NLSI vs SPY
NEOS Long/Short Equity Income ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, NLSI or SPY?
Long-Short Strategy against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | NLSI | SPY |
|---|---|---|
| Expense Ratio | 2.89% | 0.09%Best |
| AUM | $5M | $777.9B |
| Dividend Yield | 4.65% | 1.00% |
| Holdings | 134 | 1,011 |
| YTD Return | +6.90% | +8.47%Best |
| 1Y Return | +7.56% | +10.88%Best |
| 3Y Return (annualized) | - | +20.41% |
| 5Y Return (annualized) | - | +10.90% |
| Fund Family | NEOS | State Street Investment Management |
| Category | Alternative | Equity |
| Style | Long-Short Strategy | Large Cap Blend |
| Inception | Dec 10, 2025 | Jan 22, 1993 |
Not shown on this pair: Volatility (annualized), Max Drawdown, $10,000 over the window, Top 10 Weight.
NLSI vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
NLSI vs SPY Performance
NEOS Long/Short Equity Income ETF (NLSI) is an ETF from NEOS and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year NLSI returned +7.56% while SPY returned +10.88%. Year to date, NLSI is up 6.90% versus a gain of 8.47% for SPY.
Past performance does not guarantee future results.
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 4.65% against 1.00% for SPY.
Holdings Overlap
At least 20.3% of SPY's money is in holdings NLSI also owns.
Only one direction is shown: for NLSI, our book for it lists positions totalling 129.5% of the fund, which is what a leveraged book looks like and is not a denominator we can divide by.
SPY and NLSI share little of their money.
60 positions in common, counted across the 60 positions we hold weights for in NLSI and 504 in SPY, against full books of 134 and 1,011.
Top Shared Holdings
| Stock | Weight in NLSI | Weight in SPY | Difference |
|---|---|---|---|
| MUMicron Technology, Inc. | 12.79% | 1.55% | 11.24% |
| MPCMarathon Petroleum Corp. | 6.70% | 0.20% | 6.50% |
| VLOValero Energy | 6.06% | 0.20% | 5.86% |
| CRMSalesforce Inc Crm Us Equity | 4.84% | 0.29% | 4.55% |
| CVXChevron Corp | 4.42% | 0.66% | 3.76% |
| PSXPhillips 66 | 4.77% | 0.18% | 4.59% |
| HPEHewlett Packard Enterprise Co | 4.61% | 0.13% | 4.48% |
| DISWalt Disney Co | 4.20% | 0.28% | 3.92% |
| FANGDiamondback Energy Inc. | 4.31% | 0.06% | 4.25% |
| CNCCentene | 4.29% | 0.05% | 4.24% |
20.3% of SPY is already inside NLSI.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
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, by $280 a year on a $10,000 investment.
Which performed better, NLSI or SPY?
Over the past year NLSI returned +7.56% vs +10.88% for SPY, so SPY leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
What is the holdings overlap between NLSI and SPY?
At least 20.3% of SPY's money is in holdings NLSI also owns. Our book for NLSI is partial, so the real figure is this or higher. They hold 60 positions in common, counted across the 60 positions we hold weights for in NLSI and 504 in SPY.
Which pays a higher dividend, NLSI or SPY?
NLSI yields 4.65% while SPY yields 1.00%, so NLSI currently pays the higher dividend yield.
Is SPY better than NLSI?
SPY has a lower expense ratio. SPY led over 1Y. Which one suits a particular account depends on what it is for. This is information, not a recommendation.