Clupeiformes (herring, sardines, shad, anchovies and allies) are a globally distributed clade with nearly 400 marine, freshwater, and diadromous species. Although best known as filter feeding fishes that form large schools, this group occupies a diverse array of trophic guilds and habitats. Theory suggests that species richness in clades is modulated by ecological limits, which results in diversity-dependent clade growth, a pattern that most clades exhibit. As a trans-marine/freshwater clade that has undergone repeated transitions between marine and freshwaters, Clupeiformes are an excellent system for investigating the interplay between ecological diversity and macroevolutionary dynamics. In this study we review the systematics of Clupeiformes and explore discordance in phylogenetic relationships and divergence times between mitochondrial and nuclear loci. We then use comparative methods to test whether ecological limits regulate diversity in Clupeiformes. We find discordance in phylogenetic relationships at various taxonomic scales, but also considerable agreement between genomes. Our results suggest that trans-marine/freshwater clades are able to circumvent ecological limits on clade growth at regional, but not on local scales. Our study demonstrates that phylogenies are a critical link between ecology and macroevolutionary dynamics, and suggests habitat transitions can play a key role in shaping diversity patterns, particularly in the neotropics.