NBJP vs. NBSM

Last updated Aug 4, 2026

NBJP (Neuberger Berman Japan Equity ETF) and NBSM (Neuberger Small-Mid Cap ETF) are both exchange-traded funds - NBJP is a Japan Equities fund actively managed by Neuberger Berman, while NBSM is a Mid Cap Growth Equities fund actively managed by Neuberger Berman. Both are actively managed. Over the past year, NBJP returned 27.71% vs 15.50% for NBSM. Their 0.47 correlation means their historical movements had little consistent relationship. NBJP charges 0.50%/yr vs 0.65%/yr for NBSM.

Performance

NBJP vs. NBSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Neuberger Berman Japan Equity ETF (NBJP) and Neuberger Small-Mid Cap ETF (NBSM). 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 NBJP having a 14.32% return and NBSM slightly higher at 14.54%.

NBJP

• 1D: -0.06%
• 1M: -4.61%
• 6M: 7.72%
• YTD: 14.32%
• 1Y: 27.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 21.79%

NBSM

• 1D: 1.55%
• 1M: 1.77%
• 6M: 9.51%
• YTD: 14.54%
• 1Y: 15.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.89%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
NBJP Neuberger Berman Japan Equity ETF	$913.81K	$577.34K	$658.88K
NBSM Neuberger Small-Mid Cap ETF	$323.50K	$384.29K	$2.46M

NBJP vs. NBSM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NBJP Neuberger Berman Japan Equity ETF	14.32%	30.41%	-2.65%
NBSM Neuberger Small-Mid Cap ETF	14.54%	-0.04%	1.35%

Correlation

The correlation between NBJP and NBSM is 0.46, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.46
Correlation (All Time) Calculated using the full available price history since Sep 12, 2024	0.47

Return for Risk

NBJP vs. NBSM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

NBJP

NBJP Risk / Return Rank: 48
NBJP Sharpe Ratio Rank: 47
NBJP Sortino Ratio Rank: 46
NBJP Omega Ratio Rank: 48
NBJP Calmar Ratio Rank: 50
NBJP Martin Ratio Rank: 48

NBSM

NBSM Risk / Return Rank: 39
NBSM Sharpe Ratio Rank: 37
NBSM Sortino Ratio Rank: 41
NBSM Omega Ratio Rank: 35
NBSM Calmar Ratio Rank: 40
NBSM Martin Ratio Rank: 40

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

NBJP vs. NBSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neuberger Berman Japan Equity ETF (NBJP) and Neuberger Small-Mid Cap ETF (NBSM). 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.

	NBJP	NBSM	Difference
Sharpe ratio: Return per unit of total volatility	1.26	1.02	+0.24
Sortino ratio: Return per unit of downside risk	1.81	1.65	+0.16
Omega ratio: Gain probability vs. loss probability	1.23	1.18	+0.05
Calmar ratio: Return relative to maximum drawdown	1.94	1.54	+0.40
Martin ratio: Return relative to average drawdown	5.91	4.59	+1.32

NBJP vs. NBSM - Sharpe Ratio Comparison

The current NBJP Sharpe Ratio is 1.26, which is comparable to the NBSM Sharpe Ratio of 1.02. The chart below compares the historical Sharpe Ratios of NBJP and NBSM, 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

NBJP vs. NBSM - Drawdown Comparison

The maximum NBJP drawdown since its inception was -14.34%, smaller than the maximum NBSM drawdown of -25.16%. Use the drawdown chart below to compare losses from any high point for NBJP and NBSM.

Drawdown Indicators

	NBJP	NBSM	Difference
Max Drawdown Largest peak-to-trough decline	-14.34%	-25.16%	+10.82%
Max Drawdown (1Y) Largest decline over 1 year	-14.34%	-10.12%	-4.22%
Current Drawdown Current decline from peak	-9.33%	0.00%	-9.33%
Average Drawdown Average peak-to-trough decline	-3.42%	-7.04%	+3.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.70%	3.38%	+1.32%

Volatility

NBJP vs. NBSM - Volatility Comparison

Neuberger Berman Japan Equity ETF (NBJP) has a higher volatility of 8.20% compared to Neuberger Small-Mid Cap ETF (NBSM) at 3.88%. This indicates that NBJP's price experiences larger fluctuations and is considered to be riskier than NBSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NBJP	NBSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.20%	3.88%	+4.32%
Volatility (6M) Calculated over the trailing 6-month period	19.45%	11.14%	+8.31%
Volatility (1Y) Calculated over the trailing 1-year period	22.09%	15.31%	+6.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.54%	17.91%	+2.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.54%	17.91%	+2.63%

NBJP vs. NBSM - Expense Ratio Comparison

NBJP has a 0.50% expense ratio, which is lower than NBSM's 0.65% expense ratio.

Dividends

NBJP vs. NBSM - Dividend Comparison

NBJP's dividend yield for the trailing twelve months is around 2.00%, more than NBSM's 0.35% yield.

Position	TTM	2025	2024
NBJP Neuberger Berman Japan Equity ETF	2.00%	2.29%	0.75%
NBSM Neuberger Small-Mid Cap ETF	0.35%	0.40%	0.23%

Frequently Asked Questions

Can I hold both NBJP and NBSM in my portfolio?

NBJP and NBSM have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NBJP or NBSM?

NBJP has higher volatility (8.20%) compared to NBSM (3.88%). In terms of maximum drawdown, NBJP dropped -14.34% vs NBSM's -25.16%.

Which ETF is better, NBJP or NBSM?

On 1-year performance, NBJP leads with 27.71% vs 15.50% for NBSM. On fees, NBJP is cheaper at 0.50% per year. On volatility, NBSM has been the lower-risk option at 3.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NBJP or NBSM?

Over the 1-year period, NBJP has performed better with a 27.71% return vs 15.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NBJP or NBSM?

NBJP is cheaper with a 0.50% expense ratio, compared with 0.65% for NBSM.

Which ETF pays a higher dividend yield, NBJP or NBSM?

NBJP has the higher dividend yield at 2.00%, compared with 0.35% for NBSM.

What is the main difference between NBJP and NBSM?

NBJP is categorized as Japan Equities, while NBSM is Mid Cap Growth Equities. Their fees differ too: 0.50% for NBJP and 0.65% for NBSM.

Which has better risk-adjusted returns?

NBJP currently has the higher Sharpe Ratio (1.26 vs 1.02), 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.