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NLSIX vs. CSHI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

NLSIX vs. CSHI

Last updated Jun 23, 2026

NLSIX (Neuberger Berman Long Short Fund) and CSHI (NEOS Enhanced Income 1-3 Month T-Bill ETF) are both funds - NLSIX is a Long-Short fund managed by Neuberger Berman, while CSHI is a Ultrashort Bond fund actively managed by Neos. Over the past 3 years, NLSIX returned 7.42%/yr vs 5.41%/yr for CSHI. At a 0.27 correlation, their price movements are largely independent. NLSIX charges 1.28%/yr vs 0.38%/yr for CSHI.

Performance

NLSIX vs. CSHI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Neuberger Berman Long Short Fund (NLSIX) and NEOS Enhanced Income 1-3 Month T-Bill ETF (CSHI). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, NLSIX achieves a 1.89% return, which is significantly lower than CSHI's 2.41% return.

NLSIX

1D
0.64%
1M
-0.73%
YTD
1.89%
6M
2.40%
1Y
6.72%
3Y*
7.42%
5Y*
5.49%
10Y*
6.90%

CSHI

1D
0.00%
1M
0.29%
YTD
2.41%
6M
2.54%
1Y
5.17%
3Y*
5.41%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

NLSIX vs. CSHI - Yearly Performance Comparison

2026 (YTD)2025202420232022
NLSIX
Neuberger Berman Long Short Fund		1.89%7.20%7.47%13.10%-1.91%
CSHI
NEOS Enhanced Income 1-3 Month T-Bill ETF		2.41%5.05%5.66%6.21%1.39%

Correlation

The correlation between NLSIX and CSHI is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.29

Correlation (3Y)
Calculated over the trailing 3-year period

0.26

Correlation (All Time)
Calculated using the full available price history since Aug 30, 2022

0.27

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Neuberger Berman Long Short Fund

NEOS Enhanced Income 1-3 Month T-Bill ETF

Often compared with NLSIX:
NLSIX vs. CPLIXNLSIX vs. CLSENLSIX vs. MTMIXNLSIX vs. QLEIXNLSIX vs. PCRIXNLSIX vs. SPYNLSIX vs. QQQI
Often compared with CSHI:
CSHI vs. SGOVCSHI vs. BOXXCSHI vs. BUCKCSHI vs. BNDICSHI vs. HIGHCSHI vs. THTACSHI vs. PULS

Return for Risk

NLSIX vs. CSHI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
NLSIX
NLSIX Risk / Return Rank: 2323
Overall Rank
NLSIX Sharpe Ratio Rank: 2323
Sharpe Ratio Rank
NLSIX Sortino Ratio Rank: 2424
Sortino Ratio Rank
NLSIX Omega Ratio Rank: 2424
Omega Ratio Rank
NLSIX Calmar Ratio Rank: 2020
Calmar Ratio Rank
NLSIX Martin Ratio Rank: 2626
Martin Ratio Rank
CSHI
CSHI Risk / Return Rank: 9999
Overall Rank
CSHI Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
CSHI Sortino Ratio Rank: 9999
Sortino Ratio Rank
CSHI Omega Ratio Rank: 9898
Omega Ratio Rank
CSHI Calmar Ratio Rank: 9999
Calmar Ratio Rank
CSHI Martin Ratio Rank: 9999
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

NLSIX vs. CSHI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neuberger Berman Long Short Fund (NLSIX) and NEOS Enhanced Income 1-3 Month T-Bill ETF (CSHI). 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.

NLSIXCSHIDifference
Sharpe ratioReturn per unit of total volatility
1.29
5.80

-4.51

Sortino ratioReturn per unit of downside risk
1.89
10.49

-8.60

Omega ratioGain probability vs. loss probability

1.24

2.62

-1.38

Calmar ratioReturn relative to maximum drawdown

1.53

24.49

-22.96

Martin ratioReturn relative to average drawdown

5.77

131.36

-125.59

NLSIX vs. CSHI - Sharpe Ratio Comparison

The current NLSIX Sharpe Ratio is 1.29, which is lower than the CSHI Sharpe Ratio of 5.80. The chart below compares the historical Sharpe Ratios of NLSIX and CSHI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

NLSIX vs. CSHI - Drawdown Comparison

The maximum NLSIX drawdown since its inception was -14.75%, which is greater than CSHI's maximum drawdown of -1.69%. Use the drawdown chart below to compare losses from any high point for NLSIX and CSHI.

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Drawdown Indicators

NLSIXCSHIDifference

Max Drawdown

Largest peak-to-trough decline

-14.75%

-1.69%

-13.06%

Max Drawdown (1Y)

Largest decline over 1 year

-4.39%

-0.21%

-4.18%

Max Drawdown (3Y)

Largest decline over 3 years

-6.90%

-1.69%

-5.21%

Max Drawdown (5Y)

Largest decline over 5 years

-10.79%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-14.75%

—

—

Current Drawdown

Current decline from peak

-1.02%

0.00%

-1.02%

Average Drawdown

Average peak-to-trough decline

-2.01%

-0.03%

-1.98%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.16%

0.04%

+1.12%

Volatility

NLSIX vs. CSHI - Volatility Comparison

Neuberger Berman Long Short Fund (NLSIX) has a higher volatility of 2.14% compared to NEOS Enhanced Income 1-3 Month T-Bill ETF (CSHI) at 0.33%. This indicates that NLSIX's price experiences larger fluctuations and is considered to be riskier than CSHI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

NLSIXCSHIDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.14%

0.33%

+1.81%

Volatility (6M)

Calculated over the trailing 6-month period

4.32%

0.60%

+3.72%

Volatility (1Y)

Calculated over the trailing 1-year period

5.22%

0.90%

+4.32%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.70%

1.33%

+5.37%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

7.34%

1.33%

+6.01%

NLSIX vs. CSHI - Expense Ratio Comparison

NLSIX has a 1.28% expense ratio, which is higher than CSHI's 0.38% expense ratio.

Dividends

NLSIX vs. CSHI - Dividend Comparison

NLSIX's dividend yield for the trailing twelve months is around 0.05%, less than CSHI's 5.31% yield.

PositionTTM20252024202320222021202020192018201720162015
CSHI
NEOS Enhanced Income 1-3 Month T-Bill ETF		5.31%5.11%5.72%6.15%1.52%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
NLSIX
Neuberger Berman Long Short Fund		0.05%0.05%0.02%0.97%7.01%1.13%2.15%2.39%5.91%0.00%0.00%0.01%

Frequently Asked Questions

NLSIX and CSHI 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.

NLSIX has higher volatility (2.14%) compared to CSHI (0.33%). In terms of maximum drawdown, NLSIX dropped -14.75% vs CSHI's -1.69%.

CSHI currently has the higher Sharpe Ratio (5.80 vs 1.29), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.

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