LBAY vs. NLSI

Last updated Aug 2, 2026

LBAY (Leatherback Long/Short Alternative Yield ETF) and NLSI (Neos Long/Short Equity Income ETF) are both exchange-traded funds - LBAY is a Long-Short fund actively managed by Toroso Investments, while NLSI is a Derivative Income fund actively managed by Neos. Both are actively managed. Their -0.27 correlation means they have often moved in opposite directions in the past. LBAY charges 1.09%/yr vs 2.89%/yr for NLSI.

Performance

LBAY vs. NLSI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leatherback Long/Short Alternative Yield ETF (LBAY) 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, LBAY achieves a 10.68% return, which is significantly higher than NLSI's 6.98% return.

LBAY

• 1D: -1.39%
• 1M: 2.18%
• 6M: 4.80%
• YTD: 10.68%
• 1Y: 12.00%
• 3Y*: 2.86%
• 5Y*: 5.90%
• 10Y*: —
• ALL TIME*: 8.58%

NLSI

• 1D: -1.45%
• 1M: 2.81%
• 6M: 11.99%
• YTD: 6.98%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
LBAY Leatherback Long/Short Alternative Yield ETF	$78.40K	$43.68K	$38.59K
NLSI Neos Long/Short Equity Income ETF	$100.50K	$117.78K	$105.68K

LBAY vs. NLSI - Yearly Performance Comparison

	2026 (YTD)	2025
LBAY Leatherback Long/Short Alternative Yield ETF	10.68%	3.35%
NLSI Neos Long/Short Equity Income ETF	6.98%	2.51%

Correlation

The correlation between LBAY and NLSI is -0.27, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 10, 2025	-0.27

Return for Risk

LBAY vs. NLSI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

LBAY

LBAY Risk / Return Rank: 28
LBAY Sharpe Ratio Rank: 30
LBAY Sortino Ratio Rank: 31
LBAY Omega Ratio Rank: 28
LBAY Calmar Ratio Rank: 28
LBAY Martin Ratio Rank: 26

NLSI

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

LBAY vs. NLSI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leatherback Long/Short Alternative Yield ETF (LBAY) 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.

	LBAY	NLSI	Difference
Sharpe ratio: Return per unit of total volatility	0.72	—	—
Sortino ratio: Return per unit of downside risk	1.17	—	—
Omega ratio: Gain probability vs. loss probability	1.13	—	—
Calmar ratio: Return relative to maximum drawdown	0.90	—	—
Martin ratio: Return relative to average drawdown	2.00	—	—

Drawdowns

LBAY vs. NLSI - Drawdown Comparison

The maximum LBAY drawdown since its inception was -15.99%, which is greater than NLSI's maximum drawdown of -13.82%. Use the drawdown chart below to compare losses from any high point for LBAY and NLSI.

Drawdown Indicators

	LBAY	NLSI	Difference
Max Drawdown Largest peak-to-trough decline	-15.99%	-13.82%	-2.17%
Max Drawdown (1Y) Largest decline over 1 year	-13.61%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-14.57%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-15.99%	—	—
Current Drawdown Current decline from peak	-7.11%	-1.45%	-5.66%
Average Drawdown Average peak-to-trough decline	-6.88%	-5.51%	-1.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.11%	—	—

Volatility

Volatility by Period

	LBAY	NLSI	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.70%	—	—
Volatility (6M) Calculated over the trailing 6-month period	13.83%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	16.91%	19.04%	-2.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.78%	19.04%	-5.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.99%	19.04%	-5.05%

LBAY vs. NLSI - Expense Ratio Comparison

LBAY has a 1.09% expense ratio, which is lower than NLSI's 2.89% expense ratio.

Dividends

LBAY vs. NLSI - Dividend Comparison

LBAY's dividend yield for the trailing twelve months is around 3.75%, more than NLSI's 3.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
LBAY Leatherback Long/Short Alternative Yield ETF	3.75%	3.80%	3.77%	3.47%	2.74%	2.96%	0.29%
NLSI Neos Long/Short Equity Income ETF	3.31%	0.46%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both LBAY and NLSI in my portfolio?

LBAY and NLSI have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, LBAY or NLSI?

On fees, LBAY is cheaper at 1.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, LBAY or NLSI?

LBAY is cheaper with a 1.09% expense ratio, compared with 2.89% for NLSI.

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

LBAY has the higher dividend yield at 3.75%, compared with 3.31% for NLSI.

What is the main difference between LBAY and NLSI?

LBAY is categorized as Long-Short, while NLSI is Derivative Income. They also come from different issuers: Toroso Investments and Neos. Their fees differ too: 1.09% for LBAY and 2.89% for NLSI.