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 0.40%.
| Symbol | Name | Expense Ratio | AUM | Inception | |
|---|---|---|---|---|---|
| iShares Flexible Equity Active ETF | 0.40% | 741.53M | May 2026 | NLSI vs BFLX | |
| Proshares Large Cap Core Plus | 0.45% | 518.36M | Jul 2009 | NLSI vs CSM | |
| Aptus International Enhanced Yield ETF | 0.45% | 372.15M | Jul 2021 | NLSI vs IDUB | |
| Arin Tactical Tail Risk ETF | 0.63% | — | Oct 2025 | NLSI vs ATTR | |
| Franklin Liberty Systematic Style Premia ETF | 0.65% | 946.37M | Dec 2019 | NLSI vs FLSP |
Best Risk-Adjusted Alternatives to NLSI
Among 21 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 | |
| Franklin Liberty Systematic Style Premia ETF | 82 | 946.37M | Dec 2019 | NLSI vs FLSP | |
| NYLI Hedge Multi-Strategy Tracker ETF | 77 | 762.37M | Mar 2009 | NLSI vs QAI | |
| Hull Tactical US ETF | 75 | 137.43M | Jun 2015 | NLSI vs HTUS | |
| ProShares Hedge Replication | 74 | 21.57M | Jul 2011 | NLSI vs HDG |
Top Performing NLSI Alternatives (YTD)
NLSI is at 5.21% YTD. There are 16 ETFs in the Long-Short category with higher YTD returns, going as high as 23.64%.
| Symbol | Name | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|
| Convergence Long/Short Equity ETF | 23.64% | 447.61M | Dec 2009 | NLSI vs CLSE | |
| Harbor Long-Short Equity ETF | 22.96% | 16.40M | Dec 2023 | NLSI vs LSEQ | |
| Changebridge Capital Long/Short Equity ETF | 16.34% | 60.15M | Nov 2020 | NLSI vs CBLS | |
| Aptus International Enhanced Yield ETF | 14.33% | 372.15M | Jul 2021 | NLSI vs IDUB | |
| Efficient Market Portfolio Plus ETF | 13.08% | — | Dec 2024 | NLSI vs EMPB |
Lowest Volatility Alternatives to NLSI
NLSI has 19.36% 1-year volatility. There are 24 ETFs in the Long-Short category with lower 1-year volatility, going as low as 3.21%.
| Symbol | Name | Volatility 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| Arin Tactical Tail Risk ETF | 3.21% | — | Oct 2025 | NLSI vs ATTR | |
| ProShares Hedge Replication | 6.34% | 21.57M | Jul 2011 | NLSI vs HDG | |
| Federated Hermes MDT Market Neutral ETF | 6.59% | 82.10M | Sep 2025 | NLSI vs MKTN | |
| NYLI Hedge Multi-Strategy Tracker ETF | 6.74% | 762.37M | Mar 2009 | NLSI vs QAI | |
| AltShares Event-Driven ETF | 7.57% | 8.62M | Dec 2014 | NLSI vs EVNT |
Lowest Drawdown Alternatives to NLSI
Among 21 ETFs in the Long-Short category with 1-year drawdown data, the lowest-drawdown alternatives shown here go as shallow as -3.35%.
| Symbol | Name | Max Drawdown 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| AltShares Event-Driven ETF | -3.35% | 8.62M | Dec 2014 | NLSI vs EVNT | |
| NYLI Hedge Multi-Strategy Tracker ETF | -3.71% | 762.37M | Mar 2009 | NLSI vs QAI | |
| First Trust Long/Short Equity ETF | -3.79% | 2.45B | Sep 2014 | NLSI vs FTLS | |
| ProShares Hedge Replication | -3.97% | 21.57M | Jul 2011 | NLSI vs HDG | |
| Franklin Liberty Systematic Style Premia ETF | -4.03% | 946.37M | Dec 2019 | NLSI vs FLSP |
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 CLIX, WTIP, EHLS. 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