NBCE vs. DRGN

Last updated Aug 4, 2026

NBCE (Neuberger Berman China Equity ETF) and DRGN (Themes China Generative Artificial Intelligence ETF) are both exchange-traded funds - NBCE is a China Equities fund actively managed by Neuberger Berman, while DRGN is a Artificial Intelligence fund tracking the BITA China Generative AI Select Index. NBCE is actively managed, while DRGN is passively managed. Over the past year, NBCE returned 41.71% vs 34.60% for DRGN. Their 0.72 correlation means they have sometimes moved together and sometimes differently. NBCE charges 0.74%/yr vs 0.39%/yr for DRGN.

Performance

NBCE vs. DRGN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Neuberger Berman China Equity ETF (NBCE) and Themes China Generative Artificial Intelligence ETF (DRGN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NBCE achieves a 14.31% return, which is significantly higher than DRGN's 8.71% return.

NBCE

• 1D: -1.21%
• 1M: -10.16%
• 6M: 9.48%
• YTD: 14.31%
• 1Y: 41.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 18.47%

DRGN

• 1D: -0.02%
• 1M: -0.13%
• 6M: -0.73%
• YTD: 8.71%
• 1Y: 34.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 35.86%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DRGN Themes China Generative Artificial Intelligence ETF	$403.33K	$404.08K	$565.01K
NBCE Neuberger Berman China Equity ETF	$51.90K	$60.15K	$41.04K

NBCE vs. DRGN - Yearly Performance Comparison

	2026 (YTD)	2025
NBCE Neuberger Berman China Equity ETF	14.31%	23.22%
DRGN Themes China Generative Artificial Intelligence ETF	8.71%	26.96%

Correlation

The correlation between NBCE and DRGN is 0.74, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.74
Correlation (All Time) Calculated using the full available price history since Jul 15, 2025	0.72

The correlation between NBCE and DRGN has been stable across timeframes, ranging from 0.72 to 0.74 - a consistent structural relationship.

Return for Risk

NBCE vs. DRGN — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

NBCE

NBCE Risk / Return Rank: 68
NBCE Sharpe Ratio Rank: 72
NBCE Sortino Ratio Rank: 67
NBCE Omega Ratio Rank: 70
NBCE Calmar Ratio Rank: 63
NBCE Martin Ratio Rank: 67

DRGN

DRGN Risk / Return Rank: 37
DRGN Sharpe Ratio Rank: 36
DRGN Sortino Ratio Rank: 38
DRGN Omega Ratio Rank: 35
DRGN Calmar Ratio Rank: 44
DRGN Martin Ratio Rank: 33

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

NBCE vs. DRGN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neuberger Berman China Equity ETF (NBCE) and Themes China Generative Artificial Intelligence ETF (DRGN). 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.

	NBCE	DRGN	Difference
Sharpe ratio: Return per unit of total volatility	1.78	0.95	+0.83
Sortino ratio: Return per unit of downside risk	2.38	1.51	+0.87
Omega ratio: Gain probability vs. loss probability	1.32	1.18	+0.14
Calmar ratio: Return relative to maximum drawdown	2.38	1.67	+0.71
Martin ratio: Return relative to average drawdown	8.73	3.32	+5.42

NBCE vs. DRGN - Sharpe Ratio Comparison

The current NBCE Sharpe Ratio is 1.78, which is higher than the DRGN Sharpe Ratio of 0.95. The chart below compares the historical Sharpe Ratios of NBCE and DRGN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

NBCE vs. DRGN - Drawdown Comparison

The maximum NBCE drawdown since its inception was -28.42%, which is greater than DRGN's maximum drawdown of -20.86%. Use the drawdown chart below to compare losses from any high point for NBCE and DRGN.

Drawdown Indicators

	NBCE	DRGN	Difference
Max Drawdown Largest peak-to-trough decline	-28.42%	-20.86%	-7.56%
Max Drawdown (1Y) Largest decline over 1 year	-17.60%	-20.86%	+3.26%
Current Drawdown Current decline from peak	-16.15%	-13.31%	-2.84%
Average Drawdown Average peak-to-trough decline	-9.04%	-8.41%	-0.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.79%	10.46%	-5.67%

Volatility

NBCE vs. DRGN - Volatility Comparison

The current volatility for Neuberger Berman China Equity ETF (NBCE) is 10.43%, while Themes China Generative Artificial Intelligence ETF (DRGN) has a volatility of 11.95%. This indicates that NBCE experiences smaller price fluctuations and is considered to be less risky than DRGN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NBCE	DRGN	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.43%	11.95%	-1.52%
Volatility (6M) Calculated over the trailing 6-month period	19.58%	25.81%	-6.23%
Volatility (1Y) Calculated over the trailing 1-year period	23.62%	36.59%	-12.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.02%	35.96%	-10.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.02%	35.96%	-10.94%

NBCE vs. DRGN - Expense Ratio Comparison

NBCE has a 0.74% expense ratio, which is higher than DRGN's 0.39% expense ratio.

Dividends

NBCE vs. DRGN - Dividend Comparison

NBCE's dividend yield for the trailing twelve months is around 1.16%, more than DRGN's 1.12% yield.

Position	TTM	2025	2024
DRGN Themes China Generative Artificial Intelligence ETF	1.12%	1.22%	0.00%
NBCE Neuberger Berman China Equity ETF	1.16%	1.32%	1.20%

Frequently Asked Questions

Can I hold both NBCE and DRGN in my portfolio?

NBCE and DRGN have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NBCE or DRGN?

DRGN has higher volatility (11.95%) compared to NBCE (10.43%). In terms of maximum drawdown, NBCE dropped -28.42% vs DRGN's -20.86%.

Which ETF is better, NBCE or DRGN?

On 1-year performance, NBCE leads with 41.71% vs 34.60% for DRGN. On fees, DRGN is cheaper at 0.39% per year. On volatility, NBCE has been the lower-risk option at 10.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NBCE or DRGN?

Over the 1-year period, NBCE has performed better with a 41.71% return vs 34.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NBCE or DRGN?

DRGN is cheaper with a 0.39% expense ratio, compared with 0.74% for NBCE.

Which ETF pays a higher dividend yield, NBCE or DRGN?

NBCE has the higher dividend yield at 1.16%, compared with 1.12% for DRGN.

What is the main difference between NBCE and DRGN?

NBCE is categorized as China Equities, while DRGN is Artificial Intelligence. They also come from different issuers: Neuberger Berman and Themes. Their fees differ too: 0.74% for NBCE and 0.39% for DRGN.

Which has better risk-adjusted returns?

NBCE currently has the higher Sharpe Ratio (1.78 vs 0.95), 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.