Neos Long/Short Equity Income ETF (NLSI) belongs to the Long-Short category. Below you'll find alternative ETFs from the same category, ranked by key criteria, plus funds that investors commonly compare with NLSI. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.
Cheapest Alternatives to NLSI
NLSI charges 2.89% annually. There are 27 ETFs in the Long-Short category with lower expense ratios, going as low as 0.45%.
| Symbol | Name | Expense Ratio | AUM | Inception | |
|---|---|---|---|---|---|
| Aptus International Enhanced Yield ETF | 0.45% | 372.15M | Jul 2021 | NLSI vs IDUB | |
| Proshares Large Cap Core Plus | 0.45% | 524.02M | Jul 2009 | NLSI vs CSM | |
| Arin Tactical Tail Risk ETF | 0.63% | — | Oct 2025 | NLSI vs ATTR | |
| Franklin Liberty Systematic Style Premia ETF | 0.65% | 908.01M | Dec 2019 | NLSI vs FLSP | |
| ProShares Long Online/Short Stores ETF | 0.65% | 7.28M | Nov 2017 | NLSI vs CLIX |
Best Risk-Adjusted Alternatives to NLSI
Among 22 ETFs in the Long-Short category with risk / return rank data, the top risk-adjusted alternatives shown here go as high as 95.
| Symbol | Name | Risk / Return Rank | AUM | Inception | |
|---|---|---|---|---|---|
| Convergence Long/Short Equity ETF | 95 | 447.61M | Feb 2022 | NLSI vs CLSE | |
| IQ Hedge Multi-Strategy Tracker ETF | 85 | 762.37M | Mar 2009 | NLSI vs QAI | |
| Hull Tactical US ETF | 78 | 137.43M | Jun 2015 | NLSI vs HTUS | |
| ProShares Hedge Replication | 73 | 21.57M | Jul 2011 | NLSI vs HDG | |
| Proshares Large Cap Core Plus | 69 | 524.02M | Jul 2009 | NLSI vs CSM |
Top Performing NLSI Alternatives (YTD)
NLSI is at 7.01% YTD. There are 14 ETFs in the Long-Short category with higher YTD returns, going as high as 27.40%.
| Symbol | Name | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|
| Harbor Long-Short Equity ETF | 27.40% | 15.30M | Dec 2023 | NLSI vs LSEQ | |
| Convergence Long/Short Equity ETF | 25.76% | 447.61M | Feb 2022 | NLSI vs CLSE | |
| Changebridge Capital Long/Short Equity ETF | 24.21% | 55.44M | Nov 2020 | NLSI vs CBLS | |
| Aptus International Enhanced Yield ETF | 16.05% | 372.15M | Jul 2021 | NLSI vs IDUB | |
| Rareview Systematic Equity ETF | 15.92% | 59.01M | Jan 2022 | NLSI vs RSEE |
Lowest Volatility Alternatives to NLSI
NLSI has 19.37% 1-year volatility. There are 24 ETFs in the Long-Short category with lower 1-year volatility, going as low as 0.00%.
| Symbol | Name | Volatility 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| AdvisorShares Alpha DNA Equity Sentiment ETF | 0.00% | 3.55M | Feb 2021 | NLSI vs SENT | |
| Arin Tactical Tail Risk ETF | 2.97% | — | Oct 2025 | NLSI vs ATTR | |
| First Trust Merger Arbitrage ETF | 5.31% | 19.86M | Feb 2020 | NLSI vs MARB | |
| ProShares Hedge Replication | 5.64% | 21.57M | Jul 2011 | NLSI vs HDG | |
| IQ Hedge Multi-Strategy Tracker ETF | 5.99% | 762.37M | Mar 2009 | NLSI vs QAI |
Lowest Drawdown Alternatives to NLSI
Among 23 ETFs in the Long-Short category with 1-year drawdown data, the lowest-drawdown alternatives shown here go as shallow as 0.00%.
| Symbol | Name | Max Drawdown 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| AdvisorShares Alpha DNA Equity Sentiment ETF | 0.00% | 3.55M | Feb 2021 | NLSI vs SENT | |
| First Trust Merger Arbitrage ETF | -2.43% | 19.86M | Feb 2020 | NLSI vs MARB | |
| AltShares Event-Driven ETF | -3.35% | 8.62M | Dec 2014 | NLSI vs EVNT | |
| IQ Hedge Multi-Strategy Tracker ETF | -3.71% | 762.37M | Mar 2009 | NLSI vs QAI | |
| First Trust Long/Short Equity ETF | -3.79% | 2.35B | Sep 2014 | NLSI vs FTLS |
Other ETFs from Neos
The 10 most viewed Neos ETFs shown here include QQQI, SPYI, BTCI and span 8 categories. AUM among these funds goes as high as $12B.
| Symbol | Name | Category | Risk / Return Rank | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|---|---|
| NEOS Nasdaq-100 High Income ETF | Nasdaq-100, Derivative Income | 68 | 13.43% | 12.25B | Jan 2024 | NLSI vs QQQI | |
| NEOS S&P 500 High Income ETF | Derivative Income, S&P 500 | 71 | 7.72% | 10.07B | Aug 2022 | NLSI vs SPYI | |
| NEOS Bitcoin High Income ETF | Cryptocurrency, Derivative Income | 2 | -22.74% | 1.24B | Oct 2024 | NLSI vs BTCI | |
| NEOS Gold High Income ETF | Derivative Income, Gold | — | 1.64% | 462.95M | Jun 2025 | NLSI vs IAUI | |
| NEOS Russell 2000 High Income ETF | Derivative Income | 73 | 13.36% | 906.31M | Jun 2024 | NLSI vs IWMI | |
| Neos Enhanced Income Cash Alternative ETF | Ultrashort Bond | 99 | 2.26% | 1.28B | Aug 2022 | NLSI vs CSHI | |
| NEOS Nasdaq-100 Hedged Equity Income ETF | Nasdaq-100, Hedge Fund | 62 | 7.91% | 375.87M | Dec 2019 | NLSI vs QQQH | |
| NEOS Real Estate High Income ETF | Derivative Income | 23 | 4.08% | 272.46M | Jan 2025 | NLSI vs IYRI | |
| Neos MLP & Energy Infrastructure High Income ETF | Energy Equities | — | 17.58% | 643.40M | Dec 2025 | NLSI vs MLPI | |
| NEOS MSCI EAFE High Income ETF | Derivative Income | — | 5.84% | 166.96M | Sep 2025 | NLSI vs NIHI |
Often Compared With NLSI
Investors most often compare NLSI with EMPB, FFLS, WTIP. These 20 comparison targets span 12 categories, based on PortfoliosLab usage data.
Compare NLSI with Any Fund or Stock
Compare NLSI with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.
Pair NLSI with funds that move differently
Neos Long/Short Equity Income ETF alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to NLSI.
Explore NLSI Diversifiers