NVNO vs. CLSE
NVNO (enVVeno Medical Corporation) is a stock, while CLSE (Convergence Long/Short Equity ETF) is Long-Short fund actively managed by Convergence. Over the past 3 years, NVNO returned -61.19%/yr vs 29.42%/yr for CLSE. Their 0.14 correlation means their historical movements had little consistent relationship.
Performance
NVNO vs. CLSE - Performance Comparison
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Returns By Period
In the year-to-date period, NVNO achieves a -5.59% return, which is significantly lower than CLSE's 24.37% return.
NVNO
- 1D
- -0.25%
- 1M
- -4.59%
- 6M
- -11.15%
- YTD
- -5.59%
- 1Y
- -93.78%
- 3Y*
- -61.19%
- 5Y*
- -45.26%
- 10Y*
- —
- ALL TIME*
- -52.17%
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 | |
| $234.78K | $235.71K | $143.02K |
NVNO vs. CLSE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
NVNO enVVeno Medical Corporation | -5.59% | -89.38% | -41.25% | 0.78% | 4.29% |
CLSE Convergence Long/Short Equity ETF | 24.37% | 20.44% | 35.54% | 17.54% | -4.38% |
Correlation
The correlation between NVNO and CLSE is 0.10, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.10 |
Correlation (3Y) Balances recent behavior with more history. | 0.15 |
Correlation (All Time) Calculated using the full available price history since Feb 22, 2022 | 0.14 |
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Return for Risk
NVNO vs. CLSE — Risk / Return Rank
NVNO
CLSE
NVNO vs. CLSE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for enVVeno Medical Corporation (NVNO) 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.
| NVNO | CLSE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.89 | ||
| Sortino ratioReturn per unit of downside risk | -5.93 | ||
| Omega ratioGain probability vs. loss probability | 0.72 | 1.53 | -0.81 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | 8.77 | -9.76 |
| Martin ratioReturn relative to average drawdown | -1.05 | 29.59 | -30.64 |
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Drawdowns
NVNO vs. CLSE - Drawdown Comparison
The maximum NVNO drawdown since its inception was -99.81%, which is greater than CLSE's maximum drawdown of -16.45%. Use the drawdown chart below to compare losses from any high point for NVNO and CLSE.
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Drawdown Indicators
| NVNO | CLSE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.81% | -16.45% | -83.36% |
Max Drawdown (1Y)Largest decline over 1 year | -95.04% | -4.85% | -90.19% |
Max Drawdown (3Y)Largest decline over 3 years | -96.27% | -16.45% | -79.82% |
Max Drawdown (5Y)Largest decline over 5 years | -97.66% | — | — |
Current DrawdownCurrent decline from peak | -99.77% | -1.34% | -98.43% |
Average DrawdownAverage peak-to-trough decline | -90.11% | -3.52% | -86.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 88.64% | 1.44% | +87.20% |
Volatility
NVNO vs. CLSE - Volatility Comparison
enVVeno Medical Corporation (NVNO) has a higher volatility of 13.76% compared to Convergence Long/Short Equity ETF (CLSE) at 3.24%. This indicates that NVNO's price experiences larger fluctuations and is considered to be riskier 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
| NVNO | CLSE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.76% | 3.24% | +10.52% |
Volatility (6M)Calculated over the trailing 6-month period | 56.04% | 10.80% | +45.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 116.84% | 13.79% | +103.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 81.71% | 13.86% | +67.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 93.20% | 13.86% | +79.34% |
Dividends
NVNO vs. CLSE - Dividend Comparison
NVNO 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% |
NVNO enVVeno Medical Corporation | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
NVNO and CLSE have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NVNO has higher volatility (13.76%) compared to CLSE (3.24%). In terms of maximum drawdown, NVNO dropped -99.81% vs CLSE's -16.45%.
CLSE currently has the higher Sharpe Ratio (3.09 vs -0.80), 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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