for the trailing twelve months is around 3.51%, more than CLSE's 0.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CLSE Convergence Long/Short Equity ETF	0.76%	0.95%	0.93%	1.21%	0.85%	0.00%	0.00%	0.00%	0.00%	0.00%
NELIX Nuveen Equity Long/Short Fund	3.51%	3.81%	4.78%	4.20%	6.84%	2.44%	0.00%	0.00%	1.35%	1.58%

Frequently Asked Questions

Can I hold both NELIX and CLSE in my portfolio?

NELIX and CLSE have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NELIX or CLSE?

CLSE has higher volatility (4.03%) compared to NELIX (3.69%). In terms of maximum drawdown, NELIX dropped -28.72% vs CLSE's -16.45%.

Which has better risk-adjusted returns?

CLSE currently has the higher Sharpe Ratio (3.82 vs 1.96), 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.