HEFT vs. NLSI

Last updated Apr 1, 2026

Compare and contrast key facts about Hedgeye Fourth Turning ETF (HEFT) and Neos Long/Short Equity Income ETF (NLSI).

HEFT and NLSI are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HEFT is an actively managed fund by Hedgeye. It was launched on Nov 20, 2025. NLSI is an actively managed fund by Neos. It was launched on Dec 9, 2025.

Performance

HEFT vs. NLSI - Performance Comparison

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

HEFT vs. NLSI - Yearly Performance Comparison

	2026 (YTD)	2025
HEFT Hedgeye Fourth Turning ETF	5.30%	-0.77%
NLSI Neos Long/Short Equity Income ETF	-9.90%	1.90%

Returns By Period

In the year-to-date period, HEFT achieves a 5.30% return, which is significantly higher than NLSI's -9.90% return.

HEFT

• 1D: -0.30%
• 1M: -3.18%
• YTD: 5.30%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

NLSI

• 1D: 0.93%
• 1M: -2.48%
• YTD: -9.90%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HEFT vs. NLSI - Expense Ratio Comparison

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

NLSI

Neos Long/Short Equity Income ETF

HEFT

Hedgeye Fourth Turning ETF

Return for Risk

HEFT vs. NLSI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hedgeye Fourth Turning ETF (HEFT) 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.

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

Sharpe Ratios by Period

	HEFT	NLSI	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	1.46	-1.33	+2.78

Correlation

The correlation between HEFT and NLSI is -0.31. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

HEFT vs. NLSI - Dividend Comparison

HEFT's dividend yield for the trailing twelve months is around 0.02%, less than NLSI's 1.90% yield.

	TTM	2025
HEFT Hedgeye Fourth Turning ETF	0.02%	0.02%
NLSI Neos Long/Short Equity Income ETF	1.90%	0.46%

Drawdowns

HEFT vs. NLSI - Drawdown Comparison

The maximum HEFT drawdown since its inception was -6.57%, smaller than the maximum NLSI drawdown of -13.19%. Use the drawdown chart below to compare losses from any high point for HEFT and NLSI.

Drawdown Indicators

	HEFT	NLSI	Difference
Max Drawdown Largest peak-to-trough decline	-6.57%	-13.19%	+6.62%
Current Drawdown Current decline from peak	-5.00%	-11.22%	+6.22%
Average Drawdown Average peak-to-trough decline	-1.97%	-6.27%	+4.30%

Volatility

Volatility by Period

	HEFT	NLSI	Difference
Volatility (1Y) Calculated over the trailing 1-year period	13.44%	18.93%	-5.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.44%	18.93%	-5.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.44%	18.93%	-5.49%