NLSI vs. CSHI

Last updated Jun 5, 2026

NLSI (Neos Long/Short Equity Income ETF) and CSHI (Neos Enhanced Income Cash Alternative ETF) are both exchange-traded funds - NLSI is a Long-Short fund actively managed by Neos, while CSHI is a Ultrashort Bond fund tracking the NONE. NLSI is actively managed, while CSHI is passively managed. At a 0.19 correlation, their price movements are largely independent. NLSI charges 2.89%/yr vs 0.38%/yr for CSHI.

Performance

NLSI vs. CSHI - Performance Comparison

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

Returns By Period

In the year-to-date period, NLSI achieves a 5.89% return, which is significantly higher than CSHI's 2.30% return.

NLSI

• 1D: -1.04%
• 1M: 9.30%
• YTD: 5.89%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CSHI

• 1D: 0.04%
• 1M: 0.38%
• YTD: 2.30%
• 6M: 2.65%
• 1Y: 5.29%
• 3Y*: 5.45%
• 5Y*: —
• 10Y*: —

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

NLSI vs. CSHI - Yearly Performance Comparison

	2026 (YTD)	2025
NLSI Neos Long/Short Equity Income ETF	5.89%	1.90%
CSHI Neos Enhanced Income Cash Alternative ETF	2.30%	0.28%

Correlation

The correlation between NLSI and CSHI is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 11, 2025	0.19

Return for Risk

NLSI vs. CSHI — Risk / Return Rank

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

CSHI

CSHI Risk / Return Rank: 99
CSHI Sharpe Ratio Rank: 98
CSHI Sortino Ratio Rank: 99
CSHI Omega Ratio Rank: 99
CSHI Calmar Ratio Rank: 99
CSHI Martin Ratio Rank: 99

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. CSHI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neos Long/Short Equity Income ETF (NLSI) and Neos Enhanced Income Cash Alternative ETF (CSHI). 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

	NLSI	CSHI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	6.21	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.90	4.19	-3.29

Drawdowns

NLSI vs. CSHI - Drawdown Comparison

The maximum NLSI drawdown since its inception was -13.82%, which is greater than CSHI's maximum drawdown of -1.69%. Use the drawdown chart below to compare losses from any high point for NLSI and CSHI.

Drawdown Indicators

	NLSI	CSHI	Difference
Max Drawdown Largest peak-to-trough decline	-13.82%	-1.69%	-12.13%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.18%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-1.69%	—
Current Drawdown Current decline from peak	-2.36%	0.00%	-2.36%
Average Drawdown Average peak-to-trough decline	-6.07%	-0.03%	-6.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.03%	—

Volatility

Volatility by Period

	NLSI	CSHI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.12%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.52%	—
Volatility (1Y) Calculated over the trailing 1-year period	19.36%	0.86%	+18.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.36%	1.32%	+18.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.36%	1.32%	+18.04%

NLSI vs. CSHI - Expense Ratio Comparison

NLSI has a 2.89% expense ratio, which is higher than CSHI's 0.38% expense ratio.

Dividends

NLSI vs. CSHI - Dividend Comparison

NLSI's dividend yield for the trailing twelve months is around 2.45%, less than CSHI's 4.90% yield.

Position	TTM	2025	2024	2023	2022
CSHI Neos Enhanced Income Cash Alternative ETF	4.90%	5.11%	5.72%	6.15%	1.52%
NLSI Neos Long/Short Equity Income ETF	2.45%	0.46%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NLSI and CSHI in my portfolio?

NLSI and CSHI have a correlation of 0.19, 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 CSHI?

On fees, CSHI is cheaper at 0.38% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, NLSI or CSHI?

CSHI is cheaper with a 0.38% expense ratio, compared with 2.89% for NLSI.

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

CSHI has the higher dividend yield at 4.90%, compared with 2.45% for NLSI.

What is the main difference between NLSI and CSHI?

NLSI is categorized as Long-Short, while CSHI is Ultrashort Bond. Their fees differ too: 2.89% for NLSI and 0.38% for CSHI.