NLSI vs. HEFT

Last updated Apr 1, 2026

Compare and contrast key facts about Neos Long/Short Equity Income ETF (NLSI) and Hedgeye Fourth Turning ETF (HEFT).

NLSI and HEFT 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. HEFT is an actively managed fund by Hedgeye. It was launched on Nov 20, 2025.

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.

NLSI vs. HEFT - Yearly Performance Comparison

	2026 (YTD)	2025
NLSI Neos Long/Short Equity Income ETF	-9.90%	1.90%
HEFT Hedgeye Fourth Turning ETF	5.30%	-0.77%

Returns By Period

In the year-to-date period, NLSI achieves a -9.90% return, which is significantly lower than HEFT's 5.30% return.

NLSI

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

HEFT

• 1D: -0.30%
• 1M: -3.18%
• YTD: 5.30%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NLSI vs. HEFT - Expense Ratio Comparison

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

NLSI

Neos Long/Short Equity Income ETF

HEFT

Hedgeye Fourth Turning ETF

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	-1.33	1.46	-2.78

Correlation

The correlation between NLSI and HEFT is -0.31. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

NLSI vs. HEFT - Dividend Comparison

NLSI's dividend yield for the trailing twelve months is around 1.90%, more than HEFT's 0.02% yield.

	TTM	2025
NLSI Neos Long/Short Equity Income ETF	1.90%	0.46%
HEFT Hedgeye Fourth Turning ETF	0.02%	0.02%

Drawdowns

NLSI vs. HEFT - Drawdown Comparison

The maximum NLSI drawdown since its inception was -13.19%, which is greater than HEFT's maximum drawdown of -6.57%. 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	-13.19%	-6.57%	-6.62%
Current Drawdown Current decline from peak	-11.22%	-5.00%	-6.22%
Average Drawdown Average peak-to-trough decline	-6.27%	-1.97%	-4.30%

Volatility

Volatility by Period

	NLSI	HEFT	Difference
Volatility (1Y) Calculated over the trailing 1-year period	18.93%	13.44%	+5.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.93%	13.44%	+5.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.93%	13.44%	+5.49%