BNDI vs. NLSI

Last updated Jul 14, 2026

BNDI (Neos Enhanced Income Aggregate Bond ETF) and NLSI (Neos Long/Short Equity Income ETF) are both exchange-traded funds - BNDI is a Intermediate Core-Plus Bond fund actively managed by Neos, while NLSI is a Long-Short fund actively managed by Neos. Both are actively managed. At a 0.12 correlation, their price movements are largely independent. BNDI charges 0.58%/yr vs 2.89%/yr for NLSI.

Performance

BNDI vs. NLSI - Performance Comparison

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

Returns By Period

In the year-to-date period, BNDI achieves a 0.97% return, which is significantly lower than NLSI's 7.90% return.

BNDI

• 1D: -0.31%
• 1M: -0.52%
• 6M: 0.72%
• YTD: 0.97%
• 1Y: 5.62%
• 3Y*: 4.68%
• 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)

BNDI vs. NLSI - Yearly Performance Comparison

	2026 (YTD)	2025
BNDI Neos Enhanced Income Aggregate Bond ETF	0.97%	0.43%
NLSI Neos Long/Short Equity Income ETF	7.90%	2.51%

Correlation

The correlation between BNDI and NLSI is 0.12, 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 Dec 10, 2025	0.12

Return for Risk

BNDI vs. NLSI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BNDI

BNDI Risk / Return Rank: 51
BNDI Sharpe Ratio Rank: 49
BNDI Sortino Ratio Rank: 52
BNDI Omega Ratio Rank: 47
BNDI Calmar Ratio Rank: 52
BNDI Martin Ratio Rank: 54

NLSI

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

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BNDI vs. NLSI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neos Enhanced Income Aggregate Bond ETF (BNDI) 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.

	BNDI	NLSI	Difference
Sharpe ratio: Return per unit of total volatility	1.35	—	—
Sortino ratio: Return per unit of downside risk	2.04	—	—
Omega ratio: Gain probability vs. loss probability	1.24	—	—
Calmar ratio: Return relative to maximum drawdown	2.05	—	—
Martin ratio: Return relative to average drawdown	7.29	—	—

Drawdowns

BNDI vs. NLSI - Drawdown Comparison

The maximum BNDI drawdown since its inception was -7.25%, smaller than the maximum NLSI drawdown of -13.82%. Use the drawdown chart below to compare losses from any high point for BNDI and NLSI.

Drawdown Indicators

	BNDI	NLSI	Difference
Max Drawdown Largest peak-to-trough decline	-7.25%	-13.82%	+6.57%
Max Drawdown (1Y) Largest decline over 1 year	-2.75%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-5.83%	—	—
Current Drawdown Current decline from peak	-1.29%	-0.51%	-0.78%
Average Drawdown Average peak-to-trough decline	-1.71%	-5.86%	+4.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.77%	—	—

Volatility

Volatility by Period

	BNDI	NLSI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.49%	—	—
Volatility (6M) Calculated over the trailing 6-month period	3.38%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	4.17%	19.27%	-15.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.16%	19.27%	-13.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.16%	19.27%	-13.11%

BNDI vs. NLSI - Expense Ratio Comparison

BNDI has a 0.58% expense ratio, which is lower than NLSI's 2.89% expense ratio.

Dividends

BNDI vs. NLSI - Dividend Comparison

BNDI's dividend yield for the trailing twelve months is around 5.86%, more than NLSI's 2.83% yield.

Position	TTM	2025	2024	2023	2022
BNDI Neos Enhanced Income Aggregate Bond ETF	5.86%	5.69%	5.54%	5.17%	1.68%
NLSI Neos Long/Short Equity Income ETF	2.83%	0.46%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BNDI and NLSI in my portfolio?

BNDI and NLSI have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BNDI or NLSI?

On fees, BNDI is cheaper at 0.58% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BNDI or NLSI?

BNDI is cheaper with a 0.58% expense ratio, compared with 2.89% for NLSI.

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

BNDI has the higher dividend yield at 5.86%, compared with 2.83% for NLSI.

What is the main difference between BNDI and NLSI?

BNDI is categorized as Intermediate Core-Plus Bond, while NLSI is Long-Short. Their fees differ too: 0.58% for BNDI and 2.89% for NLSI.