NEHI vs. CEPI

Last updated Aug 4, 2026

NEHI (NEOS Ethereum High Income ETF) and CEPI (REX Crypto Equity Premium Income ETF) are both exchange-traded funds - NEHI is a Cryptocurrency fund actively managed by Neos, while CEPI is a Derivative Income fund actively managed by REX. Both are actively managed. Their 0.67 correlation means they have sometimes moved together and sometimes differently. NEHI charges 0.98%/yr vs 0.85%/yr for CEPI.

Performance

NEHI vs. CEPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS Ethereum High Income ETF (NEHI) and REX Crypto Equity Premium Income ETF (CEPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NEHI achieves a -34.62% return, which is significantly lower than CEPI's 17.46% return.

NEHI

• 1D: 0.34%
• 1M: 9.03%
• 6M: -18.71%
• YTD: -34.62%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

CEPI

• 1D: 2.01%
• 1M: 0.84%
• 6M: 14.49%
• YTD: 17.46%
• 1Y: 23.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.13%

*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)
CEPI REX Crypto Equity Premium Income ETF	$1.23M	$1.28M	$1.61M
NEHI NEOS Ethereum High Income ETF	$1.32M	$1.23M	$2.12M

NEHI vs. CEPI - Yearly Performance Comparison

	2026 (YTD)	2025
NEHI NEOS Ethereum High Income ETF	-34.62%	-1.24%
CEPI REX Crypto Equity Premium Income ETF	17.46%	0.09%

Correlation

The correlation between NEHI and CEPI is 0.67, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 3, 2025	0.67

Return for Risk

NEHI vs. CEPI — Risk / Return Rank

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

NEHI

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

CEPI

CEPI Risk / Return Rank: 31
CEPI Sharpe Ratio Rank: 32
CEPI Sortino Ratio Rank: 32
CEPI Omega Ratio Rank: 32
CEPI Calmar Ratio Rank: 31
CEPI Martin Ratio Rank: 28

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.

NEHI vs. CEPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS Ethereum High Income ETF (NEHI) and REX Crypto Equity Premium Income ETF (CEPI). 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.

	NEHI	CEPI	Difference
Sharpe ratio: Return per unit of total volatility	—	0.79	—
Sortino ratio: Return per unit of downside risk	—	1.24	—
Omega ratio: Gain probability vs. loss probability	—	1.16	—
Calmar ratio: Return relative to maximum drawdown	—	1.03	—
Martin ratio: Return relative to average drawdown	—	2.40	—

Drawdowns

NEHI vs. CEPI - Drawdown Comparison

The maximum NEHI drawdown since its inception was -50.12%, which is greater than CEPI's maximum drawdown of -29.48%. Use the drawdown chart below to compare losses from any high point for NEHI and CEPI.

Drawdown Indicators

	NEHI	CEPI	Difference
Max Drawdown Largest peak-to-trough decline	-50.12%	-29.48%	-20.64%
Max Drawdown (1Y) Largest decline over 1 year	—	-22.47%	—
Current Drawdown Current decline from peak	-41.52%	-5.73%	-35.79%
Average Drawdown Average peak-to-trough decline	-29.67%	-8.23%	-21.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	9.65%	—

Volatility

Volatility by Period

	NEHI	CEPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	11.47%	—
Volatility (6M) Calculated over the trailing 6-month period	—	23.71%	—
Volatility (1Y) Calculated over the trailing 1-year period	56.49%	29.38%	+27.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	56.49%	31.91%	+24.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	56.49%	31.91%	+24.58%

NEHI vs. CEPI - Expense Ratio Comparison

NEHI has a 0.98% expense ratio, which is higher than CEPI's 0.85% expense ratio.

Dividends

NEHI vs. CEPI - Dividend Comparison

NEHI's dividend yield for the trailing twelve months is around 30.56%, less than CEPI's 44.70% yield.

Position	TTM	2025
CEPI REX Crypto Equity Premium Income ETF	44.70%	50.78%
NEHI NEOS Ethereum High Income ETF	30.56%	2.87%

Frequently Asked Questions

Can I hold both NEHI and CEPI in my portfolio?

NEHI and CEPI have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, NEHI or CEPI?

On fees, CEPI is cheaper at 0.85% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, NEHI or CEPI?

CEPI is cheaper with a 0.85% expense ratio, compared with 0.98% for NEHI.

Which ETF pays a higher dividend yield, NEHI or CEPI?

CEPI has the higher dividend yield at 44.70%, compared with 30.56% for NEHI.

What is the main difference between NEHI and CEPI?

NEHI is categorized as Cryptocurrency, while CEPI is Derivative Income. They also come from different issuers: Neos and REX. Their fees differ too: 0.98% for NEHI and 0.85% for CEPI.