NLSI vs. LBAY
NLSI (Neos Long/Short Equity Income ETF) and LBAY (Leatherback Long/Short Alternative Yield ETF) are both Long-Short funds. Both are actively managed. At a correlation of -0.35, they often move in opposite directions. NLSI charges 2.89%/yr vs 1.09%/yr for LBAY.
Performance
NLSI vs. LBAY - Performance Comparison
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Returns By Period
In the year-to-date period, NLSI achieves a -0.07% return, which is significantly lower than LBAY's 5.38% return.
NLSI
- 1D
- -0.57%
- 1M
- -1.97%
- YTD
- -0.07%
- 6M
- -0.66%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
LBAY
- 1D
- 1.42%
- 1M
- -2.51%
- YTD
- 5.38%
- 6M
- 5.70%
- 1Y
- 6.01%
- 3Y*
- 2.60%
- 5Y*
- 4.82%
- 10Y*
- —
NLSI vs. LBAY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
NLSI Neos Long/Short Equity Income ETF | -0.07% | 2.51% |
LBAY Leatherback Long/Short Alternative Yield ETF | 5.38% | 3.35% |
Correlation
The correlation between NLSI and LBAY is -0.35, 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 10, 2025 | -0.35 |
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Return for Risk
NLSI vs. LBAY — Risk / Return Rank
NLSI
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
LBAY
NLSI vs. LBAY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Neos Long/Short Equity Income ETF (NLSI) and Leatherback Long/Short Alternative Yield ETF (LBAY). 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.
| NLSI | LBAY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.08 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 0.44 | — |
| Martin ratioReturn relative to average drawdown | — | 1.12 | — |
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Drawdowns
NLSI vs. LBAY - Drawdown Comparison
The maximum NLSI drawdown since its inception was -13.82%, smaller than the maximum LBAY drawdown of -15.99%. Use the drawdown chart below to compare losses from any high point for NLSI and LBAY.
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Drawdown Indicators
| NLSI | LBAY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.82% | -15.99% | +2.17% |
Max Drawdown (1Y)Largest decline over 1 year | — | -13.61% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -14.57% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -15.99% | — |
Current DrawdownCurrent decline from peak | -7.86% | -11.56% | +3.70% |
Average DrawdownAverage peak-to-trough decline | -6.05% | -6.84% | +0.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 5.38% | — |
Volatility
NLSI vs. LBAY - Volatility Comparison
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Volatility by Period
| NLSI | LBAY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 4.52% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 12.37% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 19.85% | 15.69% | +4.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.85% | 13.57% | +6.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.85% | 13.77% | +6.08% |
NLSI vs. LBAY - Expense Ratio Comparison
NLSI has a 2.89% expense ratio, which is higher than LBAY's 1.09% expense ratio.
Dividends
NLSI vs. LBAY - Dividend Comparison
NLSI's dividend yield for the trailing twelve months is around 2.59%, less than LBAY's 3.84% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
LBAY Leatherback Long/Short Alternative Yield ETF | 3.84% | 3.80% | 3.77% | 3.47% | 2.74% | 2.96% | 0.29% |
NLSI Neos Long/Short Equity Income ETF | 2.59% | 0.46% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
NLSI and LBAY have a correlation of -0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, LBAY is cheaper at 1.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
LBAY is cheaper with a 1.09% expense ratio, compared with 2.89% for NLSI.
LBAY has the higher dividend yield at 3.84%, compared with 2.59% for NLSI.
They also come from different issuers: Neos and Toroso Investments. Their fees differ too: 2.89% for NLSI and 1.09% for LBAY.
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