NBET vs. GMUN
NBET (Neuberger Berman Energy Transition & Infrastructure ETF) and GMUN (Goldman Sachs Community Municipal Bond ETF) are both exchange-traded funds - NBET is a Energy Equities fund actively managed by Neuberger Berman, while GMUN is a Municipal Bonds fund tracking the Bloomberg Goldman Sachs Community Municipal Index. NBET is actively managed, while GMUN is passively managed. Over the past 3 years, NBET returned 20.38%/yr vs 3.06%/yr for GMUN. At a 0.06 correlation, their price movements are largely independent. NBET charges 0.65%/yr vs 0.15%/yr for GMUN.
Performance
NBET vs. GMUN - Performance Comparison
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Returns By Period
In the year-to-date period, NBET achieves a 23.15% return, which is significantly higher than GMUN's -0.34% return.
NBET
- 1D
- -1.28%
- 1M
- -0.68%
- YTD
- 23.15%
- 6M
- 19.90%
- 1Y
- 27.96%
- 3Y*
- 20.38%
- 5Y*
- —
- 10Y*
- —
GMUN
- 1D
- 0.00%
- 1M
- -0.95%
- YTD
- -0.34%
- 6M
- 0.02%
- 1Y
- 4.71%
- 3Y*
- 3.06%
- 5Y*
- —
- 10Y*
- —
NBET vs. GMUN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
NBET Neuberger Berman Energy Transition & Infrastructure ETF | 23.15% | 5.87% | 30.30% | 3.92% |
GMUN Goldman Sachs Community Municipal Bond ETF | -0.34% | 5.92% | 0.31% | 3.68% |
Correlation
The correlation between NBET and GMUN is -0.21, 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 | -0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Mar 10, 2023 | 0.06 |
The correlation between NBET and GMUN shifts across timeframes, from -0.21 (1 year) to 0.09 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
NBET vs. GMUN — Risk / Return Rank
NBET
GMUN
NBET vs. GMUN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Neuberger Berman Energy Transition & Infrastructure ETF (NBET) and Goldman Sachs Community Municipal Bond ETF (GMUN). 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.
| NBET | GMUN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.11 | ||
| Sortino ratioReturn per unit of downside risk | -0.22 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.49 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 4.11 | 1.75 | +2.36 |
| Martin ratioReturn relative to average drawdown | 10.70 | 5.36 | +5.34 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| NBET | GMUN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.93 | 2.04 | -0.11 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.71 | 0.99 | -0.28 |
Drawdowns
NBET vs. GMUN - Drawdown Comparison
The maximum NBET drawdown since its inception was -18.72%, which is greater than GMUN's maximum drawdown of -4.35%. Use the drawdown chart below to compare losses from any high point for NBET and GMUN.
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Drawdown Indicators
| NBET | GMUN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.72% | -4.35% | -14.37% |
Max Drawdown (1Y)Largest decline over 1 year | -6.84% | -2.83% | -4.01% |
Max Drawdown (3Y)Largest decline over 3 years | -18.72% | -3.37% | -15.35% |
Current DrawdownCurrent decline from peak | -5.17% | -2.29% | -2.88% |
Average DrawdownAverage peak-to-trough decline | -5.06% | -1.02% | -4.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.62% | 0.92% | +1.70% |
Volatility
NBET vs. GMUN - Volatility Comparison
Neuberger Berman Energy Transition & Infrastructure ETF (NBET) has a higher volatility of 5.17% compared to Goldman Sachs Community Municipal Bond ETF (GMUN) at 1.09%. This indicates that NBET's price experiences larger fluctuations and is considered to be riskier than GMUN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NBET | GMUN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.17% | 1.09% | +4.08% |
Volatility (6M)Calculated over the trailing 6-month period | 11.04% | 2.00% | +9.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.53% | 2.42% | +12.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.54% | 2.96% | +16.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.54% | 2.96% | +16.58% |
NBET vs. GMUN - Expense Ratio Comparison
NBET has a 0.65% expense ratio, which is higher than GMUN's 0.15% expense ratio.
Dividends
NBET vs. GMUN - Dividend Comparison
NBET's dividend yield for the trailing twelve months is around 2.36%, less than GMUN's 3.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
GMUN Goldman Sachs Community Municipal Bond ETF | 3.12% | 2.94% | 3.22% | 2.20% | 0.00% |
NBET Neuberger Berman Energy Transition & Infrastructure ETF | 2.36% | 2.70% | 2.43% | 1.22% | 0.87% |
Frequently Asked Questions
NBET and GMUN have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NBET has higher volatility (5.17%) compared to GMUN (1.09%). In terms of maximum drawdown, NBET dropped -18.72% vs GMUN's -4.35%.
On 3-year performance, NBET leads with 20.38% vs 3.06% for GMUN. On fees, GMUN is cheaper at 0.15% per year. On volatility, GMUN has been the lower-risk option at 1.09%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, NBET has performed better with a 20.38% return vs 3.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GMUN is cheaper with a 0.15% expense ratio, compared with 0.65% for NBET.
GMUN has the higher dividend yield at 3.12%, compared with 2.36% for NBET.
NBET is categorized as Energy Equities, while GMUN is Municipal Bonds. They also come from different issuers: Neuberger Berman and Goldman Sachs. Their fees differ too: 0.65% for NBET and 0.15% for GMUN.
GMUN currently has the higher Sharpe Ratio (2.04 vs 1.93), 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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