NLSI vs. CDL

Last updated Jun 23, 2026

NLSI (Neos Long/Short Equity Income ETF) and CDL (VictoryShares US Large Cap High Dividend Volatility Wtd ETF) are both exchange-traded funds - NLSI is a Long-Short fund actively managed by Neos, while CDL is a Large Cap Value Equities fund tracking the Nasdaq Victory U.S. Large Cap High Dividend 100 Volatility Weighted Index. NLSI is actively managed, while CDL is passively managed. At a correlation of -0.16, they often move in opposite directions. NLSI charges 2.89%/yr vs 0.35%/yr for CDL.

Performance

NLSI vs. CDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Neos Long/Short Equity Income ETF (NLSI) and VictoryShares US Large Cap High Dividend Volatility Wtd ETF (CDL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NLSI achieves a 2.19% return, which is significantly lower than CDL's 12.64% return.

NLSI

• 1D: 0.87%
• 1M: 0.24%
• YTD: 2.19%
• 6M: 1.84%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CDL

• 1D: 0.41%
• 1M: -0.23%
• YTD: 12.64%
• 6M: 12.31%
• 1Y: 20.35%
• 3Y*: 15.41%
• 5Y*: 10.07%
• 10Y*: 11.19%

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

NLSI vs. CDL - Yearly Performance Comparison

	2026 (YTD)	2025
NLSI Neos Long/Short Equity Income ETF	2.19%	2.51%
CDL VictoryShares US Large Cap High Dividend Volatility Wtd ETF	12.64%	0.91%

Correlation

The correlation between NLSI and CDL is -0.16, 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 10, 2025	-0.16

Return for Risk

NLSI vs. CDL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

NLSI

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

CDL

CDL Risk / Return Rank: 67
CDL Sharpe Ratio Rank: 65
CDL Sortino Ratio Rank: 69
CDL Omega Ratio Rank: 59
CDL Calmar Ratio Rank: 73
CDL Martin Ratio Rank: 70

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

NLSI vs. CDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neos Long/Short Equity Income ETF (NLSI) and VictoryShares US Large Cap High Dividend Volatility Wtd ETF (CDL). 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.

	NLSI	CDL	Difference
Sharpe ratio: Return per unit of total volatility	—	2.06	—
Sortino ratio: Return per unit of downside risk	—	3.02	—
Omega ratio: Gain probability vs. loss probability	—	1.35	—
Calmar ratio: Return relative to maximum drawdown	—	3.61	—
Martin ratio: Return relative to average drawdown	—	12.75	—

Drawdowns

NLSI vs. CDL - Drawdown Comparison

The maximum NLSI drawdown since its inception was -13.82%, smaller than the maximum CDL drawdown of -41.03%. Use the drawdown chart below to compare losses from any high point for NLSI and CDL.

Drawdown Indicators

	NLSI	CDL	Difference
Max Drawdown Largest peak-to-trough decline	-13.82%	-41.03%	+27.21%
Max Drawdown (1Y) Largest decline over 1 year	—	-5.66%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-12.87%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-17.28%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-41.03%	—
Current Drawdown Current decline from peak	-5.77%	-1.51%	-4.26%
Average Drawdown Average peak-to-trough decline	-6.03%	-4.33%	-1.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.60%	—

Volatility

Volatility by Period

	NLSI	CDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.37%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.08%	—
Volatility (1Y) Calculated over the trailing 1-year period	19.85%	9.95%	+9.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.85%	13.85%	+6.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.85%	17.05%	+2.80%

NLSI vs. CDL - Expense Ratio Comparison

NLSI has a 2.89% expense ratio, which is higher than CDL's 0.35% expense ratio.

Dividends

NLSI vs. CDL - Dividend Comparison

NLSI's dividend yield for the trailing twelve months is around 2.54%, less than CDL's 3.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CDL VictoryShares US Large Cap High Dividend Volatility Wtd ETF	3.16%	3.33%	3.27%	3.61%	3.31%	2.60%	3.32%	3.04%	3.32%	2.87%	2.97%	1.28%
NLSI Neos Long/Short Equity Income ETF	2.54%	0.46%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NLSI and CDL in my portfolio?

NLSI and CDL have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, NLSI or CDL?

On fees, CDL is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, NLSI or CDL?

CDL is cheaper with a 0.35% expense ratio, compared with 2.89% for NLSI.

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

CDL has the higher dividend yield at 3.16%, compared with 2.54% for NLSI.

What is the main difference between NLSI and CDL?

NLSI is categorized as Long-Short, while CDL is Large Cap Value Equities. They also come from different issuers: Neos and Crestview. Their fees differ too: 2.89% for NLSI and 0.35% for CDL.