NLSI vs. HDG

Last updated Jun 4, 2026

NLSI (Neos Long/Short Equity Income ETF) and HDG (ProShares Hedge Replication) are both Long-Short funds. NLSI is actively managed, while HDG is passively managed. At a 0.11 correlation, their price movements are largely independent. NLSI charges 2.89%/yr vs 0.95%/yr for HDG.

Performance

NLSI vs. HDG - Performance Comparison

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

Returns By Period

In the year-to-date period, NLSI achieves a 7.01% return, which is significantly higher than HDG's 6.40% return.

NLSI

• 1D: -0.92%
• 1M: 10.92%
• YTD: 7.01%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

HDG

• 1D: -0.37%
• 1M: 2.07%
• YTD: 6.40%
• 6M: 7.00%
• 1Y: 13.22%
• 3Y*: 7.56%
• 5Y*: 3.02%
• 10Y*: 3.91%

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

NLSI vs. HDG - Yearly Performance Comparison

	2026 (YTD)	2025
NLSI Neos Long/Short Equity Income ETF	7.01%	1.90%
HDG ProShares Hedge Replication	6.40%	-0.02%

Correlation

The correlation between NLSI and HDG is 0.11, 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	0.11

Return for Risk

NLSI vs. HDG — Risk / Return Rank

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

HDG

HDG Risk / Return Rank: 73
HDG Sharpe Ratio Rank: 72
HDG Sortino Ratio Rank: 77
HDG Omega Ratio Rank: 76
HDG Calmar Ratio Rank: 67
HDG Martin Ratio Rank: 73

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. HDG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neos Long/Short Equity Income ETF (NLSI) and ProShares Hedge Replication (HDG). 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	HDG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.36	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.42	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.55	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.04	0.43	+0.61

Drawdowns

NLSI vs. HDG - Drawdown Comparison

The maximum NLSI drawdown since its inception was -13.82%, smaller than the maximum HDG drawdown of -15.31%. Use the drawdown chart below to compare losses from any high point for NLSI and HDG.

Drawdown Indicators

	NLSI	HDG	Difference
Max Drawdown Largest peak-to-trough decline	-13.82%	-15.31%	+1.49%
Max Drawdown (1Y) Largest decline over 1 year	—	-3.97%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-7.20%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-15.31%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-15.31%	—
Current Drawdown Current decline from peak	-1.33%	-0.37%	-0.96%
Average Drawdown Average peak-to-trough decline	-6.10%	-2.77%	-3.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.96%	—

Volatility

Volatility by Period

	NLSI	HDG	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.06%	—
Volatility (6M) Calculated over the trailing 6-month period	—	4.58%	—
Volatility (1Y) Calculated over the trailing 1-year period	19.37%	5.64%	+13.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.37%	7.15%	+12.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.37%	7.11%	+12.26%

NLSI vs. HDG - Expense Ratio Comparison

NLSI has a 2.89% expense ratio, which is higher than HDG's 0.95% expense ratio.

Dividends

NLSI vs. HDG - Dividend Comparison

NLSI's dividend yield for the trailing twelve months is around 2.42%, more than HDG's 2.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HDG ProShares Hedge Replication	2.35%	2.55%	3.50%	3.48%	0.39%	0.00%	0.08%	1.09%	0.51%	0.00%	0.00%	0.00%
NLSI Neos Long/Short Equity Income ETF	2.42%	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 HDG in my portfolio?

NLSI and HDG have a correlation of 0.11, 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 HDG?

On fees, HDG is cheaper at 0.95% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, NLSI or HDG?

HDG is cheaper with a 0.95% expense ratio, compared with 2.89% for NLSI.

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

NLSI has the higher dividend yield at 2.42%, compared with 2.35% for HDG.

What is the main difference between NLSI and HDG?

They also come from different issuers: Neos and ProShares. Their fees differ too: 2.89% for NLSI and 0.95% for HDG.