NBSM vs. FEMG

Last updated Aug 4, 2026

NBSM (Neuberger Small-Mid Cap ETF) and FEMG (Fidelity Enhanced Mid Cap Growth ETF) are both Mid Cap Growth Equities funds. Both are actively managed. Their 0.47 correlation means their historical movements had little consistent relationship. NBSM charges 0.65%/yr vs 0.23%/yr for FEMG.

Performance

NBSM vs. FEMG - Performance Comparison

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

Returns By Period

NBSM

• 1D: 1.55%
• 1M: 1.77%
• 6M: 9.51%
• YTD: 14.54%
• 1Y: 15.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.89%

FEMG

• 1D: 1.94%
• 1M: -0.78%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FEMG Fidelity Enhanced Mid Cap Growth ETF	$44.15K	$45.91K	$54.79K
NBSM Neuberger Small-Mid Cap ETF	$323.50K	$384.29K	$2.46M

NBSM vs. FEMG - Yearly Performance Comparison

	2026 (YTD)
NBSM Neuberger Small-Mid Cap ETF	8.87%
FEMG Fidelity Enhanced Mid Cap Growth ETF	3.84%

Correlation

The correlation between NBSM and FEMG is 0.47, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 30, 2026	0.47

NBSM vs. FEMG - Sectors Allocation Comparison

Sectors	NBSM	FEMG
Industrials	25.6%	19.0%
Technology	17.4%	31.0%
Financial Services	17.1%	5.3%
Healthcare	11.7%	12.6%
Consumer Cyclical	9.1%	13.6%
Energy	5.6%	4.2%
Utilities	5.2%	2.6%
Basic Materials	2.7%	2.2%
Communication Services	2.4%	2.8%
Real Estate	2.4%	2.4%
Consumer Defensive	0.9%	1.7%

Return for Risk

NBSM vs. FEMG — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

NBSM

NBSM Risk / Return Rank: 39
NBSM Sharpe Ratio Rank: 37
NBSM Sortino Ratio Rank: 41
NBSM Omega Ratio Rank: 35
NBSM Calmar Ratio Rank: 40
NBSM Martin Ratio Rank: 40

FEMG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

NBSM vs. FEMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neuberger Small-Mid Cap ETF (NBSM) and Fidelity Enhanced Mid Cap Growth ETF (FEMG). 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.

	NBSM	FEMG	Difference
Sharpe ratio: Return per unit of total volatility	1.02	—	—
Sortino ratio: Return per unit of downside risk	1.65	—	—
Omega ratio: Gain probability vs. loss probability	1.18	—	—
Calmar ratio: Return relative to maximum drawdown	1.54	—	—
Martin ratio: Return relative to average drawdown	4.59	—	—

Drawdowns

NBSM vs. FEMG - Drawdown Comparison

The maximum NBSM drawdown since its inception was -25.16%, which is greater than FEMG's maximum drawdown of -6.48%. Use the drawdown chart below to compare losses from any high point for NBSM and FEMG.

Drawdown Indicators

	NBSM	FEMG	Difference
Max Drawdown Largest peak-to-trough decline	-25.16%	-6.48%	-18.68%
Max Drawdown (1Y) Largest decline over 1 year	-10.12%	—	—
Current Drawdown Current decline from peak	0.00%	-2.98%	+2.98%
Average Drawdown Average peak-to-trough decline	-7.04%	-2.08%	-4.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.38%	—	—

Volatility

Volatility by Period

	NBSM	FEMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.88%	—	—
Volatility (6M) Calculated over the trailing 6-month period	11.14%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	15.31%	16.97%	-1.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.91%	16.97%	+0.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.91%	16.97%	+0.94%

NBSM vs. FEMG - Expense Ratio Comparison

NBSM has a 0.65% expense ratio, which is higher than FEMG's 0.23% expense ratio.

Dividends

NBSM vs. FEMG - Dividend Comparison

NBSM's dividend yield for the trailing twelve months is around 0.35%, more than FEMG's 0.10% yield.

Position	TTM	2025	2024
FEMG Fidelity Enhanced Mid Cap Growth ETF	0.10%	0.00%	0.00%
NBSM Neuberger Small-Mid Cap ETF	0.35%	0.40%	0.23%

Frequently Asked Questions

Can I hold both NBSM and FEMG in my portfolio?

NBSM and FEMG have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, NBSM or FEMG?

On fees, FEMG is cheaper at 0.23% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, NBSM or FEMG?

FEMG is cheaper with a 0.23% expense ratio, compared with 0.65% for NBSM.

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

NBSM has the higher dividend yield at 0.35%, compared with 0.10% for FEMG.

What is the main difference between NBSM and FEMG?

They also come from different issuers: Neuberger Berman and Fidelity. Their fees differ too: 0.65% for NBSM and 0.23% for FEMG.