NBCM vs. VGLT
NBCM (Neuberger Berman Commodity Strategy ETF) and VGLT (Vanguard Long-Term Treasury ETF) are both exchange-traded funds - NBCM is a Commodities fund actively managed by Neuberger Berman, while VGLT is a Government Bonds fund tracking the Bloomberg U.S. Long Treasury Index. NBCM is actively managed, while VGLT is passively managed. Over the past 3 years, NBCM returned 14.54%/yr vs -0.62%/yr for VGLT. Their -0.08 correlation means they have often moved in opposite directions in the past. NBCM charges 0.66%/yr vs 0.03%/yr for VGLT.
Performance
NBCM vs. VGLT - Performance Comparison
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Returns By Period
In the year-to-date period, NBCM achieves a 26.45% return, which is significantly higher than VGLT's -3.26% return.
NBCM
- 1D
- 0.07%
- 1M
- 7.80%
- 6M
- 15.69%
- YTD
- 26.45%
- 1Y
- 39.66%
- 3Y*
- 14.54%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 12.55%
VGLT
- 1D
- -0.62%
- 1M
- -3.51%
- 6M
- -3.14%
- YTD
- -3.26%
- 1Y
- -1.67%
- 3Y*
- -0.62%
- 5Y*
- -7.07%
- 10Y*
- -1.80%
- ALL TIME*
- 2.27%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.21M | $2.59M | $2.25M | |
| $95.69M | $98.86M | $108.97M |
NBCM vs. VGLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
NBCM Neuberger Berman Commodity Strategy ETF | 26.45% | 17.45% | 6.55% | -6.41% | 5.39% |
VGLT Vanguard Long-Term Treasury ETF | -3.26% | 5.35% | -6.28% | 3.27% | 7.48% |
Correlation
The correlation between NBCM and VGLT is -0.28, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.28 |
Correlation (3Y) Balances recent behavior with more history. | -0.11 |
Correlation (All Time) Calculated using the full available price history since Oct 24, 2022 | -0.08 |
Over the past year, the inverse relationship between NBCM and VGLT has strengthened: their correlation has moved from -0.08 to -0.28, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
NBCM vs. VGLT — Risk / Return Rank
NBCM
VGLT
NBCM vs. VGLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Neuberger Berman Commodity Strategy ETF (NBCM) and Vanguard Long-Term Treasury ETF (VGLT). 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 | VGLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.20 | ||
| Sortino ratioReturn per unit of downside risk | +2.75 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.00 | +0.38 |
| Calmar ratioReturn relative to maximum drawdown | 2.64 | -0.05 | +2.69 |
| Martin ratioReturn relative to average drawdown | 8.37 | -0.12 | +8.49 |
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Drawdowns
NBCM vs. VGLT - Drawdown Comparison
The maximum NBCM drawdown since its inception was -14.78%, smaller than the maximum VGLT drawdown of -46.18%. Use the drawdown chart below to compare losses from any high point for NBCM and VGLT.
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Drawdown Indicators
| NBCM | VGLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.78% | -46.18% | +31.40% |
Max Drawdown (1Y)Largest decline over 1 year | -14.78% | -7.03% | -7.75% |
Max Drawdown (3Y)Largest decline over 3 years | -14.78% | -13.38% | -1.40% |
Max Drawdown (5Y)Largest decline over 5 years | — | -40.98% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -46.18% | — |
Current DrawdownCurrent decline from peak | -6.98% | -38.64% | +31.66% |
Average DrawdownAverage peak-to-trough decline | -4.40% | -15.26% | +10.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.65% | 3.19% | +1.46% |
Volatility
NBCM vs. VGLT - Volatility Comparison
Neuberger Berman Commodity Strategy ETF (NBCM) has a higher volatility of 4.62% compared to Vanguard Long-Term Treasury ETF (VGLT) at 2.24%. This indicates that NBCM's price experiences larger fluctuations and is considered to be riskier than VGLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NBCM | VGLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.62% | 2.24% | +2.38% |
Volatility (6M)Calculated over the trailing 6-month period | 15.33% | 6.31% | +9.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.09% | 8.47% | +9.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.00% | 14.45% | +0.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.00% | 13.75% | +1.25% |
NBCM vs. VGLT - Expense Ratio Comparison
NBCM has a 0.66% expense ratio, which is higher than VGLT's 0.03% expense ratio.
Dividends
NBCM vs. VGLT - Dividend Comparison
NBCM's dividend yield for the trailing twelve months is around 6.69%, more than VGLT's 4.77% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NBCM Neuberger Berman Commodity Strategy ETF | 6.69% | 8.46% | 5.22% | 4.37% | 0.80% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
VGLT Vanguard Long-Term Treasury ETF | 4.37% | 4.44% | 4.33% | 3.33% | 2.84% | 1.82% | 2.15% | 2.46% | 2.71% | 2.55% | 2.69% | 3.21% |
Frequently Asked Questions
NBCM and VGLT have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NBCM has higher volatility (4.62%) compared to VGLT (2.24%). In terms of maximum drawdown, NBCM dropped -14.78% vs VGLT's -46.18%.
On 3-year performance, NBCM leads with 14.54% vs -0.62% for VGLT. On fees, VGLT is cheaper at 0.03% per year. On volatility, VGLT has been the lower-risk option at 2.24%. 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 14.54% return vs -0.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VGLT is cheaper with a 0.03% expense ratio, compared with 0.66% for NBCM.
NBCM has the higher dividend yield at 6.69%, compared with 4.37% for VGLT.
NBCM is categorized as Commodities, while VGLT is Government Bonds. They also come from different issuers: Neuberger Berman and Vanguard. Their fees differ too: 0.66% for NBCM and 0.03% for VGLT.
NBCM currently has the higher Sharpe Ratio (2.16 vs -0.04), 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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