SPEDX vs. CLSE

Last updated Aug 1, 2026

SPEDX (Alger Dynamic Opportunities Fund) and CLSE (Convergence Long/Short Equity ETF) are both Long-Short funds. Over the past 3 years, SPEDX returned 11.83%/yr vs 29.42%/yr for CLSE. Their 0.69 correlation means they have sometimes moved together and sometimes differently. SPEDX charges 0.91%/yr vs 1.52%/yr for CLSE.

Performance

SPEDX vs. CLSE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alger Dynamic Opportunities Fund (SPEDX) 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, SPEDX achieves a 2.30% return, which is significantly lower than CLSE's 24.37% return.

SPEDX

• 1D: 2.39%
• 1M: -3.98%
• 6M: 4.32%
• YTD: 2.30%
• 1Y: 2.95%
• 3Y*: 11.83%
• 5Y*: 2.87%
• 10Y*: 8.36%
• ALL TIME*: 6.13%

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%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CLSE Convergence Long/Short Equity ETF	$15.17M	$11.74M	$9.80M
SPEDX Alger Dynamic Opportunities Fund	$0.00	$0.00	$0.00

SPEDX vs. CLSE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SPEDX Alger Dynamic Opportunities Fund	2.30%	6.22%	23.03%	4.24%	-7.44%
CLSE Convergence Long/Short Equity ETF	24.37%	20.44%	35.54%	17.54%	-4.38%

Correlation

The correlation between SPEDX and CLSE is 0.69, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.69
Correlation (3Y) Balances recent behavior with more history.	0.72
Correlation (All Time) Calculated using the full available price history since Feb 22, 2022	0.69

The correlation between SPEDX and CLSE has been stable across timeframes, ranging from 0.69 to 0.72 - a consistent structural relationship.

Return for Risk

SPEDX vs. CLSE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SPEDX

SPEDX Risk / Return Rank: 7
SPEDX Sharpe Ratio Rank: 7
SPEDX Sortino Ratio Rank: 6
SPEDX Omega Ratio Rank: 6
SPEDX Calmar Ratio Rank: 7
SPEDX Martin Ratio Rank: 7

CLSE

CLSE Risk / Return Rank: 96
CLSE Sharpe Ratio Rank: 97
CLSE Sortino Ratio Rank: 96
CLSE Omega Ratio Rank: 95
CLSE Calmar Ratio Rank: 98
CLSE Martin Ratio Rank: 97

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SPEDX vs. CLSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alger Dynamic Opportunities Fund (SPEDX) 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.

	SPEDX	CLSE	Difference
Sharpe ratio: Return per unit of total volatility	0.17	3.09	-2.92
Sortino ratio: Return per unit of downside risk	0.33	4.23	-3.90
Omega ratio: Gain probability vs. loss probability	1.04	1.53	-0.49
Calmar ratio: Return relative to maximum drawdown	0.23	8.77	-8.54
Martin ratio: Return relative to average drawdown	0.58	29.59	-29.01

SPEDX vs. CLSE - Sharpe Ratio Comparison

The current SPEDX Sharpe Ratio is 0.17, which is lower than the CLSE Sharpe Ratio of 3.09. The chart below compares the historical Sharpe Ratios of SPEDX 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

SPEDX vs. CLSE - Drawdown Comparison

The maximum SPEDX drawdown since its inception was -29.02%, which is greater than CLSE's maximum drawdown of -16.45%. Use the drawdown chart below to compare losses from any high point for SPEDX and CLSE.

Drawdown Indicators

	SPEDX	CLSE	Difference
Max Drawdown Largest peak-to-trough decline	-29.02%	-16.45%	-12.57%
Max Drawdown (1Y) Largest decline over 1 year	-9.18%	-4.85%	-4.33%
Max Drawdown (3Y) Largest decline over 3 years	-13.23%	-16.45%	+3.22%
Max Drawdown (5Y) Largest decline over 5 years	-29.02%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-29.02%	—	—
Current Drawdown Current decline from peak	-6.78%	-1.34%	-5.44%
Average Drawdown Average peak-to-trough decline	-6.91%	-3.52%	-3.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.63%	1.44%	+2.19%

Volatility

SPEDX vs. CLSE - Volatility Comparison

Alger Dynamic Opportunities Fund (SPEDX) has a higher volatility of 4.56% compared to Convergence Long/Short Equity ETF (CLSE) at 3.24%. This indicates that SPEDX'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.

Volatility by Period

	SPEDX	CLSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.56%	3.24%	+1.32%
Volatility (6M) Calculated over the trailing 6-month period	10.33%	10.80%	-0.47%
Volatility (1Y) Calculated over the trailing 1-year period	12.78%	13.79%	-1.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.17%	13.86%	-1.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.99%	13.86%	-0.87%

SPEDX vs. CLSE - Expense Ratio Comparison

SPEDX has a 0.91% expense ratio, which is lower than CLSE's 1.52% expense ratio.

Dividends

SPEDX vs. CLSE - Dividend Comparison

SPEDX's dividend yield for the trailing twelve months is around 0.09%, less than CLSE's 0.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CLSE Convergence Long/Short Equity ETF	0.77%	0.95%	0.93%	1.21%	0.85%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPEDX Alger Dynamic Opportunities Fund	0.09%	0.09%	0.00%	0.00%	0.00%	5.69%	4.94%	3.75%	1.92%	0.00%	0.32%

Frequently Asked Questions

Can I hold both SPEDX and CLSE in my portfolio?

SPEDX and CLSE have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPEDX or CLSE?

SPEDX has higher volatility (4.56%) compared to CLSE (3.24%). In terms of maximum drawdown, SPEDX dropped -29.02% vs CLSE's -16.45%.

Which has better risk-adjusted returns?

CLSE currently has the higher Sharpe Ratio (3.09 vs 0.17), 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.