NLSI vs SPY
NEOS Long/Short Equity Income ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | NLSI | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 2.89% | 0.09% | |
| AUM | $3M | $821.1B | |
| Dividend Yield | 3.71% | 1.01% | |
| Holdings | 67 | 505 | |
| YTD Return | +12.05% | +12.68% | |
| 1Y Return | - | +21.82% | |
| 3Y Return (annualized) | - | +21.98% | |
| 5Y Return (annualized) | - | +12.89% | |
| Volatility (annualized) | - | 15.3% | |
| Max Drawdown | -15.0% | -56.5% | |
| Fund Family | NEOS | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Dec 10, 2025 | Jan 22, 1993 |
NLSI vs SPY Performance
NEOS Long/Short Equity Income ETF (NLSI) is a ETF from NEOS and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Year to date, NLSI is up 12.05% versus a gain of 12.68% for SPY.
Risk: Volatility and Drawdowns
The deepest peak-to-trough decline in our data was -15.0% for NLSI and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
Fees and Cost Over Time
NLSI charges 2.89% per year while SPY charges 0.09%. On a $10,000 position that is $289 vs $9 annually, a gap of $280 per year that compounds over a long holding period. On income, NLSI currently yields 3.71% against 1.01% for SPY.
Holdings Overlap
NLSI and SPY share 59 holdings out of 505 unique holdings combined, representing a 8.9% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, NLSI or SPY?
NLSI has an expense ratio of 2.89% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $280 per year of difference.
What is the holdings overlap between NLSI and SPY?
NLSI and SPY share 59 common holdings with a 8.9% weight overlap. Combined, they hold 505 unique securities.
Which pays a higher dividend, NLSI or SPY?
NLSI yields 3.71% while SPY yields 1.01%, so NLSI currently pays the higher dividend yield.
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