Data as of Nov 4, 2026.
CLSE vs ORR: Correlation to the S&P 500
Over the year to Nov 4, 2026, ORR moved less with the S&P 500 than CLSE: correlation +0.41 against +0.73.
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Net assets on Aug 31, 2026: $900m for Convergence Long/Short Equity ETF and $355m for Militia Long/Short Equity ETF.
CLSE in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, CLSE −0.63%.
ORR in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, ORR −0.27%.
Pair scorecard
Their one-year returns differ by 1.7 points; CLSE is 2.5 times larger.
| Measure | CLSE | ORR |
|---|---|---|
| Return | ||
| Total return, 1 year | +23.3% | +21.6% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 1.52% | not published |
| Net assets, as of Aug 31, 2026 | $900m | $355m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | +0.75: about 0.75% for each 1% | +0.47: about 0.47% for each 1% |
| Its average week when the S&P 500 fell | fell 0.63% | fell 0.27% |
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | CLSE | ORR | CLSE | ORR |
| 3 months | −4.7% | −1.6% | −4.4 pts vs IWV | not measured |
| 6 months | −0.3% | +5.2% | −5.2 pts vs IWV | not measured |
| 1 year | +23.3% | +21.6% | +8.5 pts vs IWV | not measured |
| 3 years | +102.2% | – | +21.2 pts vs IWV | – |
| Since launchNot the same days: CLSE Feb 2022 · ORR Jan 2025 | +121.4% | +49.6% | +36.8 pts vs IWV | not measured |
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Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
CLSE and ORR 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 ORR’s +0.41. In the 26 weeks the index fell, by 1.07% a week on average, CLSE averaged −0.63% and ORR −0.27%. Over the same weeks, CLSE finished 18.4 percentage points ahead of cash and ORR finished 16.7 points ahead of cash.
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.
ORR
ORR is a long-short equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.41 with the S&P 500’s and a beta of +0.47, so for each 1% the index moved it moved about 0.47% the same way. In the same weeks ORR fell 0.27% on average, a down-week capture of 25.0%. Over the same 52 weeks ORR returned +20.3% and a Treasury bill fund +3.7%, so it finished 16.7 percentage points ahead of cash.
Questions people ask
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How this is computed
Every number is an ETFIQ calculation with distributions reinvested.
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ETFIQ, CLSE against ORR, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/clse-vs-orr
ETFIQ. (Nov 4, 2026). CLSE against ORR. Retrieved from https://etfiq.com/compare/alternatives/clse-vs-orr
[CLSE against ORR (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/alternatives/clse-vs-orr)
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