NLSI vs. HDG

Last updated Apr 1, 2026

Compare and contrast key facts about Neos Long/Short Equity Income ETF (NLSI) and ProShares Hedge Replication (HDG).

NLSI and HDG are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. NLSI is an actively managed fund by Neos. It was launched on Dec 9, 2025. HDG is a passively managed fund by ProShares that tracks the performance of the Merrill Lynch Factor Model - Exchange Series. It was launched on Jul 12, 2011.

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.

NLSI vs. HDG - Yearly Performance Comparison

	2026 (YTD)	2025
NLSI Neos Long/Short Equity Income ETF	-9.90%	1.90%
HDG ProShares Hedge Replication	0.49%	-0.02%

Returns By Period

In the year-to-date period, NLSI achieves a -9.90% return, which is significantly lower than HDG's 0.49% return.

NLSI

• 1D: 0.93%
• 1M: -2.48%
• YTD: -9.90%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

HDG

• 1D: 1.28%
• 1M: -1.94%
• YTD: 0.49%
• 6M: 2.17%
• 1Y: 8.41%
• 3Y*: 5.75%
• 5Y*: 1.97%
• 10Y*: 3.41%

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

NLSI vs. HDG - Expense Ratio Comparison

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

NLSI

Neos Long/Short Equity Income ETF

HDG

ProShares Hedge Replication

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: 70
HDG Sharpe Ratio Rank: 71
HDG Sortino Ratio Rank: 71
HDG Omega Ratio Rank: 70
HDG Calmar Ratio Rank: 68
HDG 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. 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	—	1.23	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.28	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.48	—
Sharpe Ratio (All Time) Calculated using the full available price history	-1.33	0.38	-1.71

Correlation

The correlation between NLSI and HDG is 0.18, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

NLSI vs. HDG - Dividend Comparison

NLSI's dividend yield for the trailing twelve months is around 1.90%, less than HDG's 2.49% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NLSI Neos Long/Short Equity Income ETF	1.90%	0.46%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
HDG ProShares Hedge Replication	2.49%	2.55%	3.50%	3.48%	0.39%	0.00%	0.08%	1.09%	0.51%	0.00%	0.00%	0.00%

Drawdowns

NLSI vs. HDG - Drawdown Comparison

The maximum NLSI drawdown since its inception was -13.19%, 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	-13.19%	-15.31%	+2.12%
Max Drawdown (1Y) Largest decline over 1 year	—	-4.85%	—
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	-11.22%	-2.74%	-8.48%
Average Drawdown Average peak-to-trough decline	-6.27%	-2.80%	-3.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.19%	—

Volatility

Volatility by Period

	NLSI	HDG	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.61%	—
Volatility (6M) Calculated over the trailing 6-month period	—	4.43%	—
Volatility (1Y) Calculated over the trailing 1-year period	18.93%	6.90%	+12.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.93%	7.15%	+11.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.93%	7.08%	+11.85%