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 Investment Partners. Over the past 3 years, NVNO returned -51.62%/yr vs 31.74%/yr for CLSE. At a 0.14 correlation, their price movements are largely independent.
Performance
NVNO vs. CLSE - Performance Comparison
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Returns By Period
In the year-to-date period, NVNO achieves a -6.48% return, which is significantly lower than CLSE's 26.05% return.
NVNO
- 1D
- 5.00%
- 1M
- -4.20%
- YTD
- -6.48%
- 6M
- -7.72%
- 1Y
- -92.59%
- 3Y*
- -51.62%
- 5Y*
- -45.55%
- 10Y*
- —
CLSE
- 1D
- 0.79%
- 1M
- 4.52%
- YTD
- 26.05%
- 6M
- 25.23%
- 1Y
- 51.69%
- 3Y*
- 31.74%
- 5Y*
- —
- 10Y*
- —
NVNO vs. CLSE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
NVNO enVVeno Medical Corporation | -6.48% | -89.38% | -41.25% | 0.78% | 4.29% |
CLSE Convergence Long/Short Equity ETF | 26.05% | 20.44% | 35.54% | 17.54% | -4.38% |
Correlation
The correlation between NVNO and CLSE is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | 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 | -4.60 | ||
| Sortino ratioReturn per unit of downside risk | -6.68 | ||
| Omega ratioGain probability vs. loss probability | 0.74 | 1.67 | -0.92 |
| Calmar ratioReturn relative to maximum drawdown | -0.97 | 10.71 | -11.68 |
| Martin ratioReturn relative to average drawdown | -1.11 | 38.98 | -40.09 |
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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 | -95.28% | -4.85% | -90.43% |
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% | -0.00% | -99.77% |
Average DrawdownAverage peak-to-trough decline | -89.98% | -3.57% | -86.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 83.37% | 1.33% | +82.04% |
Volatility
NVNO vs. CLSE - Volatility Comparison
enVVeno Medical Corporation (NVNO) has a higher volatility of 12.87% compared to Convergence Long/Short Equity ETF (CLSE) at 4.03%. 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 | 12.87% | 4.03% | +8.84% |
Volatility (6M)Calculated over the trailing 6-month period | 60.29% | 10.52% | +49.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 118.30% | 13.63% | +104.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 81.46% | 13.91% | +67.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 93.51% | 13.91% | +79.60% |
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 0.76%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
CLSE Convergence Long/Short Equity ETF | 0.76% | 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 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NVNO has higher volatility (12.87%) compared to CLSE (4.03%). In terms of maximum drawdown, NVNO dropped -99.81% vs CLSE's -16.45%.
CLSE currently has the higher Sharpe Ratio (3.82 vs -0.78), 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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