Data as of Nov 4, 2026.
NLSI vs OVLH: Dividend Yield & Total Return
NLSI and OVLH both write options for income.
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Net assets: $5.3m on Oct 28, 2026 for NEOS Long/Short Equity Income ETF, and $109m on Aug 31, 2026 for Overlay Shares Hedged Large Cap Equity ETF.
5 pts ahead of SPY
NLSI since launch: paid 5.0%, price +12.0%, total +17.7%, SPY +12.7%, +5.0 pts. Data to Nov 4, 2026.
SPY
+12.7%
NLSI
+17.7%
5.0% as cash
5 pts ahead of SPY
Total return, distributions reinvested
5 pts ahead of SPY
NLSI since launch: paid 5.0%, price +12.0%, total +17.7%, SPY +12.7%, +5.0 pts. Data to Nov 4, 2026.
SPY
+12.7%
NLSI
+17.7%
5 pts ahead of SPY
5.0% of it arrived as cash. Total return, distributions reinvested. NLSI since launch: paid 5.0%, price +12.0%, total +17.7%, SPY +12.7%, +5.0 pts. Data to Nov 4, 2026.
Data to Nov 4, 2026.7.8 pts behind VOO
OVLH over 1 year: paid 0.3%, price +6.7%, total +7.0%, VOO +14.8%, −7.8 pts. Data to Nov 4, 2026.
VOO
+14.8%
OVLH
+7.0%
7.8 pts behind VOO
Total return, distributions reinvested
7.8 pts behind VOO
OVLH over 1 year: paid 0.3%, price +6.7%, total +7.0%, VOO +14.8%, −7.8 pts. Data to Nov 4, 2026.
VOO
+14.8%
OVLH
+7.0%
7.8 pts behind VOO
0.3% of it arrived as cash. Both charts share one scale, 0 to +17.7%. OVLH over 1 year: paid 0.3%, price +6.7%, total +7.0%, VOO +14.8%, −7.8 pts. Data to Nov 4, 2026.
Both charts share one scale, 0 to +17.7%. Data to Nov 4, 2026.Pair scorecard
OVLH costs 2.09 points a year less.
Points (pts) are percentage points.
| Measure | NLSI | OVLH |
|---|---|---|
| Paid and earned | ||
| Total return, 1 year | not published | +7.0% |
| Price change | rose 12.0% (since Dec 10, 2025) | rose 6.7% (1 year) |
| Return of capital, issuer estimate | 100% of the Oct 30, 2026 payment | 38% of the Dec 29, 2023 payment |
| Against its benchmark | ||
| Benchmark | S&P 500, measured through SPY | Vanguard S&P 500 ETF, measured through VOO |
| Against its benchmark, same days | ahead by 5.0 pts | behind by 7.8 pts |
| Cost and size | ||
| Expense ratio | 2.89% | 0.80% |
| Net assets, NLSI as of Oct 28, 2026 and OVLH as of Aug 31, 2026 | $5.3m | $109m |
| Holdings | ||
| Holdings in common | 0% | |
Risk and return
Dec 19, 2025 to Oct 30, 2026 · 45 weekly returnsFrom Dec 2025 to Oct 2026, NLSI returned more: +20.7% to +6.2%. OVLH fell less at its worst: −5.9% to −13.3%.
Full scorecard
3 measures, with how each is measured Open ↓
| Measure | NLSI | OVLH | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +20.7% | +6.2% | NLSI | Price change plus distributions, reinvested. |
| Price return | +15.0% | +5.9% | NLSI | Price change alone, distributions left out. |
| Risk | ||||
| Max drawdown | −13.3% | −5.9% | OVLH | Deepest fall from a high to the low after it. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 45 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, NLSI and OVLH hold 0% of their money in the same securities at the same weight. Holdings dated Aug 31, 2026 and Nov 3, 2026.
half
0% in common
Only in one fund ↓
Side by side
As of Nov 4, 2026. Source: ETFIQ. Cash paid: distributions over the window, as a share of the starting price. Payout rate: the latest payment, annualized, over today’s price.
Window by window
| Total return | Cash paid | Against the benchmark | ||||
|---|---|---|---|---|---|---|
| Window | NLSI | OVLH | NLSI | OVLH | NLSI | OVLH |
| 3 months | +6.7% | −1.4% | 1.4% | 0.0% | +6.9 pts | −1.3 pts |
| 6 months | +21.4% | +1.6% | 3.0% | 0.0% | +16.4 pts | −3.5 pts |
| 1 year | – | +7.0% | – | 0.3% | – | −7.8 pts |
| 3 years | – | +58.6% | – | 1.7% | – | −24.8 pts |
| Since launchNot the same days: NLSI Dec 2025 · OVLH Jan 2021 | +17.7% | +73.9% | 5.0% | 3.2% | +4.9 pts | −47.2 pts |
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No client brief for this pair: ETFIQ prints no one-year total return for NLSI.
NLSI
Over the period from its first trade on Dec 10, 2025 to Nov 4, 2026, NLSI paid 5.0% of its starting value in cash distributions while its price rose 12.0%. With every distribution reinvested, the fund returned +17.7%. S&P 500 (SPY) returned +12.7% over the same days, so a holder was ahead by 5.0 pts. At its price on Nov 4, 2026 the latest distribution annualizes to 5.6%, paid monthly. NEOS estimates that 100% of the distribution paid Oct 30, 2026 was a return of capital (its 19a-1 notice). That is a tax label, not a measure of erosion.
OVLH
Over the year to Nov 4, 2026, OVLH paid 0.3% of its starting value in cash distributions while its price rose 6.7%. With every distribution reinvested, the fund returned +7.0%. Vanguard S&P 500 ETF (VOO) returned +14.8% over the same days, so a holder was behind by 7.8 pts. At its price on Nov 4, 2026 the latest distribution annualizes to 0.3%, paid annually. Overlay Shares estimates that 38% of the distribution paid Dec 29, 2023 was a return of capital (its 19a-1 notice).
Questions people ask
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
Overlap adds up the smaller of the two weights for each security both funds hold.
Every number is an ETFIQ calculation with distributions reinvested.
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ETFIQ, NLSI against OVLH, data as of Nov 4, 2026. https://etfiq.com/compare/income/nlsi-vs-ovlh
ETFIQ. (Nov 4, 2026). NLSI against OVLH. Retrieved from https://etfiq.com/compare/income/nlsi-vs-ovlh
[NLSI against OVLH (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/income/nlsi-vs-ovlh)
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