NBSM vs. IVOG

Last updated Jul 17, 2026

NBSM (Neuberger Small-Mid Cap ETF) and IVOG (Vanguard S&P Mid-Cap 400 Growth ETF) are both Mid Cap Growth Equities funds. NBSM is actively managed, while IVOG is passively managed. Over the past year, NBSM returned 14.30% vs 23.96% for IVOG. Their correlation of 0.87 suggests significant overlap in exposure. NBSM charges 0.65%/yr vs 0.10%/yr for IVOG.

Performance

NBSM vs. IVOG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Neuberger Small-Mid Cap ETF (NBSM) and Vanguard S&P Mid-Cap 400 Growth ETF (IVOG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NBSM achieves a 13.71% return, which is significantly lower than IVOG's 17.11% return.

NBSM

• 1D: 1.81%
• 1M: 4.94%
• 6M: 6.65%
• YTD: 13.71%
• 1Y: 14.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IVOG

• 1D: -0.40%
• 1M: -1.96%
• 6M: 9.23%
• YTD: 17.11%
• 1Y: 23.96%
• 3Y*: 14.58%
• 5Y*: 8.52%
• 10Y*: 11.06%

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

NBSM vs. IVOG - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NBSM Neuberger Small-Mid Cap ETF	13.71%	-0.04%	0.03%
IVOG Vanguard S&P Mid-Cap 400 Growth ETF	17.11%	7.34%	2.06%

Correlation

The correlation between NBSM and IVOG is 0.80, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (All Time) Calculated using the full available price history since Mar 21, 2024	0.87

The correlation between NBSM and IVOG has been stable across timeframes, ranging from 0.80 to 0.87 - a consistent structural relationship.

Return for Risk

NBSM vs. IVOG — Risk / Return Rank

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

NBSM

NBSM Risk / Return Rank: 33
NBSM Sharpe Ratio Rank: 32
NBSM Sortino Ratio Rank: 34
NBSM Omega Ratio Rank: 29
NBSM Calmar Ratio Rank: 34
NBSM Martin Ratio Rank: 35

IVOG

IVOG Risk / Return Rank: 54
IVOG Sharpe Ratio Rank: 47
IVOG Sortino Ratio Rank: 49
IVOG Omega Ratio Rank: 45
IVOG Calmar Ratio Rank: 62
IVOG Martin Ratio Rank: 66

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.

NBSM vs. IVOG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neuberger Small-Mid Cap ETF (NBSM) and Vanguard S&P Mid-Cap 400 Growth ETF (IVOG). 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	IVOG	Difference
Sharpe ratio: Return per unit of total volatility	0.94	1.35	-0.41
Sortino ratio: Return per unit of downside risk	1.53	2.00	-0.47
Omega ratio: Gain probability vs. loss probability	1.17	1.24	-0.07
Calmar ratio: Return relative to maximum drawdown	1.42	2.48	-1.07
Martin ratio: Return relative to average drawdown	4.24	9.40	-5.16

NBSM vs. IVOG - Sharpe Ratio Comparison

The current NBSM Sharpe Ratio is 0.94, which is lower than the IVOG Sharpe Ratio of 1.35. The chart below compares the historical Sharpe Ratios of NBSM and IVOG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

NBSM vs. IVOG - Drawdown Comparison

The maximum NBSM drawdown since its inception was -25.16%, smaller than the maximum IVOG drawdown of -39.32%. Use the drawdown chart below to compare losses from any high point for NBSM and IVOG.

Drawdown Indicators

	NBSM	IVOG	Difference
Max Drawdown Largest peak-to-trough decline	-25.16%	-39.32%	+14.16%
Max Drawdown (1Y) Largest decline over 1 year	-10.12%	-9.69%	-0.43%
Max Drawdown (3Y) Largest decline over 3 years	—	-25.61%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-29.31%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-39.32%	—
Current Drawdown Current decline from peak	-0.03%	-3.78%	+3.75%
Average Drawdown Average peak-to-trough decline	-7.16%	-5.85%	-1.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.38%	2.56%	+0.82%

Volatility

NBSM vs. IVOG - Volatility Comparison

Neuberger Small-Mid Cap ETF (NBSM) has a higher volatility of 4.88% compared to Vanguard S&P Mid-Cap 400 Growth ETF (IVOG) at 4.62%. This indicates that NBSM's price experiences larger fluctuations and is considered to be riskier than IVOG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NBSM	IVOG	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.88%	4.62%	+0.26%
Volatility (6M) Calculated over the trailing 6-month period	11.30%	13.91%	-2.61%
Volatility (1Y) Calculated over the trailing 1-year period	15.26%	17.83%	-2.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.00%	20.72%	-2.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.00%	20.59%	-2.59%

NBSM vs. IVOG - Expense Ratio Comparison

NBSM has a 0.65% expense ratio, which is higher than IVOG's 0.10% expense ratio.

Dividends

NBSM vs. IVOG - Dividend Comparison

NBSM's dividend yield for the trailing twelve months is around 0.35%, less than IVOG's 0.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IVOG Vanguard S&P Mid-Cap 400 Growth ETF	0.55%	0.64%	0.79%	1.15%	1.05%	0.47%	0.74%	1.17%	1.01%	0.93%	1.11%	1.04%
NBSM Neuberger Small-Mid Cap ETF	0.35%	0.40%	0.23%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NBSM and IVOG in my portfolio?

NBSM and IVOG have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NBSM or IVOG?

NBSM has higher volatility (4.88%) compared to IVOG (4.62%). In terms of maximum drawdown, NBSM dropped -25.16% vs IVOG's -39.32%.

Which ETF is better, NBSM or IVOG?

On 1-year performance, IVOG leads with 23.96% vs 14.30% for NBSM. On fees, IVOG is cheaper at 0.10% per year. On volatility, IVOG has been the lower-risk option at 4.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NBSM or IVOG?

Over the 1-year period, IVOG has performed better with a 23.96% return vs 14.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NBSM or IVOG?

IVOG is cheaper with a 0.10% expense ratio, compared with 0.65% for NBSM.

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

IVOG has the higher dividend yield at 0.55%, compared with 0.35% for NBSM.

What is the main difference between NBSM and IVOG?

They also come from different issuers: Neuberger Berman and Vanguard. Their fees differ too: 0.65% for NBSM and 0.10% for IVOG.

Which has better risk-adjusted returns?

IVOG currently has the higher Sharpe Ratio (1.35 vs 0.94), 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.