SVXY vs. CLSE
SVXY (ProShares Short VIX Short-Term Futures ETF) and CLSE (Convergence Long/Short Equity ETF) are both exchange-traded funds - SVXY is a Volatility fund tracking the S&P 500 VIX Short-Term Futures Index (-100%), while CLSE is a Long-Short fund actively managed by Convergence Investment Partners. SVXY is passively managed, while CLSE is actively managed. Over the past 3 years, SVXY returned 13.21%/yr vs 32.39%/yr for CLSE. A 0.53 correlation means they provide meaningful diversification when combined. SVXY charges 1.38%/yr vs 1.56%/yr for CLSE.
Performance
SVXY vs. CLSE - Performance Comparison
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Returns By Period
In the year-to-date period, SVXY achieves a -0.92% return, which is significantly lower than CLSE's 25.76% return.
SVXY
- 1D
- -0.20%
- 1M
- 8.44%
- YTD
- -0.92%
- 6M
- 7.55%
- 1Y
- 33.37%
- 3Y*
- 13.21%
- 5Y*
- 15.76%
- 10Y*
- -1.59%
CLSE
- 1D
- 0.35%
- 1M
- 9.28%
- YTD
- 25.76%
- 6M
- 28.57%
- 1Y
- 50.91%
- 3Y*
- 32.39%
- 5Y*
- —
- 10Y*
- —
SVXY vs. CLSE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SVXY ProShares Short VIX Short-Term Futures ETF | -0.92% | 10.63% | -3.17% | 76.21% | 12.33% |
CLSE Convergence Long/Short Equity ETF | 25.76% | 20.44% | 35.54% | 17.54% | -3.04% |
Correlation
The correlation between SVXY and CLSE is 0.50, 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 | 0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.51 |
Correlation (All Time) Calculated using the full available price history since Feb 23, 2022 | 0.53 |
The correlation between SVXY and CLSE has been stable across timeframes, ranging from 0.50 to 0.53 - a consistent structural relationship.
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Return for Risk
SVXY vs. CLSE — Risk / Return Rank
SVXY
CLSE
SVXY vs. CLSE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short VIX Short-Term Futures ETF (SVXY) 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.
| SVXY | CLSE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.67 | ||
| Sortino ratioReturn per unit of downside risk | -3.56 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.67 | -0.44 |
| Calmar ratioReturn relative to maximum drawdown | 1.46 | 10.55 | -9.09 |
| Martin ratioReturn relative to average drawdown | 4.78 | 39.58 | -34.80 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SVXY | CLSE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.17 | 3.84 | -2.67 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.45 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.03 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.22 | 1.59 | -1.38 |
Drawdowns
SVXY vs. CLSE - Drawdown Comparison
The maximum SVXY drawdown since its inception was -95.25%, which is greater than CLSE's maximum drawdown of -16.45%. Use the drawdown chart below to compare losses from any high point for SVXY and CLSE.
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Drawdown Indicators
| SVXY | CLSE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.25% | -16.45% | -78.80% |
Max Drawdown (1Y)Largest decline over 1 year | -22.94% | -4.85% | -18.09% |
Max Drawdown (3Y)Largest decline over 3 years | -46.45% | -16.45% | -30.00% |
Max Drawdown (5Y)Largest decline over 5 years | -46.45% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -95.25% | — | — |
Current DrawdownCurrent decline from peak | -80.15% | 0.00% | -80.15% |
Average DrawdownAverage peak-to-trough decline | -56.87% | -3.59% | -53.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.00% | 1.29% | +5.71% |
Volatility
SVXY vs. CLSE - Volatility Comparison
The current volatility for ProShares Short VIX Short-Term Futures ETF (SVXY) is 3.76%, while Convergence Long/Short Equity ETF (CLSE) has a volatility of 4.31%. This indicates that SVXY 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.
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Volatility by Period
| SVXY | CLSE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.76% | 4.31% | -0.55% |
Volatility (6M)Calculated over the trailing 6-month period | 21.42% | 10.21% | +11.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.62% | 13.32% | +15.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.38% | 13.88% | +21.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 50.75% | 13.88% | +36.87% |
SVXY vs. CLSE - Expense Ratio Comparison
SVXY has a 1.38% expense ratio, which is lower than CLSE's 1.56% expense ratio.
Dividends
SVXY vs. CLSE - Dividend Comparison
SVXY 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% |
SVXY ProShares Short VIX Short-Term Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SVXY and CLSE have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CLSE has higher volatility (4.31%) compared to SVXY (3.76%). In terms of maximum drawdown, SVXY dropped -95.25% vs CLSE's -16.45%.
On 3-year performance, CLSE leads with 32.39% vs 13.21% for SVXY. On fees, SVXY is cheaper at 1.38% per year. On volatility, SVXY has been the lower-risk option at 3.76%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, CLSE has performed better with a 32.39% return vs 13.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SVXY is cheaper with a 1.38% expense ratio, compared with 1.56% for CLSE.
CLSE has the higher dividend yield at 0.76%, compared with 0.00% for SVXY.
SVXY is categorized as Volatility, while CLSE is Long-Short. They also come from different issuers: ProShares and Convergence Investment Partners. Their fees differ too: 1.38% for SVXY and 1.56% for CLSE.
CLSE currently has the higher Sharpe Ratio (3.84 vs 1.17), 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.
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