TIIV vs. CLSE

Last updated Jul 10, 2026

TIIV (AAM Todd International Intrinsic Value ETF) and CLSE (Convergence Long/Short Equity ETF) are both exchange-traded funds - TIIV is a Actively Managed fund actively managed by AAM, while CLSE is a Long-Short fund actively managed by Convergence Investment Partners. Both are actively managed. A 0.59 correlation means they provide meaningful diversification when combined. TIIV charges 0.54%/yr vs 1.52%/yr for CLSE.

Performance

TIIV vs. CLSE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AAM Todd International Intrinsic Value ETF (TIIV) 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, TIIV achieves a 11.37% return, which is significantly lower than CLSE's 24.44% return.

TIIV

• 1D: 0.61%
• 1M: 3.12%
• 6M: 8.82%
• YTD: 11.37%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CLSE

• 1D: 0.62%
• 1M: 1.40%
• 6M: 23.31%
• YTD: 24.44%
• 1Y: 46.56%
• 3Y*: 30.92%
• 5Y*: —
• 10Y*: —

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

TIIV vs. CLSE - Yearly Performance Comparison

	2026 (YTD)	2025
TIIV AAM Todd International Intrinsic Value ETF	11.37%	10.83%
CLSE Convergence Long/Short Equity ETF	24.44%	17.12%

Correlation

The correlation between TIIV and CLSE is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 25, 2025	0.59

Return for Risk

TIIV vs. CLSE — Risk / Return Rank

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

TIIV

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

CLSE

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

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.

TIIV vs. CLSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AAM Todd International Intrinsic Value ETF (TIIV) 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.

	TIIV	CLSE	Difference
Sharpe ratio: Return per unit of total volatility	—	3.40	—
Sortino ratio: Return per unit of downside risk	—	4.57	—
Omega ratio: Gain probability vs. loss probability	—	1.59	—
Calmar ratio: Return relative to maximum drawdown	—	9.65	—
Martin ratio: Return relative to average drawdown	—	33.96	—

Drawdowns

TIIV vs. CLSE - Drawdown Comparison

The maximum TIIV drawdown since its inception was -9.68%, smaller than the maximum CLSE drawdown of -16.45%. Use the drawdown chart below to compare losses from any high point for TIIV and CLSE.

Drawdown Indicators

	TIIV	CLSE	Difference
Max Drawdown Largest peak-to-trough decline	-9.68%	-16.45%	+6.77%
Max Drawdown (1Y) Largest decline over 1 year	—	-4.85%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-16.45%	—
Current Drawdown Current decline from peak	-0.49%	-1.28%	+0.79%
Average Drawdown Average peak-to-trough decline	-1.87%	-3.55%	+1.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.38%	—

Volatility

Volatility by Period

	TIIV	CLSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.98%	—
Volatility (6M) Calculated over the trailing 6-month period	—	10.76%	—
Volatility (1Y) Calculated over the trailing 1-year period	14.61%	13.75%	+0.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.61%	13.91%	+0.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.61%	13.91%	+0.70%

TIIV vs. CLSE - Expense Ratio Comparison

TIIV has a 0.54% expense ratio, which is lower than CLSE's 1.52% expense ratio.

Dividends

TIIV vs. CLSE - Dividend Comparison

TIIV's dividend yield for the trailing twelve months is around 3.20%, more than CLSE's 0.76% yield.

Position	TTM	2025	2024	2023	2022
CLSE Convergence Long/Short Equity ETF	0.76%	0.95%	0.93%	1.21%	0.85%
TIIV AAM Todd International Intrinsic Value ETF	3.20%	2.33%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TIIV and CLSE in my portfolio?

TIIV and CLSE have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TIIV or CLSE?

On fees, TIIV is cheaper at 0.54% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TIIV or CLSE?

TIIV is cheaper with a 0.54% expense ratio, compared with 1.52% for CLSE.

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

TIIV has the higher dividend yield at 3.20%, compared with 0.76% for CLSE.

What is the main difference between TIIV and CLSE?

TIIV is categorized as Actively Managed, while CLSE is Long-Short. They also come from different issuers: AAM and Convergence Investment Partners. Their fees differ too: 0.54% for TIIV and 1.52% for CLSE.