SVXY vs. CLSE

Last updated Jun 24, 2026

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 (-0.5x), 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 10.26%/yr vs 31.29%/yr for CLSE. A 0.53 correlation means they provide meaningful diversification when combined. SVXY charges 0.95%/yr vs 1.52%/yr for CLSE.

Performance

SVXY vs. CLSE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short VIX Short-Term Futures ETF (SVXY) 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, SVXY achieves a -0.69% return, which is significantly lower than CLSE's 24.77% return.

SVXY

• 1D: -2.69%
• 1M: 4.23%
• YTD: -0.69%
• 6M: 0.15%
• 1Y: 35.14%
• 3Y*: 10.26%
• 5Y*: 14.63%
• 10Y*: 2.48%

CLSE

• 1D: -1.02%
• 1M: 3.46%
• YTD: 24.77%
• 6M: 23.28%
• 1Y: 48.27%
• 3Y*: 31.29%
• 5Y*: —
• 10Y*: —

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

SVXY vs. CLSE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SVXY ProShares Short VIX Short-Term Futures ETF	-0.69%	10.63%	-3.17%	76.21%	12.59%
CLSE Convergence Long/Short Equity ETF	24.77%	20.44%	35.54%	17.54%	-4.38%

Correlation

The correlation between SVXY and CLSE is 0.53, 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	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (All Time) Calculated using the full available price history since Feb 22, 2022	0.53

The correlation between SVXY and CLSE has been stable across timeframes, ranging from 0.53 to 0.53 - a consistent structural relationship.

Return for Risk

SVXY vs. CLSE — Risk / Return Rank

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

SVXY

SVXY Risk / Return Rank: 34
SVXY Sharpe Ratio Rank: 35
SVXY Sortino Ratio Rank: 33
SVXY Omega Ratio Rank: 37
SVXY Calmar Ratio Rank: 32
SVXY Martin Ratio Rank: 35

CLSE

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

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.

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.

	SVXY	CLSE	Difference
Sharpe ratio: Return per unit of total volatility	1.22	3.56	-2.34
Sortino ratio: Return per unit of downside risk	1.69	4.80	-3.11
Omega ratio: Gain probability vs. loss probability	1.24	1.62	-0.39
Calmar ratio: Return relative to maximum drawdown	1.54	10.00	-8.46
Martin ratio: Return relative to average drawdown	5.02	36.36	-31.35

SVXY vs. CLSE - Sharpe Ratio Comparison

The current SVXY Sharpe Ratio is 1.22, which is lower than the CLSE Sharpe Ratio of 3.56. The chart below compares the historical Sharpe Ratios of SVXY 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

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.

Drawdown Indicators

	SVXY	CLSE	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	-80.10%	-1.02%	-79.08%
Average Drawdown Average peak-to-trough decline	-56.93%	-3.56%	-53.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.02%	1.33%	+5.69%

Volatility

SVXY vs. CLSE - Volatility Comparison

ProShares Short VIX Short-Term Futures ETF (SVXY) has a higher volatility of 8.75% compared to Convergence Long/Short Equity ETF (CLSE) at 4.22%. This indicates that SVXY'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

	SVXY	CLSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.75%	4.22%	+4.53%
Volatility (6M) Calculated over the trailing 6-month period	22.73%	10.55%	+12.18%
Volatility (1Y) Calculated over the trailing 1-year period	28.95%	13.65%	+15.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.40%	13.92%	+21.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.67%	13.92%	+35.75%

SVXY vs. CLSE - Expense Ratio Comparison

SVXY has a 0.95% expense ratio, which is lower than CLSE's 1.52% 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

Can I hold both SVXY and CLSE in my portfolio?

SVXY and CLSE have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SVXY or CLSE?

SVXY has higher volatility (8.75%) compared to CLSE (4.22%). In terms of maximum drawdown, SVXY dropped -95.25% vs CLSE's -16.45%.

Which ETF is better, SVXY or CLSE?

On 3-year performance, CLSE leads with 31.29% vs 10.26% for SVXY. On fees, SVXY is cheaper at 0.95% per year. On volatility, CLSE has been the lower-risk option at 4.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SVXY or CLSE?

Over the 3-year period, CLSE has performed better with a 31.29% return vs 10.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SVXY or CLSE?

SVXY is cheaper with a 0.95% expense ratio, compared with 1.52% for CLSE.

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

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

What is the main difference between SVXY and CLSE?

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: 0.95% for SVXY and 1.52% for CLSE.

Which has better risk-adjusted returns?

CLSE currently has the higher Sharpe Ratio (3.56 vs 1.22), 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.