CPMPX vs. NHS
CPMPX (Changing Parameters Fund) and NHS (Neuberger Berman High Yield Strategies Fund) are both High Yield Bonds funds. Over the past 10 years, CPMPX returned 4.05%/yr vs 4.94%/yr for NHS. Their 0.29 correlation means their historical movements had little consistent relationship. CPMPX charges 2.90%/yr vs 4.14%/yr for NHS.
Performance
CPMPX vs. NHS - Performance Comparison
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Returns By Period
In the year-to-date period, CPMPX achieves a 0.85% return, which is significantly higher than NHS's -10.96% return. Over the past 10 years, CPMPX has underperformed NHS with an annualized return of 4.05%, while NHS has yielded a comparatively higher 4.94% annualized return.
CPMPX
- 1D
- 0.09%
- 1M
- -0.28%
- 6M
- 0.47%
- YTD
- 0.85%
- 1Y
- 3.83%
- 3Y*
- 2.84%
- 5Y*
- 2.22%
- 10Y*
- 4.05%
- ALL TIME*
- 3.40%
NHS
- 1D
- -0.50%
- 1M
- -1.95%
- 6M
- -13.90%
- YTD
- -10.96%
- 1Y
- -4.46%
- 3Y*
- 6.46%
- 5Y*
- -1.45%
- 10Y*
- 4.94%
- ALL TIME*
- 6.78%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $1.10M | $992.56K | $1.32M |
CPMPX vs. NHS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CPMPX Changing Parameters Fund | 0.85% | 6.65% | -3.47% | 8.13% | -0.22% | 3.86% | 13.43% | 6.82% | -1.19% | 5.29% |
NHS Neuberger Berman High Yield Strategies Fund | -10.96% | 14.81% | 11.04% | 6.12% | -22.99% | 15.78% | 4.57% | 39.03% | -11.45% | 8.64% |
Correlation
The correlation between CPMPX and NHS is 0.38, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.38 |
Correlation (3Y) Balances recent behavior with more history. | 0.28 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.27 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.30 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2010 | 0.29 |
The correlation between CPMPX and NHS shifts across timeframes, from 0.27 (5 years) to 0.38 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
CPMPX vs. NHS — Risk / Return Rank
CPMPX
NHS
CPMPX vs. NHS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Changing Parameters Fund (CPMPX) and Neuberger Berman High Yield Strategies Fund (NHS). 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.
| CPMPX | NHS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.41 | ||
| Sortino ratioReturn per unit of downside risk | +3.39 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 0.94 | +0.51 |
| Calmar ratioReturn relative to maximum drawdown | 2.87 | -0.29 | +3.16 |
| Martin ratioReturn relative to average drawdown | 7.80 | -0.54 | +8.34 |
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Drawdowns
CPMPX vs. NHS - Drawdown Comparison
The maximum CPMPX drawdown since its inception was -8.87%, smaller than the maximum NHS drawdown of -64.67%. Use the drawdown chart below to compare losses from any high point for CPMPX and NHS.
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Drawdown Indicators
| CPMPX | NHS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.87% | -64.67% | +55.80% |
Max Drawdown (1Y)Largest decline over 1 year | -1.31% | -17.01% | +15.70% |
Max Drawdown (3Y)Largest decline over 3 years | -8.13% | -17.01% | +8.88% |
Max Drawdown (5Y)Largest decline over 5 years | -8.13% | -37.43% | +29.30% |
Max Drawdown (10Y)Largest decline over 10 years | -8.13% | -42.97% | +34.84% |
Current DrawdownCurrent decline from peak | -1.09% | -16.34% | +15.25% |
Average DrawdownAverage peak-to-trough decline | -1.86% | -8.90% | +7.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.48% | 9.05% | -8.57% |
Volatility
CPMPX vs. NHS - Volatility Comparison
The current volatility for Changing Parameters Fund (CPMPX) is 0.48%, while Neuberger Berman High Yield Strategies Fund (NHS) has a volatility of 2.54%. This indicates that CPMPX experiences smaller price fluctuations and is considered to be less risky than NHS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CPMPX | NHS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.48% | 2.54% | -2.06% |
Volatility (6M)Calculated over the trailing 6-month period | 1.32% | 9.64% | -8.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.85% | 12.91% | -11.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.84% | 16.09% | -12.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.11% | 16.69% | -13.58% |
CPMPX vs. NHS - Expense Ratio Comparison
CPMPX has a 2.90% expense ratio, which is lower than NHS's 4.14% expense ratio.
Dividends
CPMPX vs. NHS - Dividend Comparison
CPMPX's dividend yield for the trailing twelve months is around 3.80%, less than NHS's 18.04% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CPMPX Changing Parameters Fund | 3.80% | 3.83% | 0.00% | 4.26% | 5.03% | 4.24% | 6.94% | 2.85% | 1.71% | 3.32% | 2.25% | 1.51% |
NHS Neuberger Berman High Yield Strategies Fund | 18.04% | 14.60% | 14.50% | 13.94% | 12.75% | 8.74% | 9.29% | 7.99% | 8.37% | 7.59% | 8.23% | 9.81% |
Frequently Asked Questions
CPMPX and NHS have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NHS has higher volatility (2.54%) compared to CPMPX (0.48%). In terms of maximum drawdown, CPMPX dropped -8.87% vs NHS's -64.67%.
CPMPX currently has the higher Sharpe Ratio (2.03 vs -0.38), 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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