Which did better when the S&P 500 fell, CBLS or CLSE?

In the 26 weeks the S&P 500 fell, by 1.07% a week on average, CBLS averaged −1.61% and CLSE −0.63%, so CLSE returned more in those weeks.

Which earned more than cash, CBLS or CLSE?

Over the same weeks, CBLS finished 2.5 percentage points behind cash and CLSE finished 18.4 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.

Which is cheaper, CBLS or CLSE?

CBLS charges 1.89% a year and CLSE charges 1.52%, so CLSE is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Alternative ETFs

CBLS vs CLSE: Correlation to the S&P 500

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Over the year to Nov 4, 2026, CBLS moved less with the S&P 500 than CLSE: correlation +0.59 against +0.73.

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Net assets: $56m on Jul 31, 2026 for Clough Hedged Equity ETF, and $900m on Aug 31, 2026 for Convergence Long/Short Equity ETF.

CBLS on its own →CLSE on its own →

At a glance

+0.59

CBLS correlation with the S&P 500

+0.73

CLSE correlation with the S&P 500

150.0%

CBLS down-week capture

59.1%

CLSE down-week capture

CBLS Fell more than the S&P 500

CBLS in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, CBLS −1.61%.

CLSE Fell 59% as much as the S&P 500

CLSE in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, CLSE −0.63%.

Pair scorecard

CLSE costs 0.37 points a year less; their one-year returns differ by 22.1 points.

CBLS vs CLSE: Correlation to the S&P 500
Measure	CBLS	CLSE
Return
Measure	CBLS	CLSE
Total return, 1 year	+1.2%	+23.3%
Against its benchmark
Measure	CBLS	CLSE
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	CBLS	CLSE
Expense ratio	1.89%	1.52%
Net assets, CBLS as of Jul 31, 2026 and CLSE as of Aug 31, 2026	$56m	$900m
Holdings
Measure	CBLS	CLSE
Holdings in common	not published
Risk
Measure	CBLS	CLSE
Beta to the S&P 500	+0.97: about 0.97% for each 1%	+0.75: about 0.75% for each 1%
Its average week when the S&P 500 fell	fell 1.61%	fell 0.63%

Method

Window by window

Window by window: CBLS vs CLSE: Correlation to the S&P 500
	Total return		vs its benchmark
Window	CBLS	CLSE	CBLS	CLSE
3 months	−7.3%	−4.7%	not measured	−4.4 pts vs IWV
6 months	−13.2%	−0.3%	not measured	−5.2 pts vs IWV
1 year	+1.2%	+23.3%	not measured	+8.5 pts vs IWV
3 years	+50.4%	+102.2%	not measured	+21.2 pts vs IWV
Since launchNot the same days: CBLS Nov 2020 · CLSE Feb 2022	+40.8%	+121.4%	not measured	+36.8 pts vs IWV

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Side by side

CBLS Clough Hedged Equity ETF · Long-short equity fund: owns stocks and sells others short, so part of its exposure to the stock market cancels out CLSE Convergence Long/Short Equity ETF · Long-short equity fund: owns stocks and sells others short, so part of its exposure to the stock market cancels out

Issuer Clough Convergence

Strategy Long-short equity Long-short equity

Correlation with the S&P 500 +0.59 +0.73

Beta to the S&P 500 +0.97 +0.75

Down-week capture 150.0% 59.1%

Average week when the S&P 500 fell −1.61% −0.63%

The S&P 500 in those weeks −1.07% −1.07%

Total return, same 52 weeks +1.1% +22.1%

Against T-bills, percentage points −2.5 pts +18.4 pts

Expense ratio 1.89% 1.52%

First traded Nov 13, 2020 Feb 22, 2022

Net assets, CBLS as of Jul 31, 2026 and CLSE as of Aug 31, 2026 $56m $900m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

CBLS and CLSE both run a long-short equity strategy. Over the same 52 weeks to Nov 4, 2026, CBLS’s weekly returns had a correlation of +0.59 with the S&P 500 and CLSE’s +0.73. In the 26 weeks the index fell, by 1.07% a week on average, CBLS averaged −1.61% and CLSE −0.63%. Over the same weeks, CBLS finished 2.5 percentage points behind cash and CLSE finished 18.4 points ahead of cash.

Alert

About each fund

CBLS

CBLS is a long-short equity fund. ETFIQ measures what every alternatives fund is sold on: whether it moves differently from the stock market. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.59 with the S&P 500’s and a beta of +0.97, so for each 1% the index moved it moved about 0.97% the same way. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. In the same weeks CBLS fell 1.61% on average, a down-week capture of 150.0%. Over the same 52 weeks CBLS returned +1.1% and a Treasury bill fund +3.7%, so it finished 2.5 percentage points behind cash.

CLSE

CLSE is a long-short equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.73 with the S&P 500’s and a beta of +0.75, so for each 1% the index moved it moved about 0.75% the same way. In the same weeks CLSE fell 0.63% on average, a down-week capture of 59.1%. Over the same 52 weeks CLSE returned +22.1% and a Treasury bill fund +3.7%, so it finished 18.4 percentage points ahead of cash.

Questions people ask

Which moved less with the S&P 500, CBLS or CLSE?: Over the 52 weeks to Nov 4, 2026, CBLS’s weekly returns had a correlation of +0.59 with the S&P 500 and CLSE’s +0.73, so CBLS moved less with the index.
Which did better when the S&P 500 fell, CBLS or CLSE?: In the 26 weeks the S&P 500 fell, by 1.07% a week on average, CBLS averaged −1.61% and CLSE −0.63%, so CLSE returned more in those weeks.
Which earned more than cash, CBLS or CLSE?: Over the same weeks, CBLS finished 2.5 percentage points behind cash and CLSE finished 18.4 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, CBLS or CLSE?: CBLS charges 1.89% a year and CLSE charges 1.52%, so CLSE is cheaper. Fees come from each fund's prospectus.

Other comparisons

CBLS vs CSM CBLS vs ORR CBLS vs FTLS CBLS vs EHLS CLSE vs EHLS CLSE vs FFLS CLSE vs HFEQ CLSE vs LSEQ

Where to next

BIL, the T-bill fund these are measured against →SPY, the S&P 500 fund these are measured against →All alternatives ETFs ranked by the Stock Diversification Score →How the scores are computed →CBLS on its own →CLSE on its own →CBLS dividend history →CLSE dividend history →Method →Standards and sources →

Sources and dates

CBLS filings on SEC EDGAR ↗

CBLS prospectus with the expense ratio (SEC) ↗

Clough website ↗

CLSE filings on SEC EDGAR ↗

CLSE prospectus with the expense ratio (SEC) ↗

Convergence website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

Every number is an ETFIQ calculation with distributions reinvested.

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ETFIQ, CBLS against CLSE, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/cbls-vs-clse

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