NLSI vs. HEFT

Last updated Jun 4, 2026

NLSI (Neos Long/Short Equity Income ETF) and HEFT (Hedgeye Fourth Turning ETF) are both Long-Short funds. Both are actively managed. At a correlation of -0.17, they often move in opposite directions. NLSI charges 2.89%/yr vs 0.70%/yr for HEFT.

Performance

NLSI vs. HEFT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Neos Long/Short Equity Income ETF (NLSI) and Hedgeye Fourth Turning ETF (HEFT). 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 lower than HEFT's 7.91% return.

NLSI

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

HEFT

• 1D: -0.02%
• 1M: 4.12%
• YTD: 7.91%
• 6M: 7.32%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NLSI vs. HEFT - Yearly Performance Comparison

	2026 (YTD)	2025
NLSI Neos Long/Short Equity Income ETF	7.01%	1.90%
HEFT Hedgeye Fourth Turning ETF	7.91%	-0.77%

Correlation

The correlation between NLSI and HEFT is -0.17, 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 11, 2025	-0.17

Return for Risk

NLSI vs. HEFT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neos Long/Short Equity Income ETF (NLSI) and Hedgeye Fourth Turning ETF (HEFT). 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	HEFT	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	1.04	1.44	-0.40

Drawdowns

NLSI vs. HEFT - Drawdown Comparison

The maximum NLSI drawdown since its inception was -13.82%, which is greater than HEFT's maximum drawdown of -9.17%. Use the drawdown chart below to compare losses from any high point for NLSI and HEFT.

Drawdown Indicators

	NLSI	HEFT	Difference
Max Drawdown Largest peak-to-trough decline	-13.82%	-9.17%	-4.65%
Current Drawdown Current decline from peak	-1.33%	-2.64%	+1.31%
Average Drawdown Average peak-to-trough decline	-6.10%	-3.13%	-2.97%

Volatility

Volatility by Period

	NLSI	HEFT	Difference
Volatility (1Y) Calculated over the trailing 1-year period	19.37%	12.53%	+6.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.37%	12.53%	+6.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.37%	12.53%	+6.84%

NLSI vs. HEFT - Expense Ratio Comparison

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

Dividends

NLSI vs. HEFT - Dividend Comparison

NLSI's dividend yield for the trailing twelve months is around 2.42%, more than HEFT's 0.02% yield.

Position	TTM	2025
HEFT Hedgeye Fourth Turning ETF	0.02%	0.02%
NLSI Neos Long/Short Equity Income ETF	2.42%	0.46%

Frequently Asked Questions

Can I hold both NLSI and HEFT in my portfolio?

NLSI and HEFT have a correlation of -0.17, 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 HEFT?

On fees, HEFT 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 HEFT?

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

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

NLSI has the higher dividend yield at 2.42%, compared with 0.02% for HEFT.

What is the main difference between NLSI and HEFT?

They also come from different issuers: Neos and Hedgeye. Their fees differ too: 2.89% for NLSI and 0.70% for HEFT.