NBCM vs. FTGC

Last updated Jun 23, 2026

NBCM (Neuberger Berman Commodity Strategy ETF) and FTGC (First Trust Global Tactical Commodity Strategy Fund) are both Commodities funds. Both are actively managed. Over the past 3 years, NBCM returned 14.59%/yr vs 14.70%/yr for FTGC. Their correlation of 0.94 suggests significant overlap in exposure. NBCM charges 0.66%/yr vs 0.95%/yr for FTGC.

Performance

NBCM vs. FTGC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Neuberger Berman Commodity Strategy ETF (NBCM) and First Trust Global Tactical Commodity Strategy Fund (FTGC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with NBCM having a 19.82% return and FTGC slightly higher at 20.23%.

NBCM

• 1D: -0.39%
• 1M: -8.32%
• YTD: 19.82%
• 6M: 19.51%
• 1Y: 27.34%
• 3Y*: 14.59%
• 5Y*: —
• 10Y*: —

FTGC

• 1D: -0.24%
• 1M: -6.30%
• YTD: 20.23%
• 6M: 20.44%
• 1Y: 26.86%
• 3Y*: 14.70%
• 5Y*: 12.56%
• 10Y*: 7.28%

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

NBCM vs. FTGC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
NBCM Neuberger Berman Commodity Strategy ETF	19.82%	17.45%	6.55%	-6.41%	5.39%
FTGC First Trust Global Tactical Commodity Strategy Fund	20.23%	14.61%	9.96%	-5.36%	3.07%

Correlation

The correlation between NBCM and FTGC is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (All Time) Calculated using the full available price history since Oct 24, 2022	0.94

The correlation between NBCM and FTGC has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.

Return for Risk

NBCM vs. FTGC — Risk / Return Rank

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

NBCM

NBCM Risk / Return Rank: 46
NBCM Sharpe Ratio Rank: 46
NBCM Sortino Ratio Rank: 41
NBCM Omega Ratio Rank: 44
NBCM Calmar Ratio Rank: 48
NBCM Martin Ratio Rank: 50

FTGC

FTGC Risk / Return Rank: 53
FTGC Sharpe Ratio Rank: 52
FTGC Sortino Ratio Rank: 49
FTGC Omega Ratio Rank: 50
FTGC Calmar Ratio Rank: 57
FTGC 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. FTGC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neuberger Berman Commodity Strategy ETF (NBCM) and First Trust Global Tactical Commodity Strategy Fund (FTGC). 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	FTGC	Difference
Sharpe ratio: Return per unit of total volatility	1.56	1.72	-0.17
Sortino ratio: Return per unit of downside risk	2.05	2.33	-0.28
Omega ratio: Gain probability vs. loss probability	1.28	1.31	-0.03
Calmar ratio: Return relative to maximum drawdown	2.32	2.74	-0.43
Martin ratio: Return relative to average drawdown	8.39	9.43	-1.04

NBCM vs. FTGC - Sharpe Ratio Comparison

The current NBCM Sharpe Ratio is 1.56, which is comparable to the FTGC Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of NBCM and FTGC, 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. FTGC - Drawdown Comparison

The maximum NBCM drawdown since its inception was -12.84%, smaller than the maximum FTGC drawdown of -59.47%. Use the drawdown chart below to compare losses from any high point for NBCM and FTGC.

Drawdown Indicators

	NBCM	FTGC	Difference
Max Drawdown Largest peak-to-trough decline	-12.84%	-59.47%	+46.63%
Max Drawdown (1Y) Largest decline over 1 year	-11.86%	-9.84%	-2.02%
Max Drawdown (3Y) Largest decline over 3 years	-11.86%	-10.39%	-1.47%
Max Drawdown (5Y) Largest decline over 5 years	—	-22.64%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.91%	—
Current Drawdown Current decline from peak	-11.86%	-9.84%	-2.02%
Average Drawdown Average peak-to-trough decline	-4.24%	-27.34%	+23.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.38%	2.98%	+0.40%

Volatility

NBCM vs. FTGC - Volatility Comparison

Neuberger Berman Commodity Strategy ETF (NBCM) has a higher volatility of 3.40% compared to First Trust Global Tactical Commodity Strategy Fund (FTGC) at 2.99%. This indicates that NBCM's price experiences larger fluctuations and is considered to be riskier than FTGC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NBCM	FTGC	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.40%	2.99%	+0.41%
Volatility (6M) Calculated over the trailing 6-month period	15.56%	13.17%	+2.39%
Volatility (1Y) Calculated over the trailing 1-year period	17.68%	15.69%	+1.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.93%	15.86%	-0.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.93%	14.71%	+0.22%

NBCM vs. FTGC - Expense Ratio Comparison

NBCM has a 0.66% expense ratio, which is lower than FTGC's 0.95% expense ratio.

Dividends

NBCM vs. FTGC - Dividend Comparison

NBCM's dividend yield for the trailing twelve months is around 7.06%, less than FTGC's 15.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FTGC First Trust Global Tactical Commodity Strategy Fund	15.95%	17.74%	3.05%	3.34%	10.35%	7.21%	0.00%	0.81%	0.80%	1.21%
NBCM Neuberger Berman Commodity Strategy ETF	7.06%	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 FTGC in my portfolio?

With a correlation of 0.95, NBCM and FTGC 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 FTGC?

NBCM has higher volatility (3.40%) compared to FTGC (2.99%). In terms of maximum drawdown, NBCM dropped -12.84% vs FTGC's -59.47%.

Which ETF is better, NBCM or FTGC?

On 3-year performance, FTGC leads with 14.70% vs 14.59% for NBCM. On fees, NBCM is cheaper at 0.66% per year. On volatility, FTGC has been the lower-risk option at 2.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NBCM or FTGC?

Over the 3-year period, FTGC has performed better with a 14.70% return vs 14.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NBCM or FTGC?

NBCM is cheaper with a 0.66% expense ratio, compared with 0.95% for FTGC.

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

FTGC has the higher dividend yield at 15.95%, compared with 7.06% for NBCM.

What is the main difference between NBCM and FTGC?

They also come from different issuers: Neuberger Berman and First Trust. Their fees differ too: 0.66% for NBCM and 0.95% for FTGC.

Which has better risk-adjusted returns?

FTGC currently has the higher Sharpe Ratio (1.72 vs 1.56), 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.