A sinker or float that releasably clamps around a line, such as a fishing line, including two members shaped to define a channel for the line when in a closed position. A locking means is provided to releasably lock the two members in the closed position. Each of the members has at least a portion of high or low density material to provide a sinking or floating effect. A jacket may be provided that retains the high or low density material therein. The jacket may also include a hinge portion such that the two members can be hingedly opened and closed.
