Data as of .
CLSE vs HFEQ: which moved less with stocks?
Over the year to Sep 18, 2026, CLSE moved less with the S&P 500 than HFEQ: correlation +0.63 against +0.82.
ETFIQ Diversifier Score: CLSE 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
CLSE and HFEQ both run a long-short equity strategy. Over the same 52 weeks to Sep 18, 2026, CLSE’s weekly returns had a correlation of +0.63 with the S&P 500 and HFEQ’s +0.82. In the 22 weeks the index fell, by 1.24% a week on average, CLSE averaged −0.45% and HFEQ −1.74%. Over the same weeks, CLSE finished 29.5 percentage points ahead of cash and HFEQ finished 11.2 points ahead of cash.
Performance, window by window
| Window | Total return | vs the S&P 500 | ||
|---|---|---|---|---|
| CLSE | HFEQ | CLSE | HFEQ | |
| 3 months | +0.8% | −4.9% | −1.4 pts | −7.2 pts |
| 6 months | +23.0% | +13.2% | +5.0 pts | −4.8 pts |
| 1 year | +33.9% | +14.8% | +17.4 pts | −1.8 pts |
| 3 years | +118.0% | not published | +39.6 pts | not published |
| Since launch | +134.6% | +27.8% | +45.6 pts | +3.7 pts |
| 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 | +0.63 | +0.82 |
| Beta to the S&P 500 | +0.64 | +1.32 |
| Down-week capture | 36.5% | 139.9% |
| Average week when the S&P 500 fell | −0.45% | −1.74% |
| The S&P 500 in those weeks | −1.24% | −1.24% |
| Total return, same 52 weeks | +33.1% | +14.8% |
| Against T-bills, percentage points | +29.5 pts | +11.2 pts |
| Expense ratio | 1.52% | 0.96% |
| Listed | Feb 22, 2022 | Jul 15, 2025 |
| Net assets | $614m | $16m |
CLSE in plain words
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 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. The S&P 500 fell in 22 of those 52 weeks, by 1.24% on average. 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.
HFEQ in plain words
HFEQ is a long-short equity fund. Over the year to Sep 18, 2026, its weekly returns had a correlation of +0.82 with the S&P 500’s and a beta of +1.32, so for each 1% the index moved it moved about 1.32% the same way. In the same weeks HFEQ fell 1.74% on average, a down-week capture of 139.9%. Over the same 52 weeks HFEQ returned +14.8% and a Treasury bill fund +3.6%, so it finished 11.2 percentage points ahead of cash.
Questions people ask
- Which moved less with the S&P 500, CLSE or HFEQ?
- Over the 52 weeks to Sep 18, 2026, CLSE’s weekly returns had a correlation of +0.63 with the S&P 500 and HFEQ’s +0.82, so CLSE moved less with the index.
- Which did better when the S&P 500 fell, CLSE or HFEQ?
- In the 22 weeks the S&P 500 fell, by 1.24% a week on average, CLSE averaged −0.45% and HFEQ −1.74%, so CLSE returned more in those weeks.
- Which earned more than cash, CLSE or HFEQ?
- Over the same weeks, CLSE finished 29.5 percentage points ahead of cash and HFEQ finished 11.2 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
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, CLSE against HFEQ, data as of Sep 18, 2026. https://etfiq.com/compare/alternatives/clse-vs-hfeq Free to use with attribution; the underlying files are at Open data.