HEFT vs. NLSI

Last updated Jun 4, 2026

HEFT (Hedgeye Fourth Turning ETF) and NLSI (Neos Long/Short Equity Income ETF) are both Long-Short funds. Both are actively managed. At a correlation of -0.17, they often move in opposite directions. HEFT charges 0.70%/yr vs 2.89%/yr for NLSI.

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.

Returns By Period

In the year-to-date period, HEFT achieves a 7.91% return, which is significantly higher than NLSI's 7.01% return.

HEFT

• 1D: -0.02%
• 1M: 4.12%
• YTD: 7.91%
• 6M: 7.32%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

NLSI

• 1D: -0.92%
• 1M: 10.92%
• YTD: 7.01%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HEFT vs. NLSI - Yearly Performance Comparison

	2026 (YTD)	2025
HEFT Hedgeye Fourth Turning ETF	7.91%	-0.77%
NLSI Neos Long/Short Equity Income ETF	7.01%	1.90%

Correlation

The correlation between HEFT and NLSI is -0.17, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 11, 2025	-0.17

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	1.44	1.04	+0.40

Drawdowns

HEFT vs. NLSI - Drawdown Comparison

The maximum HEFT drawdown since its inception was -9.17%, smaller than the maximum NLSI drawdown of -13.82%. 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	-9.17%	-13.82%	+4.65%
Current Drawdown Current decline from peak	-2.64%	-1.33%	-1.31%
Average Drawdown Average peak-to-trough decline	-3.13%	-6.10%	+2.97%

Volatility

Volatility by Period

	HEFT	NLSI	Difference
Volatility (1Y) Calculated over the trailing 1-year period	12.53%	19.37%	-6.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.53%	19.37%	-6.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.53%	19.37%	-6.84%

HEFT vs. NLSI - Expense Ratio Comparison

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

Dividends

HEFT vs. NLSI - Dividend Comparison

HEFT's dividend yield for the trailing twelve months is around 0.02%, less than NLSI's 2.42% yield.

Position	TTM	2025
HEFT Hedgeye Fourth Turning ETF	0.02%	0.02%
NLSI Neos Long/Short Equity Income ETF	2.42%	0.46%

Frequently Asked Questions

Can I hold both HEFT and NLSI in my portfolio?

HEFT and NLSI have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HEFT or NLSI?

On fees, HEFT 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, HEFT or NLSI?

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

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

NLSI has the higher dividend yield at 2.42%, compared with 0.02% for HEFT.

What is the main difference between HEFT and NLSI?

They also come from different issuers: Hedgeye and Neos. Their fees differ too: 0.70% for HEFT and 2.89% for NLSI.