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 26 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% | 515.62M | Jul 2009 | NLSI vs CSM | |
| Arin Tactical Tail Risk ETF | 0.63% | — | Oct 2025 | NLSI vs ATTR | |
| WisdomTree Inflation Plus Fund | 0.65% | 21.79M | Jun 2025 | NLSI vs WTIP | |
| ProShares Long Online/Short Stores ETF | 0.65% | 7.04M | 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 96.
| Symbol | Name | Risk / Return Rank | AUM | Inception | |
|---|---|---|---|---|---|
| Convergence Long/Short Equity ETF | 96 | 447.61M | Dec 2009 | NLSI vs CLSE | |
| IQ Hedge Multi-Strategy Tracker ETF | 82 | 762.37M | Mar 2009 | NLSI vs QAI | |
| ProShares Hedge Replication | 71 | 21.78M | Jul 2011 | NLSI vs HDG | |
| Franklin Liberty Systematic Style Premia ETF | 69 | 930.68M | Dec 2019 | NLSI vs FLSP | |
| Harbor Long-Short Equity ETF | 69 | 16.92M | Dec 2023 | NLSI vs LSEQ |
Top Performing NLSI Alternatives (YTD)
NLSI is at -0.07% YTD. There are 21 ETFs in the Long-Short category with higher YTD returns, going as high as 27.48%.
| Symbol | Name | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|
| Harbor Long-Short Equity ETF | 27.48% | 16.92M | Dec 2023 | NLSI vs LSEQ | |
| Convergence Long/Short Equity ETF | 24.30% | 447.61M | Dec 2009 | NLSI vs CLSE | |
| Changebridge Capital Long/Short Equity ETF | 20.17% | 59.25M | Nov 2020 | NLSI vs CBLS | |
| Aptus International Enhanced Yield ETF | 13.88% | 372.15M | Jul 2021 | NLSI vs IDUB | |
| Efficient Market Portfolio Plus ETF | 13.09% | — | Dec 2024 | NLSI vs EMPB |
Lowest Volatility Alternatives to NLSI
NLSI has 19.85% 1-year volatility. There are 24 ETFs in the Long-Short category with lower 1-year volatility, going as low as 3.16%.
| Symbol | Name | Volatility 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| Arin Tactical Tail Risk ETF | 3.16% | — | Oct 2025 | NLSI vs ATTR | |
| First Trust Merger Arbitrage ETF | 5.35% | 19.90M | Feb 2020 | NLSI vs MARB | |
| ProShares Hedge Replication | 6.26% | 21.78M | Jul 2011 | NLSI vs HDG | |
| IQ Hedge Multi-Strategy Tracker ETF | 6.57% | 762.37M | Mar 2009 | NLSI vs QAI | |
| Federated Hermes MDT Market Neutral ETF | 6.74% | 82.10M | Sep 2025 | NLSI vs MKTN |
Lowest Drawdown Alternatives to NLSI
Among 22 ETFs in the Long-Short category with 1-year drawdown data, the lowest-drawdown alternatives shown here go as shallow as -2.43%.
| Symbol | Name | Max Drawdown 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| First Trust Merger Arbitrage ETF | -2.43% | 19.90M | 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% | 2.40B | Sep 2014 | NLSI vs FTLS | |
| ProShares Hedge Replication | -3.97% | 21.78M | Jul 2011 | NLSI vs HDG |
Other ETFs from Neos
The 10 most viewed Neos ETFs shown here include QQQI, SPYI, BTCI and span 12 categories. AUM among these funds goes as high as $13B.
Often Compared With NLSI
Investors most often compare NLSI with FFLS, EHLS, CHPY. These 20 comparison targets span 14 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