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

In the 26 weeks the S&P 500 fell, by 1.07% a week on average, CLSE averaged −0.63% and LSEQ −0.27%, so LSEQ returned more in those weeks.

Which earned more than cash, CLSE or LSEQ?

Over the same weeks, CLSE finished 18.4 percentage points ahead of cash and LSEQ finished 20.8 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.

Which is cheaper, CLSE or LSEQ?

CLSE charges 1.52% a year and LSEQ charges 2.28%, so CLSE is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Alternative ETFs

CLSE vs LSEQ: Correlation to the S&P 500

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Over the year to Nov 4, 2026, LSEQ moved less with the S&P 500 than CLSE: correlation +0.18 against +0.73.

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Net assets: $900m on Aug 31, 2026 for Convergence Long/Short Equity ETF, and $17m on Nov 3, 2026 for Harbor Long-Short Equity ETF.

CLSE on its own →LSEQ on its own →

At a glance

+0.73

CLSE correlation with the S&P 500

+0.18

LSEQ correlation with the S&P 500

59.1%

CLSE down-week capture

24.8%

LSEQ 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%.

LSEQ Fell 25% as much as the S&P 500

LSEQ in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, LSEQ −0.27%.

Pair scorecard

CLSE costs 0.76 points a year less; their one-year returns differ by 3.2 points.

CLSE vs LSEQ: Correlation to the S&P 500
Measure	CLSE	LSEQ
Return
Measure	CLSE	LSEQ
Total return, 1 year	+23.3%	+26.5%
Against its benchmark
Measure	CLSE	LSEQ
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	CLSE	LSEQ
Expense ratio	1.52%	2.28%
Net assets, CLSE as of Aug 31, 2026 and LSEQ as of Nov 3, 2026	$900m	$17m
Holdings
Measure	CLSE	LSEQ
Holdings in common	not published
Risk
Measure	CLSE	LSEQ
Beta to the S&P 500	+0.75: about 0.75% for each 1%	+0.24: about 0.24% for each 1%
Its average week when the S&P 500 fell	fell 0.63%	fell 0.27%

Method

Window by window

Window by window: CLSE vs LSEQ: Correlation to the S&P 500
	Total return		vs its benchmark
Window	CLSE	LSEQ	CLSE	LSEQ
3 months	−4.7%	+8.0%	−4.4 pts vs IWV	not measured
6 months	−0.3%	+1.2%	−5.2 pts vs IWV	not measured
1 year	+23.3%	+26.5%	+8.5 pts vs IWV	not measured
3 years	+102.2%	–	+21.2 pts vs IWV	–
Since launchNot the same days: CLSE Feb 2022 · LSEQ Dec 2023	+121.4%	+47.4%	+36.8 pts vs IWV	not measured

– 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 LSEQ Harbor 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

Issuer Convergence Harbor

Strategy Long-short equity Long-short equity

Correlation with the S&P 500 +0.73 +0.18

Beta to the S&P 500 +0.75 +0.24

Down-week capture 59.1% 24.8%

Average week when the S&P 500 fell −0.63% −0.27%

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

Total return, same 52 weeks +22.1% +24.5%

Against T-bills, percentage points +18.4 pts +20.8 pts

Expense ratio 1.52% 2.28%

First traded Feb 22, 2022 Dec 4, 2023

Net assets, CLSE as of Aug 31, 2026 and LSEQ as of Nov 3, 2026 $900m $17m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

CLSE and LSEQ 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 LSEQ’s +0.18. In the 26 weeks the index fell, by 1.07% a week on average, CLSE averaged −0.63% and LSEQ −0.27%. Over the same weeks, CLSE finished 18.4 percentage points ahead of cash and LSEQ finished 20.8 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.

LSEQ

LSEQ is a long-short equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.18 with the S&P 500’s and a beta of +0.24, so for each 1% the index moved it moved about 0.24% the same way. In the same weeks LSEQ fell 0.27% on average, a down-week capture of 24.8%. Over the same 52 weeks LSEQ returned +24.5% and a Treasury bill fund +3.7%, so it finished 20.8 percentage points ahead of cash.

Questions people ask

Which moved less with the S&P 500, CLSE or LSEQ?: Over the 52 weeks to Nov 4, 2026, CLSE’s weekly returns had a correlation of +0.73 with the S&P 500 and LSEQ’s +0.18, so LSEQ moved less with the index.
Which did better when the S&P 500 fell, CLSE or LSEQ?: In the 26 weeks the S&P 500 fell, by 1.07% a week on average, CLSE averaged −0.63% and LSEQ −0.27%, so LSEQ returned more in those weeks.
Which earned more than cash, CLSE or LSEQ?: Over the same weeks, CLSE finished 18.4 percentage points ahead of cash and LSEQ finished 20.8 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, CLSE or LSEQ?: CLSE charges 1.52% a year and LSEQ charges 2.28%, so CLSE is cheaper. Fees come from each fund's prospectus.

Other comparisons

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

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

Sources and dates

CLSE filings on SEC EDGAR ↗

CLSE prospectus with the expense ratio (SEC) ↗

Convergence website ↗

LSEQ filings on SEC EDGAR ↗

LSEQ prospectus with the expense ratio (SEC) ↗

Harbor page for LSEQ ↗

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 LSEQ, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/clse-vs-lseq

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