NBFC vs. GSG
NBFC (Flexible Credit Income ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - NBFC is a Multisector Bonds fund actively managed by Neuberger, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. NBFC is actively managed, while GSG is passively managed. Over the past year, NBFC returned 7.30% vs 27.65% for GSG. At a correlation of -0.11, they often move in opposite directions. NBFC charges 0.40%/yr vs 0.75%/yr for GSG.
Performance
NBFC vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, NBFC achieves a 1.56% return, which is significantly lower than GSG's 25.54% return.
NBFC
- 1D
- -0.14%
- 1M
- 0.50%
- YTD
- 1.56%
- 6M
- 1.73%
- 1Y
- 7.30%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GSG
- 1D
- -1.03%
- 1M
- -12.93%
- YTD
- 25.54%
- 6M
- 23.88%
- 1Y
- 27.65%
- 3Y*
- 14.02%
- 5Y*
- 12.78%
- 10Y*
- 6.58%
NBFC vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
NBFC Flexible Credit Income ETF | 1.56% | 9.63% | 4.64% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 25.54% | 5.93% | -2.60% |
Correlation
The correlation between NBFC and GSG is -0.27, 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 | -0.27 |
Correlation (All Time) Calculated using the full available price history since Jun 25, 2024 | -0.11 |
The correlation between NBFC and GSG shifts across timeframes, from -0.27 (1 year) to -0.11 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
NBFC vs. GSG — Risk / Return Rank
NBFC
GSG
NBFC vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Flexible Credit Income ETF (NBFC) and iShares S&P GSCI Commodity-Indexed Trust (GSG). 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.
| NBFC | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.04 | ||
| Sortino ratioReturn per unit of downside risk | +1.78 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.23 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 2.65 | 1.66 | +0.99 |
| Martin ratioReturn relative to average drawdown | 11.19 | 6.95 | +4.24 |
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Drawdowns
NBFC vs. GSG - Drawdown Comparison
The maximum NBFC drawdown since its inception was -3.99%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for NBFC and GSG.
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Drawdown Indicators
| NBFC | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.99% | -89.62% | +85.63% |
Max Drawdown (1Y)Largest decline over 1 year | -2.77% | -16.74% | +13.97% |
Max Drawdown (3Y)Largest decline over 3 years | — | -16.74% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -29.12% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -57.64% | — |
Current DrawdownCurrent decline from peak | -0.25% | -62.10% | +61.85% |
Average DrawdownAverage peak-to-trough decline | -0.44% | -63.69% | +63.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.65% | 4.01% | -3.36% |
Volatility
NBFC vs. GSG - Volatility Comparison
The current volatility for Flexible Credit Income ETF (NBFC) is 0.81%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 5.46%. This indicates that NBFC experiences smaller price fluctuations and is considered to be less risky than GSG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NBFC | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.81% | 5.46% | -4.65% |
Volatility (6M)Calculated over the trailing 6-month period | 2.51% | 20.82% | -18.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.25% | 23.17% | -19.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.61% | 22.67% | -19.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.61% | 22.01% | -18.40% |
NBFC vs. GSG - Expense Ratio Comparison
NBFC has a 0.40% expense ratio, which is lower than GSG's 0.75% expense ratio.
Dividends
NBFC vs. GSG - Dividend Comparison
NBFC's dividend yield for the trailing twelve months is around 7.32%, while GSG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 0.00% | 0.00% | 0.00% |
NBFC Flexible Credit Income ETF | 7.32% | 7.71% | 3.95% |
Frequently Asked Questions
NBFC and GSG have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSG has higher volatility (5.46%) compared to NBFC (0.81%). In terms of maximum drawdown, NBFC dropped -3.99% vs GSG's -89.62%.
On 1-year performance, GSG leads with 27.65% vs 7.30% for NBFC. On fees, NBFC is cheaper at 0.40% per year. On volatility, NBFC has been the lower-risk option at 0.81%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, GSG has performed better with a 27.65% return vs 7.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
NBFC is cheaper with a 0.40% expense ratio, compared with 0.75% for GSG.
NBFC has the higher dividend yield at 7.32%, compared with 0.00% for GSG.
NBFC is categorized as Multisector Bonds, while GSG is Commodities. They also come from different issuers: Neuberger and iShares. Their fees differ too: 0.40% for NBFC and 0.75% for GSG.
NBFC currently has the higher Sharpe Ratio (2.26 vs 1.22), 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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