NBCR vs. RAFE

Last updated Jun 25, 2026

NBCR (Neuberger Core Equity ETF) and RAFE (PIMCO RAFI ESG U.S. ETF) are both Large Cap Blend Equities funds. NBCR is actively managed, while RAFE is passively managed. Over the past year, NBCR returned 17.27% vs 28.30% for RAFE. Their correlation of 0.84 suggests significant overlap in exposure. NBCR charges 0.29%/yr vs 0.30%/yr for RAFE.

Performance

NBCR vs. RAFE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Neuberger Core Equity ETF (NBCR) and PIMCO RAFI ESG U.S. ETF (RAFE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NBCR achieves a 4.51% return, which is significantly lower than RAFE's 13.50% return.

NBCR

• 1D: -0.09%
• 1M: -1.85%
• YTD: 4.51%
• 6M: 2.97%
• 1Y: 17.27%
• 3Y*: —
• 5Y*: —
• 10Y*: —

RAFE

• 1D: 0.04%
• 1M: 2.27%
• YTD: 13.50%
• 6M: 12.30%
• 1Y: 28.30%
• 3Y*: 19.09%
• 5Y*: 11.13%
• 10Y*: —

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

NBCR vs. RAFE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NBCR Neuberger Core Equity ETF	4.51%	18.69%	6.11%
RAFE PIMCO RAFI ESG U.S. ETF	13.50%	17.60%	2.34%

Correlation

The correlation between NBCR and RAFE is 0.80, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (All Time) Calculated using the full available price history since Aug 1, 2024	0.84

The correlation between NBCR and RAFE has been stable across timeframes, ranging from 0.80 to 0.84 - a consistent structural relationship.

Return for Risk

NBCR vs. RAFE — Risk / Return Rank

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

NBCR

NBCR Risk / Return Rank: 46
NBCR Sharpe Ratio Rank: 48
NBCR Sortino Ratio Rank: 47
NBCR Omega Ratio Rank: 47
NBCR Calmar Ratio Rank: 38
NBCR Martin Ratio Rank: 48

RAFE

RAFE Risk / Return Rank: 84
RAFE Sharpe Ratio Rank: 86
RAFE Sortino Ratio Rank: 87
RAFE Omega Ratio Rank: 83
RAFE Calmar Ratio Rank: 81
RAFE Martin Ratio Rank: 83

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.

NBCR vs. RAFE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neuberger Core Equity ETF (NBCR) and PIMCO RAFI ESG U.S. ETF (RAFE). 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.

	NBCR	RAFE	Difference
Sharpe ratio: Return per unit of total volatility	1.46	2.48	-1.02
Sortino ratio: Return per unit of downside risk	2.07	3.46	-1.40
Omega ratio: Gain probability vs. loss probability	1.27	1.44	-0.18
Calmar ratio: Return relative to maximum drawdown	1.68	3.81	-2.14
Martin ratio: Return relative to average drawdown	7.04	14.74	-7.70

NBCR vs. RAFE - Sharpe Ratio Comparison

The current NBCR Sharpe Ratio is 1.46, which is lower than the RAFE Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of NBCR and RAFE, 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

NBCR vs. RAFE - Drawdown Comparison

The maximum NBCR drawdown since its inception was -18.23%, smaller than the maximum RAFE drawdown of -35.74%. Use the drawdown chart below to compare losses from any high point for NBCR and RAFE.

Drawdown Indicators

	NBCR	RAFE	Difference
Max Drawdown Largest peak-to-trough decline	-18.23%	-35.74%	+17.51%
Max Drawdown (1Y) Largest decline over 1 year	-10.35%	-7.46%	-2.89%
Max Drawdown (3Y) Largest decline over 3 years	—	-16.36%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.28%	—
Current Drawdown Current decline from peak	-2.92%	-1.21%	-1.71%
Average Drawdown Average peak-to-trough decline	-2.22%	-6.17%	+3.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.46%	1.93%	+0.53%

Volatility

NBCR vs. RAFE - Volatility Comparison

Neuberger Core Equity ETF (NBCR) has a higher volatility of 4.24% compared to PIMCO RAFI ESG U.S. ETF (RAFE) at 3.71%. This indicates that NBCR's price experiences larger fluctuations and is considered to be riskier than RAFE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NBCR	RAFE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.24%	3.71%	+0.53%
Volatility (6M) Calculated over the trailing 6-month period	9.49%	8.70%	+0.79%
Volatility (1Y) Calculated over the trailing 1-year period	11.95%	11.51%	+0.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.68%	15.10%	+1.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.68%	19.39%	-2.71%

NBCR vs. RAFE - Expense Ratio Comparison

NBCR has a 0.29% expense ratio, which is lower than RAFE's 0.30% expense ratio.

Dividends

NBCR vs. RAFE - Dividend Comparison

NBCR's dividend yield for the trailing twelve months is around 0.43%, less than RAFE's 1.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
NBCR Neuberger Core Equity ETF	0.43%	0.45%	0.47%	0.00%	0.00%	0.00%	0.00%
RAFE PIMCO RAFI ESG U.S. ETF	1.50%	1.67%	1.79%	1.81%	2.22%	1.42%	2.36%

Frequently Asked Questions

Can I hold both NBCR and RAFE in my portfolio?

NBCR and RAFE have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NBCR or RAFE?

NBCR has higher volatility (4.24%) compared to RAFE (3.71%). In terms of maximum drawdown, NBCR dropped -18.23% vs RAFE's -35.74%.

Which ETF is better, NBCR or RAFE?

On 1-year performance, RAFE leads with 28.30% vs 17.27% for NBCR. On fees, NBCR is cheaper at 0.29% per year. On volatility, RAFE has been the lower-risk option at 3.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NBCR or RAFE?

Over the 1-year period, RAFE has performed better with a 28.30% return vs 17.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NBCR or RAFE?

NBCR is cheaper with a 0.29% expense ratio, compared with 0.30% for RAFE.

Which ETF pays a higher dividend yield, NBCR or RAFE?

RAFE has the higher dividend yield at 1.50%, compared with 0.43% for NBCR.

What is the main difference between NBCR and RAFE?

They also come from different issuers: Neuberger and PIMCO. Their fees differ too: 0.29% for NBCR and 0.30% for RAFE.

Which has better risk-adjusted returns?

RAFE currently has the higher Sharpe Ratio (2.48 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.