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

In the 26 weeks the S&P 500 fell, by 1.07% a week on average, CLSE averaged −0.63% and HFEQ −1.70%, so CLSE returned more in those weeks.

Which earned more than cash, CLSE or HFEQ?

Over the same weeks, CLSE finished 18.4 percentage points ahead of cash and HFEQ finished 5.8 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.

Which is cheaper, CLSE or HFEQ?

CLSE charges 1.52% a year and HFEQ charges 0.96%, so HFEQ is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Alternative ETFs

CLSE vs HFEQ: Correlation to the S&P 500

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Over the year to Nov 4, 2026, CLSE moved less with the S&P 500 than HFEQ: correlation +0.73 against +0.86.

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Net assets on Aug 31, 2026: $900m for Convergence Long/Short Equity ETF and $19m for Unlimited HFEQ Equity Long/Short ETF.

CLSE on its own →HFEQ on its own →

At a glance

+0.73

CLSE correlation with the S&P 500

+0.86

HFEQ correlation with the S&P 500

59.1%

CLSE down-week capture

158.3%

HFEQ 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%.

HFEQ Fell more than the S&P 500

HFEQ in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HFEQ −1.70%.

Pair scorecard

HFEQ costs 0.56 points a year less; their one-year returns differ by 11.9 points; CLSE is far larger, $900m against $19m.

CLSE vs HFEQ: Correlation to the S&P 500
Measure	CLSE	HFEQ
Return
Measure	CLSE	HFEQ
Total return, 1 year	+23.3%	+11.4%
Against its benchmark
Measure	CLSE	HFEQ
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	CLSE	HFEQ
Expense ratio	1.52%	0.96%
Net assets, as of Aug 31, 2026	$900m	$19m
Holdings
Measure	CLSE	HFEQ
Holdings in common	not published
Risk
Measure	CLSE	HFEQ
Beta to the S&P 500	+0.75: about 0.75% for each 1%	+1.31: about 1.31% for each 1%
Its average week when the S&P 500 fell	fell 0.63%	fell 1.70%

Method

Window by window

Window by window: CLSE vs HFEQ: Correlation to the S&P 500
	Total return		vs its benchmark
Window	CLSE	HFEQ	CLSE	HFEQ
3 months	−4.7%	−7.1%	−4.4 pts vs IWV	−7.0 pts vs VOO
6 months	−0.3%	−2.7%	−5.2 pts vs IWV	−7.7 pts vs VOO
1 year	+23.3%	+11.4%	+8.5 pts vs IWV	−3.4 pts vs VOO
3 years	+102.2%	–	+21.2 pts vs IWV	–
Since launchNot the same days: CLSE Feb 2022 · HFEQ Jul 2025	+121.4%	+26.4%	+36.8 pts vs IWV	+1.4 pts vs VOO

– means no data for this window. Open this comparison in the app →

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 HFEQ Unlimited HFEQ Equity 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 Unlimited

Strategy Long-short equity Long-short equity

Correlation with the S&P 500 +0.73 +0.86

Beta to the S&P 500 +0.75 +1.31

Down-week capture 59.1% 158.3%

Average week when the S&P 500 fell −0.63% −1.70%

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

Total return, same 52 weeks +22.1% +9.5%

Against T-bills, percentage points +18.4 pts +5.8 pts

Expense ratio 1.52% 0.96%

First traded Feb 22, 2022 Jul 15, 2025

Net assets, as of Aug 31, 2026 $900m $19m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

CLSE and HFEQ 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 HFEQ’s +0.86. In the 26 weeks the index fell, by 1.07% a week on average, CLSE averaged −0.63% and HFEQ −1.70%. Over the same weeks, CLSE finished 18.4 percentage points ahead of cash and HFEQ finished 5.8 points ahead of 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.

HFEQ

HFEQ is a long-short equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.86 with the S&P 500’s and a beta of +1.31, so for each 1% the index moved it moved about 1.31% the same way. In the same weeks HFEQ fell 1.70% on average, a down-week capture of 158.3%. Over the same 52 weeks HFEQ returned +9.5% and a Treasury bill fund +3.7%, so it finished 5.8 percentage points ahead of cash.

Questions people ask

Which moved less with the S&P 500, CLSE or HFEQ?: Over the 52 weeks to Nov 4, 2026, CLSE’s weekly returns had a correlation of +0.73 with the S&P 500 and HFEQ’s +0.86, so CLSE moved less with the index.
Which did better when the S&P 500 fell, CLSE or HFEQ?: In the 26 weeks the S&P 500 fell, by 1.07% a week on average, CLSE averaged −0.63% and HFEQ −1.70%, so CLSE returned more in those weeks.
Which earned more than cash, CLSE or HFEQ?: Over the same weeks, CLSE finished 18.4 percentage points ahead of cash and HFEQ finished 5.8 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, CLSE or HFEQ?: CLSE charges 1.52% a year and HFEQ charges 0.96%, so HFEQ is cheaper. Fees come from each fund's prospectus.

Other comparisons

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

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

Sources and dates

CLSE filings on SEC EDGAR ↗

CLSE prospectus with the expense ratio (SEC) ↗

Convergence website ↗

HFEQ filings on SEC EDGAR ↗

HFEQ prospectus with the expense ratio (SEC) ↗

Unlimited 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, CLSE against HFEQ, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/clse-vs-hfeq

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