GDO vs. NML
GDO (Western Asset Global Corporate Defined Opportunity Fund Inc) and NML (Neuberger Berman MLP) are both mutual funds - GDO is a Corporate Bonds fund managed by Franklin Templeton, while NML is a MLPs fund actively managed by Neuberger Berman. Over the past 10 years, GDO returned 3.67%/yr vs 10.17%/yr for NML. Their 0.22 correlation means their historical movements had little consistent relationship. GDO charges 0.01%/yr vs 2.72%/yr for NML.
Performance
GDO vs. NML - Performance Comparison
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Returns By Period
In the year-to-date period, GDO achieves a -5.79% return, which is significantly lower than NML's 28.72% return. Over the past 10 years, GDO has underperformed NML with an annualized return of 3.67%, while NML has yielded a comparatively higher 10.17% annualized return.
GDO
- 1D
- 0.29%
- 1M
- -3.05%
- 6M
- -4.94%
- YTD
- -5.79%
- 1Y
- -0.15%
- 3Y*
- 5.90%
- 5Y*
- -1.17%
- 10Y*
- 3.67%
- ALL TIME*
- 4.67%
NML
- 1D
- -0.10%
- 1M
- 4.16%
- 6M
- 19.29%
- YTD
- 28.72%
- 1Y
- 30.46%
- 3Y*
- 24.30%
- 5Y*
- 26.56%
- 10Y*
- 10.17%
- ALL TIME*
- 2.87%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $426.35K | $402.60K | $326.75K | |
| $1.37M | $1.18M | $1.32M |
GDO vs. NML - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GDO Western Asset Global Corporate Defined Opportunity Fund Inc | -5.79% | 18.25% | -0.79% | 10.39% | -20.30% | 3.38% | 6.82% | 30.72% | -10.12% | 13.48% |
NML Neuberger Berman MLP | 28.72% | 4.36% | 40.55% | 14.61% | 32.75% | 61.76% | -45.84% | 10.60% | -23.02% | 7.07% |
Correlation
The correlation between GDO and NML is -0.04, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.04 |
Correlation (3Y) Balances recent behavior with more history. | 0.15 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.21 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.22 |
Correlation (All Time) Calculated using the full available price history since Mar 26, 2013 | 0.22 |
The correlation between GDO and NML shifts across timeframes, from -0.04 (1 year) to 0.22 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
GDO vs. NML — Risk / Return Rank
GDO
NML
GDO vs. NML - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Western Asset Global Corporate Defined Opportunity Fund Inc (GDO) and Neuberger Berman MLP (NML). 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.
| GDO | NML | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.69 | ||
| Sortino ratioReturn per unit of downside risk | -2.17 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.29 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | -0.02 | 3.20 | -3.22 |
| Martin ratioReturn relative to average drawdown | -0.04 | 8.71 | -8.76 |
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Drawdowns
GDO vs. NML - Drawdown Comparison
The maximum GDO drawdown since its inception was -34.61%, smaller than the maximum NML drawdown of -90.48%. Use the drawdown chart below to compare losses from any high point for GDO and NML.
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Drawdown Indicators
| GDO | NML | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.61% | -90.48% | +55.87% |
Max Drawdown (1Y)Largest decline over 1 year | -8.28% | -9.57% | +1.29% |
Max Drawdown (3Y)Largest decline over 3 years | -13.18% | -16.92% | +3.74% |
Max Drawdown (5Y)Largest decline over 5 years | -34.61% | -21.40% | -13.21% |
Max Drawdown (10Y)Largest decline over 10 years | -34.61% | -84.84% | +50.23% |
Current DrawdownCurrent decline from peak | -6.36% | -2.52% | -3.84% |
Average DrawdownAverage peak-to-trough decline | -6.65% | -36.67% | +30.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.41% | 3.50% | -0.09% |
Volatility
GDO vs. NML - Volatility Comparison
The current volatility for Western Asset Global Corporate Defined Opportunity Fund Inc (GDO) is 1.90%, while Neuberger Berman MLP (NML) has a volatility of 6.97%. This indicates that GDO experiences smaller price fluctuations and is considered to be less risky than NML based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GDO | NML | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.90% | 6.97% | -5.07% |
Volatility (6M)Calculated over the trailing 6-month period | 6.05% | 14.84% | -8.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.25% | 18.34% | -10.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.24% | 23.74% | -11.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.28% | 34.98% | -21.70% |
GDO vs. NML - Expense Ratio Comparison
GDO has a 0.02% expense ratio, which is lower than NML's 2.72% expense ratio.
Dividends
GDO vs. NML - Dividend Comparison
GDO's dividend yield for the trailing twelve months is around 14.23%, more than NML's 7.15% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GDO Western Asset Global Corporate Defined Opportunity Fund Inc | 14.23% | 12.40% | 12.04% | 9.52% | 9.49% | 6.93% | 6.70% | 6.65% | 8.41% | 7.57% | 7.96% | 8.62% |
NML Neuberger Berman MLP | 7.15% | 8.24% | 7.94% | 10.19% | 4.26% | 3.54% | 8.33% | 9.76% | 9.87% | 7.04% | 8.63% | 15.44% |
Frequently Asked Questions
GDO and NML have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NML has higher volatility (6.97%) compared to GDO (1.90%). In terms of maximum drawdown, GDO dropped -34.61% vs NML's -90.48%.
NML currently has the higher Sharpe Ratio (1.67 vs -0.02), 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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