NBRFX vs. PHRAX
NBRFX (Neuberger Berman Real Estate Fund) and PHRAX (Virtus Duff & Phelps Real Estate Securities Fund) are both REIT funds. Over the past 10 years, NBRFX returned 6.67%/yr vs 6.51%/yr for PHRAX. With a 0.98 correlation, they move nearly in lockstep. NBRFX charges 1.39%/yr vs 1.36%/yr for PHRAX.
Performance
NBRFX vs. PHRAX - Performance Comparison
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Returns By Period
In the year-to-date period, NBRFX achieves a 14.74% return, which is significantly lower than PHRAX's 17.26% return. Both investments have delivered pretty close results over the past 10 years, with NBRFX having a 6.67% annualized return and PHRAX not far behind at 6.51%.
NBRFX
- 1D
- -0.26%
- 1M
- 0.01%
- YTD
- 14.74%
- 6M
- 14.57%
- 1Y
- 12.77%
- 3Y*
- 10.35%
- 5Y*
- 2.86%
- 10Y*
- 6.67%
PHRAX
- 1D
- 0.15%
- 1M
- 1.35%
- YTD
- 17.26%
- 6M
- 16.86%
- 1Y
- 18.61%
- 3Y*
- 13.05%
- 5Y*
- 4.60%
- 10Y*
- 6.51%
NBRFX vs. PHRAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NBRFX Neuberger Berman Real Estate Fund | 14.74% | -2.14% | 5.02% | 11.70% | -27.35% | 47.87% | -1.34% | 31.06% | -5.31% | 11.59% |
PHRAX Virtus Duff & Phelps Real Estate Securities Fund | 17.26% | 0.23% | 10.15% | 10.98% | -26.33% | 46.79% | -1.98% | 27.09% | -7.41% | 5.65% |
Correlation
The correlation between NBRFX and PHRAX is 0.96 - 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 | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.97 |
Correlation (All Time) Calculated using the full available price history since May 2, 2002 | 0.98 |
The correlation between NBRFX and PHRAX has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.
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Return for Risk
NBRFX vs. PHRAX — Risk / Return Rank
NBRFX
PHRAX
NBRFX vs. PHRAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Neuberger Berman Real Estate Fund (NBRFX) and Virtus Duff & Phelps Real Estate Securities Fund (PHRAX). 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.
| NBRFX | PHRAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.38 | ||
| Sortino ratioReturn per unit of downside risk | -0.48 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.20 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 1.30 | 1.98 | -0.68 |
| Martin ratioReturn relative to average drawdown | 3.62 | 5.93 | -2.32 |
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Drawdowns
NBRFX vs. PHRAX - Drawdown Comparison
The maximum NBRFX drawdown since its inception was -70.52%, roughly equal to the maximum PHRAX drawdown of -72.56%. Use the drawdown chart below to compare losses from any high point for NBRFX and PHRAX.
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Drawdown Indicators
| NBRFX | PHRAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.52% | -72.56% | +2.04% |
Max Drawdown (1Y)Largest decline over 1 year | -7.84% | -7.83% | -0.01% |
Max Drawdown (3Y)Largest decline over 3 years | -18.06% | -19.09% | +1.03% |
Max Drawdown (5Y)Largest decline over 5 years | -35.60% | -33.51% | -2.09% |
Max Drawdown (10Y)Largest decline over 10 years | -37.56% | -42.00% | +4.44% |
Current DrawdownCurrent decline from peak | -4.32% | 0.00% | -4.32% |
Average DrawdownAverage peak-to-trough decline | -11.80% | -11.35% | -0.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.86% | 2.69% | +0.17% |
Volatility
NBRFX vs. PHRAX - Volatility Comparison
Neuberger Berman Real Estate Fund (NBRFX) and Virtus Duff & Phelps Real Estate Securities Fund (PHRAX) have volatilities of 5.27% and 5.29%, 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.
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Volatility by Period
| NBRFX | PHRAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.27% | 5.29% | -0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 10.36% | 10.20% | +0.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.70% | 13.73% | -0.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.85% | 19.12% | +0.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.39% | 21.01% | -0.62% |
NBRFX vs. PHRAX - Expense Ratio Comparison
NBRFX has a 1.39% expense ratio, which is higher than PHRAX's 1.36% expense ratio.
Dividends
NBRFX vs. PHRAX - Dividend Comparison
NBRFX's dividend yield for the trailing twelve months is around 1.63%, less than PHRAX's 4.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NBRFX Neuberger Berman Real Estate Fund | 1.63% | 2.07% | 1.94% | 2.11% | 12.58% | 7.76% | 2.03% | 4.73% | 6.98% | 6.43% | 14.86% | 9.29% |
PHRAX Virtus Duff & Phelps Real Estate Securities Fund | 4.99% | 5.93% | 8.39% | 12.35% | 11.12% | 4.45% | 5.58% | 21.34% | 19.03% | 18.54% | 21.22% | 20.04% |
Frequently Asked Questions
With a correlation of 0.96, NBRFX and PHRAX 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.
PHRAX has higher volatility (5.29%) compared to NBRFX (5.27%). In terms of maximum drawdown, NBRFX dropped -70.52% vs PHRAX's -72.56%.
PHRAX currently has the higher Sharpe Ratio (1.13 vs 0.75), 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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