NBRFX vs. CSZIX

Last updated Jun 4, 2026

NBRFX (Neuberger Berman Real Estate Fund) and CSZIX (Cohen & Steers Real Estate Securities Fund Class Z) are both REIT funds. Over the past 10 years, NBRFX returned 6.43%/yr vs 7.26%/yr for CSZIX. With a 0.98 correlation, they move nearly in lockstep. NBRFX charges 1.39%/yr vs 0.75%/yr for CSZIX.

Performance

NBRFX vs. CSZIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Neuberger Berman Real Estate Fund (NBRFX) and Cohen & Steers Real Estate Securities Fund Class Z (CSZIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with NBRFX having a 11.20% return and CSZIX slightly lower at 10.80%. Over the past 10 years, NBRFX has underperformed CSZIX with an annualized return of 6.43%, while CSZIX has yielded a comparatively higher 7.26% annualized return.

NBRFX

• 1D: 0.20%
• 1M: -1.60%
• YTD: 11.20%
• 6M: 10.13%
• 1Y: 9.22%
• 3Y*: 8.47%
• 5Y*: 2.44%
• 10Y*: 6.43%

CSZIX

• 1D: 0.31%
• 1M: -1.29%
• YTD: 10.80%
• 6M: 10.08%
• 1Y: 11.95%
• 3Y*: 10.99%
• 5Y*: 3.88%
• 10Y*: 7.26%

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

NBRFX vs. CSZIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NBRFX Neuberger Berman Real Estate Fund	11.20%	-2.14%	5.02%	11.70%	-27.35%	47.87%	-1.34%	31.06%	-5.31%	11.59%
CSZIX Cohen & Steers Real Estate Securities Fund Class Z	10.80%	4.41%	6.81%	13.26%	-26.21%	41.81%	-1.64%	31.95%	-4.17%	8.18%

Correlation

The correlation between NBRFX and CSZIX is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.98
Correlation (All Time) Calculated using the full available price history since Jan 5, 2015	0.98

The correlation between NBRFX and CSZIX has been stable across timeframes, ranging from 0.98 to 0.98 - a consistent structural relationship.

Return for Risk

NBRFX vs. CSZIX — Risk / Return Rank

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

NBRFX

NBRFX Risk / Return Rank: 9
NBRFX Sharpe Ratio Rank: 8
NBRFX Sortino Ratio Rank: 8
NBRFX Omega Ratio Rank: 8
NBRFX Calmar Ratio Rank: 12
NBRFX Martin Ratio Rank: 10

CSZIX

CSZIX Risk / Return Rank: 13
CSZIX Sharpe Ratio Rank: 11
CSZIX Sortino Ratio Rank: 11
CSZIX Omega Ratio Rank: 11
CSZIX Calmar Ratio Rank: 17
CSZIX Martin Ratio Rank: 16

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.

NBRFX vs. CSZIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neuberger Berman Real Estate Fund (NBRFX) and Cohen & Steers Real Estate Securities Fund Class Z (CSZIX). 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.

	NBRFX	CSZIX	Difference
Sharpe ratio: Return per unit of total volatility	0.66	0.89	-0.22
Sortino ratio: Return per unit of downside risk	0.97	1.25	-0.28
Omega ratio: Gain probability vs. loss probability	1.12	1.16	-0.04
Calmar ratio: Return relative to maximum drawdown	1.10	1.47	-0.36
Martin ratio: Return relative to average drawdown	3.05	4.46	-1.42
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NBRFX vs. CSZIX - Sharpe Ratio Comparison

The current NBRFX Sharpe Ratio is 0.66, which is comparable to the CSZIX Sharpe Ratio of 0.89. The chart below compares the historical Sharpe Ratios of NBRFX and CSZIX, 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

	NBRFX	CSZIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.66	0.89	-0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.12	0.21	-0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.32	0.35	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.37	-0.04

Drawdowns

NBRFX vs. CSZIX - Drawdown Comparison

The maximum NBRFX drawdown since its inception was -70.52%, which is greater than CSZIX's maximum drawdown of -42.71%. Use the drawdown chart below to compare losses from any high point for NBRFX and CSZIX.

Drawdown Indicators

	NBRFX	CSZIX	Difference
Max Drawdown Largest peak-to-trough decline	-70.52%	-42.71%	-27.81%
Max Drawdown (1Y) Largest decline over 1 year	-7.84%	-7.96%	+0.12%
Max Drawdown (3Y) Largest decline over 3 years	-18.06%	-17.17%	-0.89%
Max Drawdown (5Y) Largest decline over 5 years	-35.60%	-33.05%	-2.55%
Max Drawdown (10Y) Largest decline over 10 years	-37.56%	-42.71%	+5.15%
Current Drawdown Current decline from peak	-7.27%	-3.09%	-4.18%
Average Drawdown Average peak-to-trough decline	-11.82%	-8.77%	-3.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.83%	2.60%	+0.23%

Volatility

NBRFX vs. CSZIX - Volatility Comparison

Neuberger Berman Real Estate Fund (NBRFX) and Cohen & Steers Real Estate Securities Fund Class Z (CSZIX) have volatilities of 3.64% and 3.78%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NBRFX	CSZIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.64%	3.78%	-0.14%
Volatility (6M) Calculated over the trailing 6-month period	9.51%	9.87%	-0.36%
Volatility (1Y) Calculated over the trailing 1-year period	13.05%	13.19%	-0.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.78%	18.68%	+1.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.35%	20.81%	-0.46%

NBRFX vs. CSZIX - Expense Ratio Comparison

NBRFX has a 1.39% expense ratio, which is higher than CSZIX's 0.75% expense ratio.

Dividends

NBRFX vs. CSZIX - Dividend Comparison

NBRFX's dividend yield for the trailing twelve months is around 1.82%, less than CSZIX's 3.51% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSZIX Cohen & Steers Real Estate Securities Fund Class Z	3.51%	3.81%	2.85%	3.00%	7.77%	4.38%	5.47%	7.70%	3.68%	2.60%	5.90%	22.32%
NBRFX Neuberger Berman Real Estate Fund	1.82%	2.07%	1.94%	2.11%	12.58%	7.76%	2.03%	4.73%	6.98%	6.43%	14.86%	9.29%

Frequently Asked Questions

Can I hold both NBRFX and CSZIX in my portfolio?

With a correlation of 0.98, NBRFX and CSZIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, NBRFX or CSZIX?

CSZIX has higher volatility (3.78%) compared to NBRFX (3.64%). In terms of maximum drawdown, NBRFX dropped -70.52% vs CSZIX's -42.71%.

Which has better risk-adjusted returns?

CSZIX currently has the higher Sharpe Ratio (0.89 vs 0.66), 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.