NBSD vs. NBSM

Last updated Jun 4, 2026

NBSD (Neuberger Berman Short Duration Income ETF) and NBSM (Neuberger Small-Mid Cap ETF) are both exchange-traded funds - NBSD is a Short-Term Bond fund actively managed by Neuberger Berman, while NBSM is a Mid Cap Growth Equities fund actively managed by Neuberger Berman. Both are actively managed. Over the past year, NBSD returned 4.72% vs 8.81% for NBSM. At a 0.20 correlation, their price movements are largely independent. NBSD charges 0.35%/yr vs 0.65%/yr for NBSM.

Performance

NBSD vs. NBSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Neuberger Berman Short Duration Income ETF (NBSD) and Neuberger Small-Mid Cap ETF (NBSM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NBSD achieves a 0.83% return, which is significantly lower than NBSM's 5.59% return.

NBSD

• 1D: -0.04%
• 1M: 0.20%
• YTD: 0.83%
• 6M: 1.27%
• 1Y: 4.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —

NBSM

• 1D: -0.19%
• 1M: 0.41%
• YTD: 5.59%
• 6M: 3.81%
• 1Y: 8.81%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NBSD vs. NBSM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NBSD Neuberger Berman Short Duration Income ETF	0.83%	6.18%	3.97%
NBSM Neuberger Small-Mid Cap ETF	5.59%	-0.04%	1.46%

Correlation

The correlation between NBSD and NBSM 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 Jun 25, 2024	0.20

The correlation between NBSD and NBSM shifts across timeframes, from 0.20 (all time) to 0.37 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

NBSD vs. NBSM — Risk / Return Rank

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

NBSD

NBSD Risk / Return Rank: 90
NBSD Sharpe Ratio Rank: 91
NBSD Sortino Ratio Rank: 95
NBSD Omega Ratio Rank: 95
NBSD Calmar Ratio Rank: 79
NBSD Martin Ratio Rank: 90

NBSM

NBSM Risk / Return Rank: 20
NBSM Sharpe Ratio Rank: 19
NBSM Sortino Ratio Rank: 20
NBSM Omega Ratio Rank: 19
NBSM Calmar Ratio Rank: 21
NBSM Martin Ratio Rank: 22

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.

NBSD vs. NBSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neuberger Berman Short Duration Income ETF (NBSD) and Neuberger Small-Mid Cap ETF (NBSM). 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.

	NBSD	NBSM	Difference
Sharpe ratio: Return per unit of total volatility	3.24	0.59	+2.64
Sortino ratio: Return per unit of downside risk	5.32	1.00	+4.32
Omega ratio: Gain probability vs. loss probability	1.71	1.11	+0.60
Calmar ratio: Return relative to maximum drawdown	4.00	0.87	+3.12
Martin ratio: Return relative to average drawdown	20.74	2.62	+18.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NBSD vs. NBSM - Sharpe Ratio Comparison

The current NBSD Sharpe Ratio is 3.24, which is higher than the NBSM Sharpe Ratio of 0.59. The chart below compares the historical Sharpe Ratios of NBSD and NBSM, 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

	NBSD	NBSM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.24	0.59	+2.64
Sharpe Ratio (All Time) Calculated using the full available price history	2.05	0.13	+1.92

Drawdowns

NBSD vs. NBSM - Drawdown Comparison

The maximum NBSD drawdown since its inception was -2.63%, smaller than the maximum NBSM drawdown of -25.16%. Use the drawdown chart below to compare losses from any high point for NBSD and NBSM.

Drawdown Indicators

	NBSD	NBSM	Difference
Max Drawdown Largest peak-to-trough decline	-2.63%	-25.16%	+22.53%
Max Drawdown (1Y) Largest decline over 1 year	-1.19%	-10.12%	+8.93%
Current Drawdown Current decline from peak	-0.14%	-5.11%	+4.97%
Average Drawdown Average peak-to-trough decline	-0.23%	-7.43%	+7.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.23%	3.37%	-3.14%

Volatility

NBSD vs. NBSM - Volatility Comparison

The current volatility for Neuberger Berman Short Duration Income ETF (NBSD) is 0.35%, while Neuberger Small-Mid Cap ETF (NBSM) has a volatility of 3.92%. This indicates that NBSD experiences smaller price fluctuations and is considered to be less risky than NBSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NBSD	NBSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.35%	3.92%	-3.57%
Volatility (6M) Calculated over the trailing 6-month period	1.01%	10.62%	-9.61%
Volatility (1Y) Calculated over the trailing 1-year period	1.47%	14.98%	-13.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.78%	18.09%	-15.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.78%	18.09%	-15.31%

NBSD vs. NBSM - Expense Ratio Comparison

NBSD has a 0.35% expense ratio, which is lower than NBSM's 0.65% expense ratio.

Dividends

NBSD vs. NBSM - Dividend Comparison

NBSD's dividend yield for the trailing twelve months is around 4.81%, more than NBSM's 0.38% yield.

Position	TTM	2025	2024
NBSD Neuberger Berman Short Duration Income ETF	4.81%	5.06%	2.96%
NBSM Neuberger Small-Mid Cap ETF	0.38%	0.40%	0.23%

Frequently Asked Questions

Can I hold both NBSD and NBSM in my portfolio?

NBSD and NBSM 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, NBSD or NBSM?

NBSM has higher volatility (3.92%) compared to NBSD (0.35%). In terms of maximum drawdown, NBSD dropped -2.63% vs NBSM's -25.16%.

Which ETF is better, NBSD or NBSM?

On 1-year performance, NBSM leads with 8.81% vs 4.72% for NBSD. On fees, NBSD is cheaper at 0.35% per year. On volatility, NBSD has been the lower-risk option at 0.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NBSD or NBSM?

Over the 1-year period, NBSM has performed better with a 8.81% return vs 4.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NBSD or NBSM?

NBSD is cheaper with a 0.35% expense ratio, compared with 0.65% for NBSM.

Which ETF pays a higher dividend yield, NBSD or NBSM?

NBSD has the higher dividend yield at 4.81%, compared with 0.38% for NBSM.

What is the main difference between NBSD and NBSM?

NBSD is categorized as Short-Term Bond, while NBSM is Mid Cap Growth Equities. Their fees differ too: 0.35% for NBSD and 0.65% for NBSM.

Which has better risk-adjusted returns?

NBSD currently has the higher Sharpe Ratio (3.24 vs 0.59), 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.