Data as of Nov 4, 2026.
CLSE vs CSM: Correlation to the S&P 500
Over the year to Nov 4, 2026, CLSE moved less with the S&P 500 than CSM: correlation +0.73 against +0.98.
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Net assets: $900m on Aug 31, 2026 for Convergence Long/Short Equity ETF, and $521m on Nov 4, 2026 for ProShares Large Cap Core Plus.
CLSE in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, CLSE −0.63%.
CSM in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, CSM −0.97%.
Pair scorecard
CSM costs 1.07 points a year less; their one-year returns differ by 8.9 points.
| Measure | CLSE | CSM |
|---|---|---|
| Return | ||
| Total return, 1 year | +23.3% | +14.4% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 1.52% | 0.45% |
| Net assets, CLSE as of Aug 31, 2026 and CSM as of Nov 4, 2026 | $900m | $521m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | +0.75: about 0.75% for each 1% | +0.94: about 0.94% for each 1% |
| Its average week when the S&P 500 fell | fell 0.63% | fell 0.97% |
Risk and return
Mar 4, 2022 to Oct 30, 2026 · 243 weekly returnsEach against its own benchmark: CLSE against IWV, Mar 4, 2022 to Oct 30, 2026; CSM against IVV, Jul 24, 2009 to Oct 30, 2026.
From Mar 2022 to Oct 2026, CLSE returned more: +117.6% to +77.0%. CLSE swung less: 13.4% to 16.6%. CLSE fell less at its worst: −16.1% to −20.9%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | CLSE | CSM | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +117.6% | +77.0% | CLSE | Price change plus distributions, reinvested. |
| Annualized | +18.1% | +13.0% | CLSE | Total return as a yearly rate. |
| Price return | +109.3% | +67.3% | CLSE | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 13.4% | 16.6% | CLSE | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 8.6% | 11.1% | CLSE | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −16.1% | −20.9% | CLSE | Deepest fall from a high to the low after it. |
| Upside capture | 57.2% | 100.2% | Share of its benchmark's rise caught in the weeks it rose. | |
| Downside capture | 58.0% | 100.9% | Share of its benchmark's fall taken in the weeks it fell. Lower is better. | |
| Beta | 0.59 | 1.02 | Not an edge | How far it moves for each 1% its benchmark moves. |
| R squared | 0.52 | 0.98 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | ||||
| Sharpe | 1.00 | 0.57 | CLSE | Return above Treasury bills per unit of volatility. |
| Sortino | 1.55 | 0.84 | CLSE | Return above Treasury bills per unit of downside deviation. |
| Treynor | 0.228 | 0.129 | Return above Treasury bills per unit of beta. | |
| Calmar | 1.12 | 0.62 | CLSE | Annualized return divided by the max drawdown. |
| Against the benchmark | ||||
| Benchmark | IWV | IVV | The ETF each fund is measured against. | |
| Alpha | +7.6% a year | −0.6% a year | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | 1.76 | −0.91 | Not an edge | How sure the alpha is. Below 2, it could be chance. |
| Alpha range | −0.9% to +16.0% | −1.7% to +0.6% | Includes zero | The 95% range for the yearly alpha. |
| Information ratio | 0.30 | −0.14 | Return against its benchmark per unit of tracking error. | |
| Tracking error | 11.5% | 2.5% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 243 weekly returns. Cash rate: the 13-week Treasury bill.
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | CLSE | CSM | CLSE | CSM |
| 3 months | −4.7% | −1.1% | −4.4 pts vs IWV | −1.0 pts vs IVV |
| 6 months | −0.3% | +4.9% | −5.2 pts vs IWV | −0.1 pts vs IVV |
| 1 year | +23.3% | +14.4% | +8.5 pts vs IWV | −0.4 pts vs IVV |
| 3 years | +102.2% | +83.6% | +21.2 pts vs IWV | +0.2 pts vs IVV |
| Since launchNot the same days: CLSE Feb 2022 · CSM Jul 2009 | +121.4% | +977.7% | +36.8 pts vs IWV | not measured |
Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
CLSE and CSM both run a long-short equity strategy. Over the same 52 weeks to Nov 4, 2026, CLSE’s weekly returns had a correlation of +0.73 with the S&P 500 and CSM’s +0.98. In the 26 weeks the index fell, by 1.07% a week on average, CLSE averaged −0.63% and CSM −0.97%. Over the same weeks, CLSE finished 18.4 percentage points ahead of cash and CSM finished 10.1 points ahead of cash.
Client brief:
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CLSE
CLSE 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 +0.73 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. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. 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.
CSM
CSM is a long-short equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.98 with the S&P 500’s and a beta of +0.94, so for each 1% the index moved it moved about 0.94% the same way. In the same weeks CSM fell 0.97% on average, a down-week capture of 90.7%. Over the same 52 weeks CSM returned +13.7% and a Treasury bill fund +3.7%, so it finished 10.1 percentage points ahead of cash.
Questions people ask
- Which moved less with the S&P 500, CLSE or CSM?
- Over the 52 weeks to Nov 4, 2026, CLSE’s weekly returns had a correlation of +0.73 with the S&P 500 and CSM’s +0.98, so CLSE moved less with the index.
- Which did better when the S&P 500 fell, CLSE or CSM?
- In the 26 weeks the S&P 500 fell, by 1.07% a week on average, CLSE averaged −0.63% and CSM −0.97%, so CLSE returned more in those weeks.
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How this is computed
Every number is an ETFIQ calculation with distributions reinvested.
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ETFIQ, CLSE against CSM, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/clse-vs-csm
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