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

In the 26 weeks the S&P 500 fell, by 1.07% a week on average, CLSE averaged −0.63% and FFLS −0.70%, so CLSE returned more in those weeks.

Which earned more than cash, CLSE or FFLS?

Over the same weeks, CLSE finished 18.4 percentage points ahead of cash and FFLS finished 2.4 percentage points behind cash. Cash here is BIL, a fund of Treasury bills.

Which is cheaper, CLSE or FFLS?

CLSE charges 1.52% a year and FFLS charges 1.24%, so FFLS is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Alternative ETFs

CLSE vs FFLS: Correlation to the S&P 500

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Over the year to Nov 4, 2026, FFLS moved less with the S&P 500 than CLSE: correlation +0.65 against +0.73.

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Net assets on Aug 31, 2026: $900m for Convergence Long/Short Equity ETF and $43m for The Future Fund Long/Short ETF.

CLSE on its own →FFLS on its own →

At a glance

+0.73

CLSE correlation with the S&P 500

+0.65

FFLS correlation with the S&P 500

59.1%

CLSE down-week capture

65.7%

FFLS 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%.

FFLS Fell 66% as much as the S&P 500

FFLS in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, FFLS −0.70%.

Pair scorecard

FFLS costs 0.28 points a year less; their one-year returns differ by 23.4 points; CLSE is far larger, $900m against $43m.

CLSE vs FFLS: Correlation to the S&P 500
Measure	CLSE	FFLS
Return
Measure	CLSE	FFLS
Total return, 1 year	+23.3%	−0.1%
Against its benchmark
Measure	CLSE	FFLS
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	CLSE	FFLS
Expense ratio	1.52%	1.24%
Net assets, as of Aug 31, 2026	$900m	$43m
Holdings
Measure	CLSE	FFLS
Holdings in common	not published
Risk
Measure	CLSE	FFLS
Beta to the S&P 500	+0.75: about 0.75% for each 1%	+0.61: about 0.61% for each 1%
Its average week when the S&P 500 fell	fell 0.63%	fell 0.70%

Method

Window by window

Window by window: CLSE vs FFLS: Correlation to the S&P 500
	Total return		vs its benchmark
Window	CLSE	FFLS	CLSE	FFLS
3 months	−4.7%	−0.3%	−4.4 pts vs IWV	not measured
6 months	−0.3%	+2.6%	−5.2 pts vs IWV	not measured
1 year	+23.3%	−0.1%	+8.5 pts vs IWV	not measured
3 years	+102.2%	+36.0%	+21.2 pts vs IWV	not measured
Since launchNot the same days: CLSE Feb 2022 · FFLS Jun 2023	+121.4%	+30.5%	+36.8 pts vs IWV	not measured

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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 FFLS The Future Fund 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 The Future Fund

Strategy Long-short equity Long-short equity

Correlation with the S&P 500 +0.73 +0.65

Beta to the S&P 500 +0.75 +0.61

Down-week capture 59.1% 65.7%

Average week when the S&P 500 fell −0.63% −0.70%

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

Total return, same 52 weeks +22.1% +1.3%

Against T-bills, percentage points +18.4 pts −2.4 pts

Expense ratio 1.52% 1.24%

First traded Feb 22, 2022 Jun 21, 2023

Net assets, as of Aug 31, 2026 $900m $43m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

CLSE and FFLS 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 FFLS’s +0.65. In the 26 weeks the index fell, by 1.07% a week on average, CLSE averaged −0.63% and FFLS −0.70%. Over the same weeks, CLSE finished 18.4 percentage points ahead of cash and FFLS finished 2.4 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.

FFLS

FFLS is a long-short equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.65 with the S&P 500’s and a beta of +0.61, so for each 1% the index moved it moved about 0.61% the same way. In the same weeks FFLS fell 0.70% on average, a down-week capture of 65.7%. Over the same 52 weeks FFLS returned +1.3% and a Treasury bill fund +3.7%, so it finished 2.4 percentage points behind cash.

Questions people ask

Which moved less with the S&P 500, CLSE or FFLS?: Over the 52 weeks to Nov 4, 2026, CLSE’s weekly returns had a correlation of +0.73 with the S&P 500 and FFLS’s +0.65, so FFLS moved less with the index.
Which did better when the S&P 500 fell, CLSE or FFLS?: In the 26 weeks the S&P 500 fell, by 1.07% a week on average, CLSE averaged −0.63% and FFLS −0.70%, so CLSE returned more in those weeks.
Which earned more than cash, CLSE or FFLS?: Over the same weeks, CLSE finished 18.4 percentage points ahead of cash and FFLS finished 2.4 percentage points behind cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, CLSE or FFLS?: CLSE charges 1.52% a year and FFLS charges 1.24%, so FFLS is cheaper. Fees come from each fund's prospectus.

Other comparisons

CLSE vs EHLS CLSE vs CSM CLSE vs LSEQ CLSE vs ORR FFLS vs FTLS FFLS vs ORR FFLS vs HFEQ FFLS 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 →CLSE on its own →FFLS on its own →CLSE dividend history →FFLS dividend history →Method →Standards and sources →

Sources and dates

CLSE filings on SEC EDGAR ↗

CLSE prospectus with the expense ratio (SEC) ↗

Convergence website ↗

FFLS filings on SEC EDGAR ↗

FFLS prospectus with the expense ratio (SEC) ↗

The Future Fund 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 FFLS, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/clse-vs-ffls

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