NBOS vs. GSG
NBOS (Neuberger Berman Option Strategy ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - NBOS is a Options Trading fund actively managed by Neuberger Berman, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. NBOS is actively managed, while GSG is passively managed. Over the past year, NBOS returned 19.19% vs 51.52% for GSG. At a 0.02 correlation, their price movements are largely independent. NBOS charges 0.56%/yr vs 0.75%/yr for GSG.
Performance
NBOS vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, NBOS achieves a 6.51% return, which is significantly lower than GSG's 42.58% return.
NBOS
- 1D
- -0.16%
- 1M
- 2.06%
- YTD
- 6.51%
- 6M
- 7.94%
- 1Y
- 19.19%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GSG
- 1D
- 0.77%
- 1M
- -4.83%
- YTD
- 42.58%
- 6M
- 41.06%
- 1Y
- 51.52%
- 3Y*
- 19.31%
- 5Y*
- 15.74%
- 10Y*
- 7.69%
NBOS vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
NBOS Neuberger Berman Option Strategy ETF | 6.51% | 12.22% | 10.99% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 42.58% | 5.93% | 3.57% |
Correlation
The correlation between NBOS and GSG is -0.12, 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 | -0.12 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2024 | 0.02 |
The correlation between NBOS and GSG shifts across timeframes, from -0.12 (1 year) to 0.02 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
NBOS vs. GSG — Risk / Return Rank
NBOS
GSG
NBOS vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Neuberger Berman Option Strategy ETF (NBOS) 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.
| NBOS | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.32 | ||
| Sortino ratioReturn per unit of downside risk | +0.74 | ||
| Omega ratioGain probability vs. loss probability | 1.55 | 1.40 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 4.09 | 5.47 | -1.38 |
| Martin ratioReturn relative to average drawdown | 23.25 | 14.39 | +8.86 |
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
| NBOS | GSG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.58 | 2.26 | +0.32 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.70 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.35 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.29 | -0.09 | +1.38 |
Drawdowns
NBOS vs. GSG - Drawdown Comparison
The maximum NBOS drawdown since its inception was -12.66%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for NBOS and GSG.
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Drawdown Indicators
| NBOS | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.66% | -89.62% | +76.96% |
Max Drawdown (1Y)Largest decline over 1 year | -4.71% | -9.46% | +4.75% |
Max Drawdown (3Y)Largest decline over 3 years | — | -14.94% | — |
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 | -0.17% | -56.95% | +56.78% |
Average DrawdownAverage peak-to-trough decline | -1.10% | -63.71% | +62.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.83% | 3.59% | -2.76% |
Volatility
NBOS vs. GSG - Volatility Comparison
The current volatility for Neuberger Berman Option Strategy ETF (NBOS) is 0.84%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.65%. This indicates that NBOS 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
| NBOS | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.84% | 7.65% | -6.81% |
Volatility (6M)Calculated over the trailing 6-month period | 5.90% | 20.42% | -14.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.47% | 22.95% | -15.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.96% | 22.61% | -12.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.96% | 22.03% | -12.07% |
NBOS vs. GSG - Expense Ratio Comparison
NBOS has a 0.56% expense ratio, which is lower than GSG's 0.75% expense ratio.
Dividends
NBOS vs. GSG - Dividend Comparison
NBOS's dividend yield for the trailing twelve months is around 7.93%, 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% |
NBOS Neuberger Berman Option Strategy ETF | 7.93% | 7.81% | 7.32% |
Frequently Asked Questions
NBOS and GSG have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSG has higher volatility (7.65%) compared to NBOS (0.84%). In terms of maximum drawdown, NBOS dropped -12.66% vs GSG's -89.62%.
On 1-year performance, GSG leads with 51.52% vs 19.19% for NBOS. On fees, NBOS is cheaper at 0.56% per year. On volatility, NBOS has been the lower-risk option at 0.84%. 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 51.52% return vs 19.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
NBOS is cheaper with a 0.56% expense ratio, compared with 0.75% for GSG.
NBOS has the higher dividend yield at 7.93%, compared with 0.00% for GSG.
NBOS is categorized as Options Trading, while GSG is Commodities. They also come from different issuers: Neuberger Berman and iShares. Their fees differ too: 0.56% for NBOS and 0.75% for GSG.
NBOS currently has the higher Sharpe Ratio (2.58 vs 2.26), 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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