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

In the 26 weeks the S&P 500 fell, by 1.07% a week on average, CLSE averaged −0.63% and EHLS −1.32%, so CLSE returned more in those weeks.

Which earned more than cash, CLSE or EHLS?

Over the same weeks, CLSE finished 18.4 percentage points ahead of cash and EHLS finished 3.2 percentage points behind cash. Cash here is BIL, a fund of Treasury bills.

Which is cheaper, CLSE or EHLS?

CLSE charges 1.52% a year and EHLS charges 3.35%, so CLSE is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Alternative ETFs

CLSE vs EHLS: Correlation to the S&P 500

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Over the year to Nov 4, 2026, EHLS moved less with the S&P 500 than CLSE: correlation +0.69 against +0.73.

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Net assets: $900m on Aug 31, 2026 for Convergence Long/Short Equity ETF, and $61m on Jun 30, 2026 for Even Herd Long Short ETF.

CLSE on its own →EHLS on its own →

At a glance

+0.73

CLSE correlation with the S&P 500

+0.69

EHLS correlation with the S&P 500

59.1%

CLSE down-week capture

123.5%

EHLS down-week capture

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%.

EHLS Fell more than the S&P 500

EHLS in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, EHLS −1.32%.

Pair scorecard

CLSE costs 1.83 points a year less; their one-year returns differ by 22.0 points.

CLSE vs EHLS: Correlation to the S&P 500
Measure	CLSE	EHLS
Return
Measure	CLSE	EHLS
Total return, 1 year	+23.3%	+1.3%
Against its benchmark
Measure	CLSE	EHLS
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	CLSE	EHLS
Expense ratio	1.52%	3.35%
Net assets, CLSE as of Aug 31, 2026 and EHLS as of Jun 30, 2026	$900m	$61m
Holdings
Measure	CLSE	EHLS
Holdings in common	not published
Risk
Measure	CLSE	EHLS
Beta to the S&P 500	+0.75: about 0.75% for each 1%	+0.91: about 0.91% for each 1%
Its average week when the S&P 500 fell	fell 0.63%	fell 1.32%

Method

Window by window

Window by window: CLSE vs EHLS: Correlation to the S&P 500
	Total return		vs its benchmark
Window	CLSE	EHLS	CLSE	EHLS
3 months	−4.7%	−10.0%	−4.4 pts vs IWV	−9.9 pts vs VOO
6 months	−0.3%	−13.8%	−5.2 pts vs IWV	−18.8 pts vs VOO
1 year	+23.3%	+1.3%	+8.5 pts vs IWV	−13.5 pts vs VOO
3 years	+102.2%	–	+21.2 pts vs IWV	–
Since launchNot the same days: CLSE Feb 2022 · EHLS Apr 2024	+121.4%	+19.2%	+36.8 pts vs IWV	−33.2 pts vs VOO

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Side by side

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 EHLS Even Herd Long Short ETF · Long-short equity fund: owns stocks and sells others short, so part of its exposure to the stock market cancels out

Issuer Convergence Even Herd

Strategy Long-short equity Long-short equity

Correlation with the S&P 500 +0.73 +0.69

Beta to the S&P 500 +0.75 +0.91

Down-week capture 59.1% 123.5%

Average week when the S&P 500 fell −0.63% −1.32%

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

Total return, same 52 weeks +22.1% +0.5%

Against T-bills, percentage points +18.4 pts −3.2 pts

Expense ratio 1.52% 3.35%

First traded Feb 22, 2022 Apr 2, 2024

Net assets, CLSE as of Aug 31, 2026 and EHLS as of Jun 30, 2026 $900m $61m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

CLSE and EHLS 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 EHLS’s +0.69. In the 26 weeks the index fell, by 1.07% a week on average, CLSE averaged −0.63% and EHLS −1.32%. Over the same weeks, CLSE finished 18.4 percentage points ahead of cash and EHLS finished 3.2 points behind cash.

Alert

About each fund

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.

EHLS

EHLS is a long-short equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.69 with the S&P 500’s and a beta of +0.91, so for each 1% the index moved it moved about 0.91% the same way. In the same weeks EHLS fell 1.32% on average, a down-week capture of 123.5%. Over the same 52 weeks EHLS returned +0.5% and a Treasury bill fund +3.7%, so it finished 3.2 percentage points behind cash.

Questions people ask

Which moved less with the S&P 500, CLSE or EHLS?: Over the 52 weeks to Nov 4, 2026, CLSE’s weekly returns had a correlation of +0.73 with the S&P 500 and EHLS’s +0.69, so EHLS moved less with the index.
Which did better when the S&P 500 fell, CLSE or EHLS?: In the 26 weeks the S&P 500 fell, by 1.07% a week on average, CLSE averaged −0.63% and EHLS −1.32%, so CLSE returned more in those weeks.
Which earned more than cash, CLSE or EHLS?: Over the same weeks, CLSE finished 18.4 percentage points ahead of cash and EHLS finished 3.2 percentage points behind cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, CLSE or EHLS?: CLSE charges 1.52% a year and EHLS charges 3.35%, so CLSE is cheaper. Fees come from each fund's prospectus.

Other comparisons

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

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 →CLSE on its own →EHLS on its own →CLSE dividend history →EHLS dividend history →Method →Standards and sources →

Sources and dates

CLSE filings on SEC EDGAR ↗

CLSE prospectus with the expense ratio (SEC) ↗

Convergence website ↗

EHLS filings on SEC EDGAR ↗

EHLS prospectus with the expense ratio (SEC) ↗

Even Herd 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.

Cite this pageCitation, APA and Markdown

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

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