NBCM vs. BCI

Last updated Jun 5, 2026

NBCM (Neuberger Berman Commodity Strategy ETF) and BCI (abrdn Bloomberg All Commodity Strategy K-1 Free ETF) are both Commodities funds. Both are actively managed. Over the past 3 years, NBCM returned 18.06%/yr vs 15.51%/yr for BCI. Their correlation of 0.94 suggests significant overlap in exposure. NBCM charges 0.66%/yr vs 0.25%/yr for BCI.

Performance

NBCM vs. BCI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Neuberger Berman Commodity Strategy ETF (NBCM) and abrdn Bloomberg All Commodity Strategy K-1 Free ETF (BCI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NBCM achieves a 28.62% return, which is significantly higher than BCI's 25.35% return.

NBCM

• 1D: -0.95%
• 1M: -2.98%
• YTD: 28.62%
• 6M: 28.05%
• 1Y: 43.15%
• 3Y*: 18.06%
• 5Y*: —
• 10Y*: —

BCI

• 1D: -1.05%
• 1M: -3.58%
• YTD: 25.35%
• 6M: 24.07%
• 1Y: 37.16%
• 3Y*: 15.51%
• 5Y*: 10.84%
• 10Y*: —

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

NBCM vs. BCI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
NBCM Neuberger Berman Commodity Strategy ETF	28.62%	17.45%	6.55%	-6.41%	5.23%
BCI abrdn Bloomberg All Commodity Strategy K-1 Free ETF	25.35%	15.07%	5.47%	-8.79%	1.92%

Correlation

The correlation between NBCM and BCI is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (All Time) Calculated using the full available price history since Oct 25, 2022	0.94

The correlation between NBCM and BCI has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

Return for Risk

NBCM vs. BCI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

NBCM

NBCM Risk / Return Rank: 77
NBCM Sharpe Ratio Rank: 78
NBCM Sortino Ratio Rank: 68
NBCM Omega Ratio Rank: 76
NBCM Calmar Ratio Rank: 84
NBCM Martin Ratio Rank: 81

BCI

BCI Risk / Return Rank: 70
BCI Sharpe Ratio Rank: 68
BCI Sortino Ratio Rank: 61
BCI Omega Ratio Rank: 67
BCI Calmar Ratio Rank: 87
BCI Martin Ratio Rank: 69

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

NBCM vs. BCI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neuberger Berman Commodity Strategy ETF (NBCM) and abrdn Bloomberg All Commodity Strategy K-1 Free ETF (BCI). 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.

	NBCM	BCI	Difference
Sharpe ratio: Return per unit of total volatility	2.49	2.20	+0.29
Sortino ratio: Return per unit of downside risk	3.07	2.81	+0.26
Omega ratio: Gain probability vs. loss probability	1.44	1.40	+0.05
Calmar ratio: Return relative to maximum drawdown	4.47	4.90	-0.43
Martin ratio: Return relative to average drawdown	15.96	12.53	+3.42
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NBCM vs. BCI - Sharpe Ratio Comparison

The current NBCM Sharpe Ratio is 2.49, which is comparable to the BCI Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of NBCM and BCI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	NBCM	BCI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.49	2.20	+0.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.65	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.92	0.47	+0.45

Drawdowns

NBCM vs. BCI - Drawdown Comparison

The maximum NBCM drawdown since its inception was -12.84%, smaller than the maximum BCI drawdown of -32.69%. Use the drawdown chart below to compare losses from any high point for NBCM and BCI.

Drawdown Indicators

	NBCM	BCI	Difference
Max Drawdown Largest peak-to-trough decline	-12.84%	-32.69%	+19.85%
Max Drawdown (1Y) Largest decline over 1 year	-9.70%	-7.61%	-2.09%
Max Drawdown (3Y) Largest decline over 3 years	-11.47%	-11.38%	-0.09%
Max Drawdown (5Y) Largest decline over 5 years	—	-26.50%	—
Current Drawdown Current decline from peak	-5.39%	-5.52%	+0.13%
Average Drawdown Average peak-to-trough decline	-4.18%	-12.00%	+7.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.71%	2.97%	-0.26%

Volatility

NBCM vs. BCI - Volatility Comparison

Neuberger Berman Commodity Strategy ETF (NBCM) and abrdn Bloomberg All Commodity Strategy K-1 Free ETF (BCI) have volatilities of 5.03% and 5.23%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NBCM	BCI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.03%	5.23%	-0.20%
Volatility (6M) Calculated over the trailing 6-month period	15.49%	14.84%	+0.65%
Volatility (1Y) Calculated over the trailing 1-year period	17.43%	16.96%	+0.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.94%	16.81%	-1.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.94%	15.65%	-0.71%

NBCM vs. BCI - Expense Ratio Comparison

NBCM has a 0.66% expense ratio, which is higher than BCI's 0.25% expense ratio.

Dividends

NBCM vs. BCI - Dividend Comparison

NBCM's dividend yield for the trailing twelve months is around 6.57%, less than BCI's 13.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BCI abrdn Bloomberg All Commodity Strategy K-1 Free ETF	13.15%	16.49%	3.29%	3.93%	19.98%	19.43%	0.68%	1.47%	1.13%	5.02%
NBCM Neuberger Berman Commodity Strategy ETF	6.57%	8.46%	5.22%	4.37%	0.80%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NBCM and BCI in my portfolio?

With a correlation of 0.96, NBCM and BCI move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, NBCM or BCI?

BCI has higher volatility (5.23%) compared to NBCM (5.03%). In terms of maximum drawdown, NBCM dropped -12.84% vs BCI's -32.69%.

Which ETF is better, NBCM or BCI?

On 3-year performance, NBCM leads with 18.06% vs 15.51% for BCI. On fees, BCI is cheaper at 0.25% per year. On volatility, NBCM has been the lower-risk option at 5.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NBCM or BCI?

Over the 3-year period, NBCM has performed better with a 18.06% return vs 15.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NBCM or BCI?

BCI is cheaper with a 0.25% expense ratio, compared with 0.66% for NBCM.

Which ETF pays a higher dividend yield, NBCM or BCI?

BCI has the higher dividend yield at 13.15%, compared with 6.57% for NBCM.

What is the main difference between NBCM and BCI?

They also come from different issuers: Neuberger Berman and Aberdeen. Their fees differ too: 0.66% for NBCM and 0.25% for BCI.

Which has better risk-adjusted returns?

NBCM currently has the higher Sharpe Ratio (2.49 vs 2.20), 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.