FLM vs. NLSI

Last updated Jun 24, 2026

FLM (First Trust Global Engineering and Construction ETF) and NLSI (Neos Long/Short Equity Income ETF) are both exchange-traded funds - FLM is a Building & Construction fund tracking the ISE Global Engineering & Construction Index, while NLSI is a Long-Short fund actively managed by Neos. FLM is passively managed, while NLSI is actively managed. At a 0.39 correlation, their price movements are largely independent. FLM charges 0.70%/yr vs 2.89%/yr for NLSI.

Performance

FLM vs. NLSI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Global Engineering and Construction ETF (FLM) and Neos Long/Short Equity Income ETF (NLSI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FLM

• 1D: -4.55%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

NLSI

• 1D: -1.65%
• 1M: -1.41%
• YTD: 0.50%
• 6M: 0.20%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FLM vs. NLSI - Yearly Performance Comparison

	2026 (YTD)
FLM First Trust Global Engineering and Construction ETF	-4.55%
NLSI Neos Long/Short Equity Income ETF	-5.09%

Correlation

The correlation between FLM and NLSI is 0.39, 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 Jun 5, 2026	0.39

Return for Risk

FLM vs. NLSI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Global Engineering and Construction ETF (FLM) 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

FLM vs. NLSI - Drawdown Comparison

The maximum FLM drawdown since its inception was -4.55%, smaller than the maximum NLSI drawdown of -13.82%. Use the drawdown chart below to compare losses from any high point for FLM and NLSI.

Drawdown Indicators

	FLM	NLSI	Difference
Max Drawdown Largest peak-to-trough decline	-4.55%	-13.82%	+9.27%
Current Drawdown Current decline from peak	-4.55%	-7.33%	+2.78%
Average Drawdown Average peak-to-trough decline	-2.27%	-6.03%	+3.76%

Volatility

Volatility by Period

	FLM	NLSI	Difference
Volatility (1Y) Calculated over the trailing 1-year period	51.02%	19.91%	+31.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.02%	19.91%	+31.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.02%	19.91%	+31.11%

FLM vs. NLSI - Expense Ratio Comparison

FLM has a 0.70% expense ratio, which is lower than NLSI's 2.89% expense ratio.

Dividends

FLM vs. NLSI - Dividend Comparison

FLM has not paid dividends to shareholders, while NLSI's dividend yield for the trailing twelve months is around 2.58%.

Position	TTM	2025
FLM First Trust Global Engineering and Construction ETF	0.00%	0.00%
NLSI Neos Long/Short Equity Income ETF	2.58%	0.46%

Frequently Asked Questions

Can I hold both FLM and NLSI in my portfolio?

FLM and NLSI have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FLM or NLSI?

On fees, FLM is cheaper at 0.70% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FLM or NLSI?

FLM is cheaper with a 0.70% expense ratio, compared with 2.89% for NLSI.

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

NLSI has the higher dividend yield at 2.58%, compared with 0.00% for FLM.

What is the main difference between FLM and NLSI?

FLM is categorized as Building & Construction, while NLSI is Long-Short. They also come from different issuers: First Trust and Neos. Their fees differ too: 0.70% for FLM and 2.89% for NLSI.