NBSM vs. NEMD

Last updated Jun 4, 2026

NBSM (Neuberger Small-Mid Cap ETF) and NEMD (Neuberger Berman Emerging Markets Debt Hard Currency ETF) are both exchange-traded funds - NBSM is a Mid Cap Growth Equities fund actively managed by Neuberger Berman, while NEMD is a Emerging Markets Bonds fund actively managed by Neuberger Berman. Both are actively managed. A 0.54 correlation means they provide meaningful diversification when combined. NBSM charges 0.65%/yr vs 0.60%/yr for NEMD.

Performance

NBSM vs. NEMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Neuberger Small-Mid Cap ETF (NBSM) and Neuberger Berman Emerging Markets Debt Hard Currency ETF (NEMD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NBSM achieves a 5.59% return, which is significantly higher than NEMD's 3.76% return.

NBSM

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

NEMD

• 1D: -0.39%
• 1M: 1.56%
• YTD: 3.76%
• 6M: 4.02%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NBSM vs. NEMD - Yearly Performance Comparison

	2026 (YTD)	2025
NBSM Neuberger Small-Mid Cap ETF	5.59%	0.84%
NEMD Neuberger Berman Emerging Markets Debt Hard Currency ETF	3.76%	7.07%

Correlation

The correlation between NBSM and NEMD is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 12, 2025	0.54

NBSM vs. NEMD - Sectors Allocation Comparison

Sectors	NBSM	NEMD
Industrials	32.3%	-
Technology	17.8%	-
Financial Services	16.4%	-
Healthcare	8.4%	-
Energy	7.2%	100.0%
Utilities	6.1%	-
Consumer Cyclical	5.0%	-
Communication Services	2.7%	-
Real Estate	2.7%	-
Basic Materials	1.5%	-
Consumer Defensive	-	-

Return for Risk

NBSM vs. NEMD — Risk / Return Rank

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

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.

NBSM vs. NEMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neuberger Small-Mid Cap ETF (NBSM) and Neuberger Berman Emerging Markets Debt Hard Currency ETF (NEMD). 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.

	NBSM	NEMD	Difference
Sharpe ratio: Return per unit of total volatility	0.59	—	—
Sortino ratio: Return per unit of downside risk	1.00	—	—
Omega ratio: Gain probability vs. loss probability	1.11	—	—
Calmar ratio: Return relative to maximum drawdown	0.87	—	—
Martin ratio: Return relative to average drawdown	2.62	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	NBSM	NEMD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.59	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.13	2.14	-2.01

Drawdowns

NBSM vs. NEMD - Drawdown Comparison

The maximum NBSM drawdown since its inception was -25.16%, which is greater than NEMD's maximum drawdown of -4.43%. Use the drawdown chart below to compare losses from any high point for NBSM and NEMD.

Drawdown Indicators

	NBSM	NEMD	Difference
Max Drawdown Largest peak-to-trough decline	-25.16%	-4.43%	-20.73%
Max Drawdown (1Y) Largest decline over 1 year	-10.12%	—	—
Current Drawdown Current decline from peak	-5.11%	-0.39%	-4.72%
Average Drawdown Average peak-to-trough decline	-7.43%	-0.57%	-6.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.37%	—	—

Volatility

Volatility by Period

	NBSM	NEMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.92%	—	—
Volatility (6M) Calculated over the trailing 6-month period	10.62%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	14.98%	6.51%	+8.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.09%	6.51%	+11.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.09%	6.51%	+11.58%

NBSM vs. NEMD - Expense Ratio Comparison

NBSM has a 0.65% expense ratio, which is higher than NEMD's 0.60% expense ratio.

Dividends

NBSM vs. NEMD - Dividend Comparison

NBSM's dividend yield for the trailing twelve months is around 0.38%, less than NEMD's 4.73% yield.

Position	TTM	2025	2024
NBSM Neuberger Small-Mid Cap ETF	0.38%	0.40%	0.23%
NEMD Neuberger Berman Emerging Markets Debt Hard Currency ETF	4.73%	2.39%	0.00%

Frequently Asked Questions

Can I hold both NBSM and NEMD in my portfolio?

NBSM and NEMD have a correlation of 0.54, 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 NEMD?

On fees, NEMD is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, NBSM or NEMD?

NEMD is cheaper with a 0.60% expense ratio, compared with 0.65% for NBSM.

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

NEMD has the higher dividend yield at 4.73%, compared with 0.38% for NBSM.

What is the main difference between NBSM and NEMD?

NBSM is categorized as Mid Cap Growth Equities, while NEMD is Emerging Markets Bonds. Their fees differ too: 0.65% for NBSM and 0.60% for NEMD.