NBCM vs. EMHC
NBCM (Neuberger Berman Commodity Strategy ETF) and EMHC (SPDR Bloomberg Emerging Markets USD Bond ETF) are both exchange-traded funds - NBCM is a Commodities fund actively managed by Neuberger Berman, while EMHC is a Emerging Markets Bonds fund tracking the Bloomberg Emerging USD Bond Core Index - Benchmark TR Net. NBCM is actively managed, while EMHC is passively managed. Over the past 3 years, NBCM returned 14.06%/yr vs 8.46%/yr for EMHC. At a 0.07 correlation, their price movements are largely independent. NBCM charges 0.66%/yr vs 0.23%/yr for EMHC.
Performance
NBCM vs. EMHC - Performance Comparison
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Returns By Period
In the year-to-date period, NBCM achieves a 18.19% return, which is significantly higher than EMHC's 1.93% return.
NBCM
- 1D
- -1.36%
- 1M
- -9.57%
- YTD
- 18.19%
- 6M
- 15.76%
- 1Y
- 27.70%
- 3Y*
- 14.06%
- 5Y*
- —
- 10Y*
- —
EMHC
- 1D
- -0.18%
- 1M
- 1.60%
- YTD
- 1.93%
- 6M
- 2.03%
- 1Y
- 10.91%
- 3Y*
- 8.46%
- 5Y*
- 1.55%
- 10Y*
- —
NBCM vs. EMHC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
NBCM Neuberger Berman Commodity Strategy ETF | 18.19% | 17.45% | 6.55% | -6.41% | 5.39% |
EMHC SPDR Bloomberg Emerging Markets USD Bond ETF | 1.93% | 14.07% | 3.52% | 10.06% | 10.16% |
Correlation
The correlation between NBCM and EMHC is -0.19, 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 | -0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Oct 24, 2022 | 0.07 |
The correlation between NBCM and EMHC shifts across timeframes, from -0.19 (1 year) to 0.07 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
NBCM vs. EMHC — Risk / Return Rank
NBCM
EMHC
NBCM vs. EMHC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Neuberger Berman Commodity Strategy ETF (NBCM) and SPDR Bloomberg Emerging Markets USD Bond ETF (EMHC). 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 | EMHC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.41 | ||
| Sortino ratioReturn per unit of downside risk | -0.94 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.38 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.13 | 2.50 | -0.37 |
| Martin ratioReturn relative to average drawdown | 8.28 | 10.44 | -2.16 |
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Drawdowns
NBCM vs. EMHC - Drawdown Comparison
The maximum NBCM drawdown since its inception was -13.06%, smaller than the maximum EMHC drawdown of -28.03%. Use the drawdown chart below to compare losses from any high point for NBCM and EMHC.
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Drawdown Indicators
| NBCM | EMHC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.06% | -28.03% | +14.97% |
Max Drawdown (1Y)Largest decline over 1 year | -13.06% | -4.37% | -8.69% |
Max Drawdown (3Y)Largest decline over 3 years | -13.06% | -7.67% | -5.39% |
Max Drawdown (5Y)Largest decline over 5 years | — | -28.03% | — |
Current DrawdownCurrent decline from peak | -13.06% | -0.55% | -12.51% |
Average DrawdownAverage peak-to-trough decline | -4.24% | -9.81% | +5.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.37% | 1.05% | +2.32% |
Volatility
NBCM vs. EMHC - Volatility Comparison
Neuberger Berman Commodity Strategy ETF (NBCM) has a higher volatility of 3.49% compared to SPDR Bloomberg Emerging Markets USD Bond ETF (EMHC) at 1.65%. This indicates that NBCM's price experiences larger fluctuations and is considered to be riskier than EMHC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NBCM | EMHC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.49% | 1.65% | +1.84% |
Volatility (6M)Calculated over the trailing 6-month period | 15.60% | 4.28% | +11.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.70% | 5.52% | +12.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.94% | 9.06% | +5.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.94% | 8.94% | +6.00% |
NBCM vs. EMHC - Expense Ratio Comparison
NBCM has a 0.66% expense ratio, which is higher than EMHC's 0.23% expense ratio.
Dividends
NBCM vs. EMHC - Dividend Comparison
NBCM's dividend yield for the trailing twelve months is around 7.15%, more than EMHC's 6.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
EMHC SPDR Bloomberg Emerging Markets USD Bond ETF | 6.09% | 6.16% | 5.95% | 5.12% | 5.11% | 2.97% |
NBCM Neuberger Berman Commodity Strategy ETF | 7.15% | 8.46% | 5.22% | 4.37% | 0.80% | 0.00% |
Frequently Asked Questions
NBCM and EMHC have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NBCM has higher volatility (3.49%) compared to EMHC (1.65%). In terms of maximum drawdown, NBCM dropped -13.06% vs EMHC's -28.03%.
On 3-year performance, NBCM leads with 14.06% vs 8.46% for EMHC. On fees, EMHC is cheaper at 0.23% per year. On volatility, EMHC has been the lower-risk option at 1.65%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, NBCM has performed better with a 14.06% return vs 8.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EMHC is cheaper with a 0.23% expense ratio, compared with 0.66% for NBCM.
NBCM has the higher dividend yield at 7.15%, compared with 6.09% for EMHC.
NBCM is categorized as Commodities, while EMHC is Emerging Markets Bonds. They also come from different issuers: Neuberger Berman and State Street. Their fees differ too: 0.66% for NBCM and 0.23% for EMHC.
EMHC currently has the higher Sharpe Ratio (1.99 vs 1.58), 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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