NBOS vs. NBCE

Last updated Jun 4, 2026

NBOS (Neuberger Berman Option Strategy ETF) and NBCE (Neuberger Berman China Equity ETF) are both exchange-traded funds - NBOS is a Options Trading fund actively managed by Neuberger Berman, while NBCE is a China Equities fund actively managed by Neuberger Berman. Both are actively managed. Over the past year, NBOS returned 19.19% vs 62.13% for NBCE. At a 0.24 correlation, their price movements are largely independent. NBOS charges 0.56%/yr vs 0.74%/yr for NBCE.

Performance

NBOS vs. NBCE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Neuberger Berman Option Strategy ETF (NBOS) and Neuberger Berman China Equity ETF (NBCE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NBOS achieves a 6.51% return, which is significantly lower than NBCE's 25.89% return.

NBOS

• 1D: -0.16%
• 1M: 2.06%
• YTD: 6.51%
• 6M: 7.94%
• 1Y: 19.19%
• 3Y*: —
• 5Y*: —
• 10Y*: —

NBCE

• 1D: 0.49%
• 1M: 8.36%
• YTD: 25.89%
• 6M: 30.43%
• 1Y: 62.13%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NBOS vs. NBCE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NBOS Neuberger Berman Option Strategy ETF	6.51%	12.22%	10.99%
NBCE Neuberger Berman China Equity ETF	25.89%	39.08%	13.10%

Correlation

The correlation between NBOS and NBCE is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (All Time) Calculated using the full available price history since Jan 30, 2024	0.24

The correlation between NBOS and NBCE shifts across timeframes, from 0.24 (all time) to 0.37 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

NBOS vs. NBCE — Risk / Return Rank

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

NBOS

NBOS Risk / Return Rank: 84
NBOS Sharpe Ratio Rank: 79
NBOS Sortino Ratio Rank: 81
NBOS Omega Ratio Rank: 87
NBOS Calmar Ratio Rank: 79
NBOS Martin Ratio Rank: 92

NBCE

NBCE Risk / Return Rank: 92
NBCE Sharpe Ratio Rank: 92
NBCE Sortino Ratio Rank: 91
NBCE Omega Ratio Rank: 90
NBCE Calmar Ratio Rank: 93
NBCE Martin Ratio Rank: 92

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.

NBOS vs. NBCE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neuberger Berman Option Strategy ETF (NBOS) and Neuberger Berman China Equity ETF (NBCE). 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	NBCE	Difference
Sharpe ratio: Return per unit of total volatility	2.58	3.36	-0.78
Sortino ratio: Return per unit of downside risk	3.62	4.29	-0.67
Omega ratio: Gain probability vs. loss probability	1.55	1.58	-0.03
Calmar ratio: Return relative to maximum drawdown	4.09	6.77	-2.68
Martin ratio: Return relative to average drawdown	23.25	22.69	+0.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NBOS vs. NBCE - Sharpe Ratio Comparison

The current NBOS Sharpe Ratio is 2.58, which is comparable to the NBCE Sharpe Ratio of 3.36. The chart below compares the historical Sharpe Ratios of NBOS and NBCE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	NBOS	NBCE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.58	3.36	-0.78
Sharpe Ratio (All Time) Calculated using the full available price history	1.29	1.02	+0.28

Drawdowns

NBOS vs. NBCE - Drawdown Comparison

The maximum NBOS drawdown since its inception was -12.66%, smaller than the maximum NBCE drawdown of -28.42%. Use the drawdown chart below to compare losses from any high point for NBOS and NBCE.

Drawdown Indicators

	NBOS	NBCE	Difference
Max Drawdown Largest peak-to-trough decline	-12.66%	-28.42%	+15.76%
Max Drawdown (1Y) Largest decline over 1 year	-4.71%	-9.23%	+4.52%
Current Drawdown Current decline from peak	-0.17%	-0.48%	+0.31%
Average Drawdown Average peak-to-trough decline	-1.10%	-9.13%	+8.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.83%	2.75%	-1.92%

Volatility

NBOS vs. NBCE - Volatility Comparison

The current volatility for Neuberger Berman Option Strategy ETF (NBOS) is 0.84%, while Neuberger Berman China Equity ETF (NBCE) has a volatility of 7.20%. This indicates that NBOS experiences smaller price fluctuations and is considered to be less risky than NBCE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NBOS	NBCE	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.84%	7.20%	-6.36%
Volatility (6M) Calculated over the trailing 6-month period	5.90%	13.42%	-7.52%
Volatility (1Y) Calculated over the trailing 1-year period	7.47%	18.59%	-11.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.96%	24.04%	-14.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.96%	24.04%	-14.08%

NBOS vs. NBCE - Expense Ratio Comparison

NBOS has a 0.56% expense ratio, which is lower than NBCE's 0.74% expense ratio.

Dividends

NBOS vs. NBCE - Dividend Comparison

NBOS's dividend yield for the trailing twelve months is around 7.93%, more than NBCE's 1.05% yield.

Position	TTM	2025	2024
NBCE Neuberger Berman China Equity ETF	1.05%	1.32%	1.20%
NBOS Neuberger Berman Option Strategy ETF	7.93%	7.81%	7.32%

Frequently Asked Questions

Can I hold both NBOS and NBCE in my portfolio?

NBOS and NBCE have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NBOS or NBCE?

NBCE has higher volatility (7.20%) compared to NBOS (0.84%). In terms of maximum drawdown, NBOS dropped -12.66% vs NBCE's -28.42%.

Which ETF is better, NBOS or NBCE?

On 1-year performance, NBCE leads with 62.13% 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.

Which ETF has performed better, NBOS or NBCE?

Over the 1-year period, NBCE has performed better with a 62.13% return vs 19.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NBOS or NBCE?

NBOS is cheaper with a 0.56% expense ratio, compared with 0.74% for NBCE.

Which ETF pays a higher dividend yield, NBOS or NBCE?

NBOS has the higher dividend yield at 7.93%, compared with 1.05% for NBCE.

What is the main difference between NBOS and NBCE?

NBOS is categorized as Options Trading, while NBCE is China Equities. Their fees differ too: 0.56% for NBOS and 0.74% for NBCE.

Which has better risk-adjusted returns?

NBCE currently has the higher Sharpe Ratio (3.36 vs 2.58), 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.