NLSI vs. SPYI
NLSI (Neos Long/Short Equity Income ETF) and SPYI (NEOS S&P 500 High Income ETF) are both Derivative Income funds from Neos. Both are actively managed. Their 0.29 correlation means their historical movements had little consistent relationship. NLSI charges 2.89%/yr vs 0.68%/yr for SPYI.
Performance
NLSI vs. SPYI - Performance Comparison
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Returns By Period
In the year-to-date period, NLSI achieves a 6.98% return, which is significantly lower than SPYI's 7.96% return.
NLSI
- 1D
- -1.45%
- 1M
- 2.81%
- 6M
- 11.99%
- YTD
- 6.98%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
SPYI
- 1D
- 0.65%
- 1M
- 0.62%
- 6M
- 6.50%
- YTD
- 7.96%
- 1Y
- 18.69%
- 3Y*
- 14.78%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 14.51%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $100.50K | $117.78K | $105.68K | |
| $155.71M | $137.58M | $149.04M |
NLSI vs. SPYI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
NLSI Neos Long/Short Equity Income ETF | 6.98% | 2.51% |
SPYI NEOS S&P 500 High Income ETF | 7.96% | 0.60% |
Correlation
The correlation between NLSI and SPYI is 0.29, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Dec 10, 2025 | 0.29 |
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Return for Risk
NLSI vs. SPYI — Risk / Return Rank
NLSI
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
SPYI
NLSI vs. SPYI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Neos Long/Short Equity Income ETF (NLSI) and NEOS S&P 500 High Income ETF (SPYI). 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 | SPYI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.30 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.23 | — |
| Martin ratioReturn relative to average drawdown | — | 10.69 | — |
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Drawdowns
NLSI vs. SPYI - Drawdown Comparison
The maximum NLSI drawdown since its inception was -13.82%, smaller than the maximum SPYI drawdown of -16.47%. Use the drawdown chart below to compare losses from any high point for NLSI and SPYI.
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Drawdown Indicators
| NLSI | SPYI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.82% | -16.47% | +2.65% |
Max Drawdown (1Y)Largest decline over 1 year | — | -7.72% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -16.47% | — |
Current DrawdownCurrent decline from peak | -1.45% | -0.65% | -0.80% |
Average DrawdownAverage peak-to-trough decline | -5.51% | -1.79% | -3.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 1.61% | — |
Volatility
NLSI vs. SPYI - Volatility Comparison
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Volatility by Period
| NLSI | SPYI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 3.22% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 8.68% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 19.04% | 10.80% | +8.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.04% | 12.96% | +6.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.04% | 12.96% | +6.08% |
NLSI vs. SPYI - Expense Ratio Comparison
NLSI has a 2.89% expense ratio, which is higher than SPYI's 0.68% expense ratio.
Dividends
NLSI vs. SPYI - Dividend Comparison
NLSI's dividend yield for the trailing twelve months is around 3.31%, less than SPYI's 11.93% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
NLSI Neos Long/Short Equity Income ETF | 3.31% | 0.46% | 0.00% | 0.00% | 0.00% |
SPYI NEOS S&P 500 High Income ETF | 11.93% | 11.70% | 12.04% | 12.01% | 4.10% |
Frequently Asked Questions
NLSI and SPYI have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SPYI is cheaper at 0.68% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPYI is cheaper with a 0.68% expense ratio, compared with 2.89% for NLSI.
SPYI has the higher dividend yield at 11.93%, compared with 3.31% for NLSI.
Their fees differ too: 2.89% for NLSI and 0.68% for SPYI.
Find the right allocation for NLSI and SPYI
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