NBRFX vs. NBSRX

Last updated Jun 5, 2026

NBRFX (Neuberger Berman Real Estate Fund) and NBSRX (Neuberger Berman Sustainable Equity Fund) are both mutual funds - NBRFX is a REIT fund managed by Neuberger Berman, while NBSRX is a Large Cap Blend Equities fund managed by Neuberger Berman. Over the past 10 years, NBRFX returned 6.41%/yr vs 14.30%/yr for NBSRX. A 0.62 correlation means they provide meaningful diversification when combined. NBRFX charges 1.39%/yr vs 0.85%/yr for NBSRX.

Performance

NBRFX vs. NBSRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Neuberger Berman Real Estate Fund (NBRFX) and Neuberger Berman Sustainable Equity Fund (NBSRX). 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 11.05% return and NBSRX slightly lower at 10.59%. Over the past 10 years, NBRFX has underperformed NBSRX with an annualized return of 6.41%, while NBSRX has yielded a comparatively higher 14.30% annualized return.

NBRFX

• 1D: -0.14%
• 1M: -1.86%
• YTD: 11.05%
• 6M: 10.14%
• 1Y: 8.84%
• 3Y*: 8.42%
• 5Y*: 2.41%
• 10Y*: 6.41%

NBSRX

• 1D: -0.53%
• 1M: 1.89%
• YTD: 10.59%
• 6M: 16.27%
• 1Y: 27.04%
• 3Y*: 23.84%
• 5Y*: 13.33%
• 10Y*: 14.30%

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

NBRFX vs. NBSRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NBRFX Neuberger Berman Real Estate Fund	11.05%	-2.14%	5.02%	11.70%	-27.35%	47.87%	-1.34%	31.06%	-5.31%	11.59%
NBSRX Neuberger Berman Sustainable Equity Fund	10.59%	17.37%	28.23%	26.76%	-18.81%	23.30%	19.35%	25.95%	-6.00%	18.84%

Correlation

The correlation between NBRFX and NBSRX is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (10Y) Calculated over the trailing 10-year period	0.52
Correlation (All Time) Calculated using the full available price history since May 3, 2002	0.62

Over the past year, the correlation between NBRFX and NBSRX has dropped to 0.25 - well below their long-term average of 0.62, suggesting their price drivers have been diverging.

Return for Risk

NBRFX vs. NBSRX — Risk / Return Rank

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

NBRFX

NBRFX Risk / Return Rank: 10
NBRFX Sharpe Ratio Rank: 9
NBRFX Sortino Ratio Rank: 9
NBRFX Omega Ratio Rank: 9
NBRFX Calmar Ratio Rank: 13
NBRFX Martin Ratio Rank: 12

NBSRX

NBSRX Risk / Return Rank: 53
NBSRX Sharpe Ratio Rank: 50
NBSRX Sortino Ratio Rank: 53
NBSRX Omega Ratio Rank: 50
NBSRX Calmar Ratio Rank: 51
NBSRX Martin Ratio Rank: 59

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. NBSRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neuberger Berman Real Estate Fund (NBRFX) and Neuberger Berman Sustainable Equity Fund (NBSRX). 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	NBSRX	Difference
Sharpe ratio: Return per unit of total volatility	0.70	2.06	-1.36
Sortino ratio: Return per unit of downside risk	1.02	3.05	-2.03
Omega ratio: Gain probability vs. loss probability	1.13	1.38	-0.26
Calmar ratio: Return relative to maximum drawdown	1.17	2.71	-1.55
Martin ratio: Return relative to average drawdown	3.21	11.66	-8.46
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. NBSRX - Sharpe Ratio Comparison

The current NBRFX Sharpe Ratio is 0.70, which is lower than the NBSRX Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of NBRFX and NBSRX, 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	NBSRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.70	2.06	-1.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.12	0.83	-0.71
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.32	0.82	-0.50
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.59	-0.27

Drawdowns

NBRFX vs. NBSRX - Drawdown Comparison

The maximum NBRFX drawdown since its inception was -70.52%, which is greater than NBSRX's maximum drawdown of -53.74%. Use the drawdown chart below to compare losses from any high point for NBRFX and NBSRX.

Drawdown Indicators

	NBRFX	NBSRX	Difference
Max Drawdown Largest peak-to-trough decline	-70.52%	-53.74%	-16.78%
Max Drawdown (1Y) Largest decline over 1 year	-7.84%	-10.03%	+2.19%
Max Drawdown (3Y) Largest decline over 3 years	-18.06%	-16.28%	-1.78%
Max Drawdown (5Y) Largest decline over 5 years	-35.60%	-25.39%	-10.21%
Max Drawdown (10Y) Largest decline over 10 years	-37.56%	-34.07%	-3.49%
Current Drawdown Current decline from peak	-7.40%	-0.94%	-6.46%
Average Drawdown Average peak-to-trough decline	-11.82%	-7.06%	-4.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.84%	2.32%	+0.52%

Volatility

NBRFX vs. NBSRX - Volatility Comparison

Neuberger Berman Real Estate Fund (NBRFX) has a higher volatility of 3.62% compared to Neuberger Berman Sustainable Equity Fund (NBSRX) at 2.94%. This indicates that NBRFX's price experiences larger fluctuations and is considered to be riskier than NBSRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NBRFX	NBSRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.62%	2.94%	+0.68%
Volatility (6M) Calculated over the trailing 6-month period	9.51%	10.48%	-0.97%
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%	16.14%	+3.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.34%	17.49%	+2.85%

NBRFX vs. NBSRX - Expense Ratio Comparison

NBRFX has a 1.39% expense ratio, which is higher than NBSRX's 0.85% expense ratio.

Dividends

NBRFX vs. NBSRX - Dividend Comparison

NBRFX's dividend yield for the trailing twelve months is around 1.83%, less than NBSRX's 2.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NBRFX Neuberger Berman Real Estate Fund	1.83%	2.07%	1.94%	2.11%	12.58%	7.76%	2.03%	4.73%	6.98%	6.43%	14.86%	9.29%
NBSRX Neuberger Berman Sustainable Equity Fund	2.13%	2.35%	5.88%	9.72%	10.06%	10.35%	6.16%	9.08%	10.03%	6.14%	4.53%	6.40%

Frequently Asked Questions

Can I hold both NBRFX and NBSRX in my portfolio?

NBRFX and NBSRX have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NBRFX or NBSRX?

NBRFX has higher volatility (3.62%) compared to NBSRX (2.94%). In terms of maximum drawdown, NBRFX dropped -70.52% vs NBSRX's -53.74%.

Which has better risk-adjusted returns?

NBSRX currently has the higher Sharpe Ratio (2.06 vs 0.70), 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.