Data as of .
CBLS vs CLSE: which moved less with stocks?
Over the year to Sep 18, 2026, CBLS moved less with the S&P 500 than CLSE: correlation +0.36 against +0.63.
ETFIQ Diversifier Score: CBLS scores higher
How much does it diversify a stock portfolio?
A percentile among the 63 alternatives ETFs with a full year. It is a position in a set, not a rating, and neither end of it is a recommendation. All alternatives ETFs ranked by it · How it is computed
One strategy, two funds
CBLS and CLSE both run a long-short equity strategy. Over the same 52 weeks to Sep 18, 2026, CBLS’s weekly returns had a correlation of +0.36 with the S&P 500 and CLSE’s +0.63. In the 22 weeks the index fell, by 1.24% a week on average, CBLS averaged −0.18% and CLSE −0.45%. Over the same weeks, CBLS finished 5.7 percentage points ahead of cash and CLSE finished 29.5 points ahead of cash.
Performance, window by window
| Window | Total return | vs the S&P 500 | ||
|---|---|---|---|---|
| CBLS | CLSE | CBLS | CLSE | |
| 3 months | −7.1% | +0.8% | −9.3 pts | −1.4 pts |
| 6 months | +7.6% | +23.0% | −10.4 pts | +5.0 pts |
| 1 year | +9.9% | +33.9% | −6.7 pts | +17.4 pts |
| 3 years | +64.1% | +118.0% | −14.3 pts | +39.6 pts |
| Since launch | +55.5% | +134.6% | −75.2 pts | +45.6 pts |
| 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 | +0.36 | +0.63 |
| Beta to the S&P 500 | +0.40 | +0.64 |
| Down-week capture | 14.5% | 36.5% |
| Average week when the S&P 500 fell | −0.18% | −0.45% |
| The S&P 500 in those weeks | −1.24% | −1.24% |
| Total return, same 52 weeks | +9.3% | +33.1% |
| Against T-bills, percentage points | +5.7 pts | +29.5 pts |
| Expense ratio | 1.89% | 1.52% |
| Listed | Nov 13, 2020 | Feb 22, 2022 |
| Net assets | $53m | $614m |
CBLS in plain words
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 Sep 18, 2026, its weekly returns had a correlation of +0.36 with the S&P 500’s and a beta of +0.40, so for each 1% the index moved it moved about 0.40% the same way. The S&P 500 fell in 22 of those 52 weeks, by 1.24% on average. In the same weeks CBLS fell 0.18% on average, a down-week capture of 14.5%. Over the same 52 weeks CBLS returned +9.3% and a Treasury bill fund +3.6%, so it finished 5.7 percentage points ahead of cash.
CLSE in plain words
CLSE is a long-short equity fund. Over the year to Sep 18, 2026, its weekly returns had a correlation of +0.63 with the S&P 500’s and a beta of +0.64, so for each 1% the index moved it moved about 0.64% the same way. In the same weeks CLSE fell 0.45% on average, a down-week capture of 36.5%. Over the same 52 weeks CLSE returned +33.1% and a Treasury bill fund +3.6%, so it finished 29.5 percentage points ahead of cash.
Questions people ask
- Which moved less with the S&P 500, CBLS or CLSE?
- Over the 52 weeks to Sep 18, 2026, CBLS’s weekly returns had a correlation of +0.36 with the S&P 500 and CLSE’s +0.63, so CBLS moved less with the index.
- Which did better when the S&P 500 fell, CBLS or CLSE?
- In the 22 weeks the S&P 500 fell, by 1.24% a week on average, CBLS averaged −0.18% and CLSE −0.45%, so CBLS returned more in those weeks.
- Which earned more than cash, CBLS or CLSE?
- Over the same weeks, CBLS finished 5.7 percentage points ahead of cash and CLSE finished 29.5 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
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, CBLS against CLSE, data as of Sep 18, 2026. https://etfiq.com/compare/alternatives/cbls-vs-clse Free to use with attribution; the underlying files are at Open data.