Data as of Nov 4, 2026.
CSM vs EHLS: Correlation to the S&P 500
Over the year to Nov 4, 2026, EHLS moved less with the S&P 500 than CSM: correlation +0.69 against +0.98.
askIQ about this page
askIQ about CSM and EHLS
Net assets: $521m on Nov 4, 2026 for ProShares Large Cap Core Plus, and $61m on Jun 30, 2026 for Even Herd Long Short ETF.
CSM in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, CSM −0.97%.
EHLS in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, EHLS −1.32%.
Pair scorecard
CSM costs 2.90 points a year less; their one-year returns differ by 13.1 points.
| Measure | CSM | EHLS |
|---|---|---|
| Return | ||
| Total return, 1 year | +14.4% | +1.3% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 0.45% | 3.35% |
| Net assets, CSM as of Nov 4, 2026 and EHLS as of Jun 30, 2026 | $521m | $61m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | +0.94: about 0.94% for each 1% | +0.91: about 0.91% for each 1% |
| Its average week when the S&P 500 fell | fell 0.97% | fell 1.32% |
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | CSM | EHLS | CSM | EHLS |
| 3 months | −1.1% | −10.0% | −1.0 pts vs IVV | −9.9 pts vs VOO |
| 6 months | +4.9% | −13.8% | −0.1 pts vs IVV | −18.8 pts vs VOO |
| 1 year | +14.4% | +1.3% | −0.4 pts vs IVV | −13.5 pts vs VOO |
| 3 years | +83.6% | – | +0.2 pts vs IVV | – |
| Since launchNot the same days: CSM Jul 2009 · EHLS Apr 2024 | +977.7% | +19.2% | not measured | −33.2 pts vs VOO |
– means no data for this window. Open this comparison in the app →
Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
CSM and EHLS both run a long-short equity strategy. Over the same 52 weeks to Nov 4, 2026, CSM’s weekly returns had a correlation of +0.98 with the S&P 500 and EHLS’s +0.69. In the 26 weeks the index fell, by 1.07% a week on average, CSM averaged −0.97% and EHLS −1.32%. Over the same weeks, CSM finished 10.1 percentage points ahead of cash and EHLS finished 3.2 points behind cash.
CSM
CSM 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 +0.98 with the S&P 500’s and a beta of +0.94, so for each 1% the index moved it moved about 0.94% the same way. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. In the same weeks CSM fell 0.97% on average, a down-week capture of 90.7%. Over the same 52 weeks CSM returned +13.7% and a Treasury bill fund +3.7%, so it finished 10.1 percentage points ahead of cash.
EHLS
EHLS is a long-short equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.69 with the S&P 500’s and a beta of +0.91, so for each 1% the index moved it moved about 0.91% the same way. In the same weeks EHLS fell 1.32% on average, a down-week capture of 123.5%. Over the same 52 weeks EHLS returned +0.5% and a Treasury bill fund +3.7%, so it finished 3.2 percentage points behind cash.
Questions people ask
- Which moved less with the S&P 500, CSM or EHLS?
- Over the 52 weeks to Nov 4, 2026, CSM’s weekly returns had a correlation of +0.98 with the S&P 500 and EHLS’s +0.69, so EHLS moved less with the index.
- Which did better when the S&P 500 fell, CSM or EHLS?
- In the 26 weeks the S&P 500 fell, by 1.07% a week on average, CSM averaged −0.97% and EHLS −1.32%, so CSM returned more in those weeks.
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, CSM against EHLS, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/csm-vs-ehls
ETFIQ. (Nov 4, 2026). CSM against EHLS. Retrieved from https://etfiq.com/compare/alternatives/csm-vs-ehls
[CSM against EHLS (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/alternatives/csm-vs-ehls)
Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.