NLSI vs. LSEQ

Last updated Aug 2, 2026

NLSI (Neos Long/Short Equity Income ETF) and LSEQ (Harbor Long-Short Equity ETF) are both exchange-traded funds - NLSI is a Derivative Income fund actively managed by Neos, while LSEQ is a Long-Short fund actively managed by Harbor. Both are actively managed. Their -0.18 correlation means they have often moved in opposite directions in the past. NLSI charges 2.89%/yr vs 1.70%/yr for LSEQ.

Performance

NLSI vs. LSEQ - Performance Comparison

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

Returns By Period

In the year-to-date period, NLSI achieves a 6.98% return, which is significantly lower than LSEQ's 23.37% return.

NLSI

• 1D: -1.45%
• 1M: 2.81%
• 6M: 11.99%
• YTD: 6.98%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

LSEQ

• 1D: -0.95%
• 1M: -1.02%
• 6M: 12.72%
• YTD: 23.37%
• 1Y: 25.08%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.47%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
LSEQ Harbor Long-Short Equity ETF	$52.86K	$48.61K	$59.18K
NLSI Neos Long/Short Equity Income ETF	$100.50K	$117.78K	$105.68K

NLSI vs. LSEQ - Yearly Performance Comparison

	2026 (YTD)	2025
NLSI Neos Long/Short Equity Income ETF	6.98%	2.51%
LSEQ Harbor Long-Short Equity ETF	23.37%	-0.33%

Correlation

The correlation between NLSI and LSEQ is -0.18, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 10, 2025	-0.18

Return for Risk

NLSI vs. LSEQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

NLSI

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

LSEQ

LSEQ Risk / Return Rank: 70
LSEQ Sharpe Ratio Rank: 64
LSEQ Sortino Ratio Rank: 64
LSEQ Omega Ratio Rank: 61
LSEQ Calmar Ratio Rank: 86
LSEQ Martin Ratio Rank: 74

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

NLSI vs. LSEQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neos Long/Short Equity Income ETF (NLSI) and Harbor Long-Short Equity ETF (LSEQ). 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	LSEQ	Difference
Sharpe ratio: Return per unit of total volatility	—	1.50	—
Sortino ratio: Return per unit of downside risk	—	2.12	—
Omega ratio: Gain probability vs. loss probability	—	1.27	—
Calmar ratio: Return relative to maximum drawdown	—	3.35	—
Martin ratio: Return relative to average drawdown	—	9.27	—

Drawdowns

NLSI vs. LSEQ - Drawdown Comparison

The maximum NLSI drawdown since its inception was -13.82%, which is greater than LSEQ's maximum drawdown of -8.35%. Use the drawdown chart below to compare losses from any high point for NLSI and LSEQ.

Drawdown Indicators

	NLSI	LSEQ	Difference
Max Drawdown Largest peak-to-trough decline	-13.82%	-8.35%	-5.47%
Max Drawdown (1Y) Largest decline over 1 year	—	-7.59%	—
Current Drawdown Current decline from peak	-1.45%	-5.53%	+4.08%
Average Drawdown Average peak-to-trough decline	-5.51%	-3.23%	-2.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.74%	—

Volatility

Volatility by Period

	NLSI	LSEQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	6.77%	—
Volatility (6M) Calculated over the trailing 6-month period	—	14.61%	—
Volatility (1Y) Calculated over the trailing 1-year period	19.04%	17.01%	+2.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.04%	14.90%	+4.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.04%	14.90%	+4.14%

NLSI vs. LSEQ - Expense Ratio Comparison

NLSI has a 2.89% expense ratio, which is higher than LSEQ's 1.70% expense ratio.

Dividends

NLSI vs. LSEQ - Dividend Comparison

NLSI's dividend yield for the trailing twelve months is around 3.31%, more than LSEQ's 1.78% yield.

Position	TTM	2025
LSEQ Harbor Long-Short Equity ETF	1.78%	2.20%
NLSI Neos Long/Short Equity Income ETF	3.31%	0.46%

Frequently Asked Questions

Can I hold both NLSI and LSEQ in my portfolio?

NLSI and LSEQ have a correlation of -0.18, 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 LSEQ?

On fees, LSEQ is cheaper at 1.70% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, NLSI or LSEQ?

LSEQ is cheaper with a 1.70% expense ratio, compared with 2.89% for NLSI.

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

NLSI has the higher dividend yield at 3.31%, compared with 1.78% for LSEQ.

What is the main difference between NLSI and LSEQ?

NLSI is categorized as Derivative Income, while LSEQ is Long-Short. They also come from different issuers: Neos and Harbor. Their fees differ too: 2.89% for NLSI and 1.70% for LSEQ.