BFLX vs. NLSI

Last updated Jul 14, 2026

BFLX (iShares Flexible Equity Active ETF) and NLSI (Neos Long/Short Equity Income ETF) are both Long-Short funds. Both are actively managed. At a 0.32 correlation, their price movements are largely independent. BFLX charges 0.40%/yr vs 2.89%/yr for NLSI.

Performance

BFLX vs. NLSI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Flexible Equity Active ETF (BFLX) and Neos Long/Short Equity Income ETF (NLSI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

BFLX

• 1D: -1.12%
• 1M: -0.58%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

NLSI

• 1D: 1.25%
• 1M: 6.71%
• 6M: 8.52%
• YTD: 7.90%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

BFLX vs. NLSI - Yearly Performance Comparison

	2026 (YTD)
BFLX iShares Flexible Equity Active ETF	0.28%
NLSI Neos Long/Short Equity Income ETF	6.07%

Correlation

The correlation between BFLX and NLSI is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 20, 2026	0.32

Return for Risk

BFLX vs. NLSI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Flexible Equity Active ETF (BFLX) and Neos Long/Short Equity Income ETF (NLSI). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Drawdowns

BFLX vs. NLSI - Drawdown Comparison

The maximum BFLX drawdown since its inception was -3.85%, smaller than the maximum NLSI drawdown of -13.82%. Use the drawdown chart below to compare losses from any high point for BFLX and NLSI.

Drawdown Indicators

	BFLX	NLSI	Difference
Max Drawdown Largest peak-to-trough decline	-3.85%	-13.82%	+9.97%
Current Drawdown Current decline from peak	-2.47%	-0.51%	-1.96%
Average Drawdown Average peak-to-trough decline	-1.32%	-5.86%	+4.54%

Volatility

Volatility by Period

	BFLX	NLSI	Difference
Volatility (1Y) Calculated over the trailing 1-year period	14.58%	19.27%	-4.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.58%	19.27%	-4.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.58%	19.27%	-4.69%

BFLX vs. NLSI - Expense Ratio Comparison

BFLX has a 0.40% expense ratio, which is lower than NLSI's 2.89% expense ratio.

Dividends

BFLX vs. NLSI - Dividend Comparison

BFLX has not paid dividends to shareholders, while NLSI's dividend yield for the trailing twelve months is around 2.83%.

Position	TTM	2025
BFLX iShares Flexible Equity Active ETF	0.00%	0.00%
NLSI Neos Long/Short Equity Income ETF	2.83%	0.46%

Frequently Asked Questions

Can I hold both BFLX and NLSI in my portfolio?

BFLX and NLSI have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BFLX or NLSI?

On fees, BFLX is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BFLX or NLSI?

BFLX is cheaper with a 0.40% expense ratio, compared with 2.89% for NLSI.

Which ETF pays a higher dividend yield, BFLX or NLSI?

NLSI has the higher dividend yield at 2.83%, compared with 0.00% for BFLX.

What is the main difference between BFLX and NLSI?

They also come from different issuers: iShares and Neos. Their fees differ too: 0.40% for BFLX and 2.89% for NLSI.