NLSI vs. FLM

Last updated Jun 25, 2026

NLSI (Neos Long/Short Equity Income ETF) and FLM (First Trust Global Engineering and Construction ETF) are both exchange-traded funds - NLSI is a Long-Short fund actively managed by Neos, while FLM is a Building & Construction fund tracking the ISE Global Engineering & Construction Index. NLSI is actively managed, while FLM is passively managed. At a 0.39 correlation, their price movements are largely independent. NLSI charges 2.89%/yr vs 0.70%/yr for FLM.

Performance

NLSI vs. FLM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Neos Long/Short Equity Income ETF (NLSI) and First Trust Global Engineering and Construction ETF (FLM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

NLSI

• 1D: -0.57%
• 1M: -1.97%
• YTD: -0.07%
• 6M: -0.66%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

FLM

• 1D: -4.55%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NLSI vs. FLM - Yearly Performance Comparison

	2026 (YTD)
NLSI Neos Long/Short Equity Income ETF	-5.63%
FLM First Trust Global Engineering and Construction ETF	-4.55%

Correlation

The correlation between NLSI and FLM is 0.39, 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 Jun 5, 2026	0.39

Return for Risk

NLSI vs. FLM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neos Long/Short Equity Income ETF (NLSI) and First Trust Global Engineering and Construction ETF (FLM). 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.

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

Drawdowns

NLSI vs. FLM - Drawdown Comparison

The maximum NLSI drawdown since its inception was -13.82%, which is greater than FLM's maximum drawdown of -4.55%. Use the drawdown chart below to compare losses from any high point for NLSI and FLM.

Drawdown Indicators

	NLSI	FLM	Difference
Max Drawdown Largest peak-to-trough decline	-13.82%	-4.55%	-9.27%
Current Drawdown Current decline from peak	-7.86%	-4.55%	-3.31%
Average Drawdown Average peak-to-trough decline	-6.05%	-2.27%	-3.78%

Volatility

Volatility by Period

	NLSI	FLM	Difference
Volatility (1Y) Calculated over the trailing 1-year period	19.85%	51.02%	-31.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.85%	51.02%	-31.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.85%	51.02%	-31.17%

NLSI vs. FLM - Expense Ratio Comparison

NLSI has a 2.89% expense ratio, which is higher than FLM's 0.70% expense ratio.

Dividends

NLSI vs. FLM - Dividend Comparison

NLSI's dividend yield for the trailing twelve months is around 2.59%, while FLM has not paid dividends to shareholders.

Position	TTM	2025
FLM First Trust Global Engineering and Construction ETF	0.00%	0.00%
NLSI Neos Long/Short Equity Income ETF	2.59%	0.46%

Frequently Asked Questions

Can I hold both NLSI and FLM in my portfolio?

NLSI and FLM have a correlation of 0.39, 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 FLM?

On fees, FLM 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, NLSI or FLM?

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

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

NLSI has the higher dividend yield at 2.59%, compared with 0.00% for FLM.

What is the main difference between NLSI and FLM?

NLSI is categorized as Long-Short, while FLM is Building & Construction. They also come from different issuers: Neos and First Trust. Their fees differ too: 2.89% for NLSI and 0.70% for FLM.