NBCM vs. BNDI

Last updated Jul 17, 2026

NBCM (Neuberger Berman Commodity Strategy ETF) and BNDI (Neos Enhanced Income Aggregate Bond ETF) are both exchange-traded funds - NBCM is a Commodities fund actively managed by Neuberger Berman, while BNDI is a Intermediate Core-Plus Bond fund actively managed by Neos. Both are actively managed. Over the past 3 years, NBCM returned 15.01%/yr vs 4.78%/yr for BNDI. At a correlation of -0.02, they often move in opposite directions. NBCM charges 0.66%/yr vs 0.58%/yr for BNDI.

Performance

NBCM vs. BNDI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Neuberger Berman Commodity Strategy ETF (NBCM) and Neos Enhanced Income Aggregate Bond ETF (BNDI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NBCM achieves a 23.62% return, which is significantly higher than BNDI's 1.34% return.

NBCM

• 1D: -0.71%
• 1M: 1.52%
• 6M: 17.87%
• YTD: 23.62%
• 1Y: 33.81%
• 3Y*: 15.01%
• 5Y*: —
• 10Y*: —

BNDI

• 1D: -0.14%
• 1M: -0.34%
• 6M: 0.92%
• YTD: 1.34%
• 1Y: 6.05%
• 3Y*: 4.78%
• 5Y*: —
• 10Y*: —

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

NBCM vs. BNDI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
NBCM Neuberger Berman Commodity Strategy ETF	23.62%	17.45%	6.55%	-6.41%	5.39%
BNDI Neos Enhanced Income Aggregate Bond ETF	1.34%	7.95%	1.74%	6.89%	4.37%

Correlation

The correlation between NBCM and BNDI is -0.22, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.22
Correlation (3Y) Calculated over the trailing 3-year period	-0.05
Correlation (All Time) Calculated using the full available price history since Oct 24, 2022	-0.02

Over the past year, the inverse relationship between NBCM and BNDI has strengthened: their correlation has moved from -0.02 to -0.22, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

NBCM vs. BNDI — Risk / Return Rank

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

NBCM

NBCM Risk / Return Rank: 65
NBCM Sharpe Ratio Rank: 74
NBCM Sortino Ratio Rank: 67
NBCM Omega Ratio Rank: 71
NBCM Calmar Ratio Rank: 57
NBCM Martin Ratio Rank: 55

BNDI

BNDI Risk / Return Rank: 55
BNDI Sharpe Ratio Rank: 53
BNDI Sortino Ratio Rank: 58
BNDI Omega Ratio Rank: 51
BNDI Calmar Ratio Rank: 55
BNDI Martin Ratio Rank: 56

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. BNDI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neuberger Berman Commodity Strategy ETF (NBCM) and Neos Enhanced Income Aggregate Bond ETF (BNDI). 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.

	NBCM	BNDI	Difference
Sharpe ratio: Return per unit of total volatility	1.89	1.46	+0.43
Sortino ratio: Return per unit of downside risk	2.45	2.21	+0.25
Omega ratio: Gain probability vs. loss probability	1.34	1.26	+0.07
Calmar ratio: Return relative to maximum drawdown	2.30	2.21	+0.09
Martin ratio: Return relative to average drawdown	7.55	7.79	-0.24

NBCM vs. BNDI - Sharpe Ratio Comparison

The current NBCM Sharpe Ratio is 1.89, which is comparable to the BNDI Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of NBCM and BNDI, 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

NBCM vs. BNDI - Drawdown Comparison

The maximum NBCM drawdown since its inception was -14.78%, which is greater than BNDI's maximum drawdown of -7.25%. Use the drawdown chart below to compare losses from any high point for NBCM and BNDI.

Drawdown Indicators

	NBCM	BNDI	Difference
Max Drawdown Largest peak-to-trough decline	-14.78%	-7.25%	-7.53%
Max Drawdown (1Y) Largest decline over 1 year	-14.78%	-2.75%	-12.03%
Max Drawdown (3Y) Largest decline over 3 years	-14.78%	-5.83%	-8.95%
Current Drawdown Current decline from peak	-9.06%	-0.92%	-8.14%
Average Drawdown Average peak-to-trough decline	-4.37%	-1.70%	-2.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.49%	0.78%	+3.71%

Volatility

NBCM vs. BNDI - Volatility Comparison

Neuberger Berman Commodity Strategy ETF (NBCM) has a higher volatility of 4.91% compared to Neos Enhanced Income Aggregate Bond ETF (BNDI) at 1.15%. This indicates that NBCM's price experiences larger fluctuations and is considered to be riskier than BNDI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NBCM	BNDI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.91%	1.15%	+3.76%
Volatility (6M) Calculated over the trailing 6-month period	15.40%	3.39%	+12.01%
Volatility (1Y) Calculated over the trailing 1-year period	17.94%	4.16%	+13.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.99%	6.15%	+8.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.99%	6.15%	+8.84%

NBCM vs. BNDI - Expense Ratio Comparison

NBCM has a 0.66% expense ratio, which is higher than BNDI's 0.58% expense ratio.

Dividends

NBCM vs. BNDI - Dividend Comparison

NBCM's dividend yield for the trailing twelve months is around 6.84%, more than BNDI's 6.34% yield.

Position	TTM	2025	2024	2023	2022
BNDI Neos Enhanced Income Aggregate Bond ETF	6.34%	5.69%	5.54%	5.17%	1.68%
NBCM Neuberger Berman Commodity Strategy ETF	6.84%	8.46%	5.22%	4.37%	0.80%

Frequently Asked Questions

Can I hold both NBCM and BNDI in my portfolio?

NBCM and BNDI have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NBCM or BNDI?

NBCM has higher volatility (4.91%) compared to BNDI (1.15%). In terms of maximum drawdown, NBCM dropped -14.78% vs BNDI's -7.25%.

Which ETF is better, NBCM or BNDI?

On 3-year performance, NBCM leads with 15.01% vs 4.78% for BNDI. On fees, BNDI is cheaper at 0.58% per year. On volatility, BNDI has been the lower-risk option at 1.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NBCM or BNDI?

Over the 3-year period, NBCM has performed better with a 15.01% return vs 4.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NBCM or BNDI?

BNDI is cheaper with a 0.58% expense ratio, compared with 0.66% for NBCM.

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

NBCM has the higher dividend yield at 6.84%, compared with 6.34% for BNDI.

What is the main difference between NBCM and BNDI?

NBCM is categorized as Commodities, while BNDI is Intermediate Core-Plus Bond. They also come from different issuers: Neuberger Berman and Neos. Their fees differ too: 0.66% for NBCM and 0.58% for BNDI.

Which has better risk-adjusted returns?

NBCM currently has the higher Sharpe Ratio (1.89 vs 1.46), 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.