ORR vs. CLSE

Last updated Jun 3, 2026

ORR (Militia Long/Short Equity ETF) and CLSE (Convergence Long/Short Equity ETF) are both Long-Short funds. Both are actively managed. Over the past year, ORR returned 26.34% vs 49.70% for CLSE. At a 0.35 correlation, their price movements are largely independent. ORR charges 14.19%/yr vs 1.56%/yr for CLSE.

Performance

ORR vs. CLSE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Militia Long/Short Equity ETF (ORR) 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, ORR achieves a 5.30% return, which is significantly lower than CLSE's 25.32% return.

ORR

• 1D: 1.24%
• 1M: 0.62%
• YTD: 5.30%
• 6M: 8.24%
• 1Y: 26.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CLSE

• 1D: 0.15%
• 1M: 9.01%
• YTD: 25.32%
• 6M: 27.46%
• 1Y: 49.70%
• 3Y*: 32.24%
• 5Y*: —
• 10Y*: —

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

ORR vs. CLSE - Yearly Performance Comparison

	2026 (YTD)	2025
ORR Militia Long/Short Equity ETF	5.30%	32.15%
CLSE Convergence Long/Short Equity ETF	25.32%	17.47%

Correlation

The correlation between ORR and CLSE is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (All Time) Calculated using the full available price history since Jan 16, 2025	0.35

Return for Risk

ORR vs. CLSE — Risk / Return Rank

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

ORR

ORR Risk / Return Rank: 54
ORR Sharpe Ratio Rank: 57
ORR Sortino Ratio Rank: 57
ORR Omega Ratio Rank: 54
ORR Calmar Ratio Rank: 56
ORR Martin Ratio Rank: 46

CLSE

CLSE Risk / Return Rank: 95
CLSE Sharpe Ratio Rank: 94
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.

ORR vs. CLSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Militia Long/Short Equity ETF (ORR) 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.

	ORR	CLSE	Difference
Sharpe ratio Return per unit of total volatility	1.96	3.75	-1.79
Sortino ratio Return per unit of downside risk	2.74	5.10	-2.35
Omega ratio Gain probability vs. loss probability	1.34	1.66	-0.32
Calmar ratio Return relative to maximum drawdown	2.84	10.48	-7.64
Martin ratio Return relative to average drawdown	7.76	39.08	-31.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ORR vs. CLSE - Sharpe Ratio Comparison

The current ORR Sharpe Ratio is 1.96, which is lower than the CLSE Sharpe Ratio of 3.75. The chart below compares the historical Sharpe Ratios of ORR 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

	ORR	CLSE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.96	3.75	-1.79
Sharpe Ratio (All Time) Calculated using the full available price history	1.78	1.59	+0.20

Drawdowns

ORR vs. CLSE - Drawdown Comparison

The maximum ORR drawdown since its inception was -9.85%, smaller than the maximum CLSE drawdown of -16.45%. Use the drawdown chart below to compare losses from any high point for ORR and CLSE.

Drawdown Indicators

	ORR	CLSE	Difference
Max Drawdown Largest peak-to-trough decline	-9.85%	-16.45%	+6.60%
Max Drawdown (1Y) Largest decline over 1 year	-9.85%	-4.85%	-5.00%
Max Drawdown (3Y) Largest decline over 3 years	—	-16.45%	—
Current Drawdown Current decline from peak	-7.96%	0.00%	-7.96%
Average Drawdown Average peak-to-trough decline	-2.16%	-3.60%	+1.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.61%	1.30%	+2.31%

Volatility

ORR vs. CLSE - Volatility Comparison

The current volatility for Militia Long/Short Equity ETF (ORR) is 4.02%, while Convergence Long/Short Equity ETF (CLSE) has a volatility of 4.33%. This indicates that ORR 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

	ORR	CLSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.02%	4.33%	-0.31%
Volatility (6M) Calculated over the trailing 6-month period	10.90%	10.23%	+0.67%
Volatility (1Y) Calculated over the trailing 1-year period	13.55%	13.34%	+0.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.34%	13.89%	+1.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.34%	13.89%	+1.45%

ORR vs. CLSE - Expense Ratio Comparison

ORR has a 14.19% expense ratio, which is higher than CLSE's 1.56% expense ratio.

Dividends

ORR vs. CLSE - Dividend Comparison

ORR 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%
ORR Militia Long/Short Equity ETF	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ORR and CLSE in my portfolio?

ORR and CLSE have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ORR or CLSE?

CLSE has higher volatility (4.33%) compared to ORR (4.02%). In terms of maximum drawdown, ORR dropped -9.85% vs CLSE's -16.45%.

Which ETF is better, ORR or CLSE?

On 1-year performance, CLSE leads with 49.70% vs 26.34% for ORR. On fees, CLSE is cheaper at 1.56% per year. On volatility, ORR has been the lower-risk option at 4.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ORR or CLSE?

Over the 1-year period, CLSE has performed better with a 49.70% return vs 26.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ORR or CLSE?

CLSE is cheaper with a 1.56% expense ratio, compared with 14.19% for ORR.

Which ETF pays a higher dividend yield, ORR or CLSE?

CLSE has the higher dividend yield at 0.76%, compared with 0.00% for ORR.

What is the main difference between ORR and CLSE?

They also come from different issuers: Militia Investments and Convergence Investment Partners. Their fees differ too: 14.19% for ORR and 1.56% for CLSE.

Which has better risk-adjusted returns?

CLSE currently has the higher Sharpe Ratio (3.75 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.