NBSSX vs. NSTLX

Last updated Jun 23, 2026

NBSSX (Neuberger Berman Focus Fund) and NSTLX (Neuberger Berman Strategic Income Fund) are both mutual funds - NBSSX is a Global Equities fund managed by Neuberger Berman, while NSTLX is a Multisector Bonds fund managed by Neuberger Berman. Over the past 10 years, NBSSX returned 11.68%/yr vs 4.05%/yr for NSTLX. At a 0.25 correlation, their price movements are largely independent. NBSSX charges 0.89%/yr vs 0.59%/yr for NSTLX.

Performance

NBSSX vs. NSTLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Neuberger Berman Focus Fund (NBSSX) and Neuberger Berman Strategic Income Fund (NSTLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NBSSX achieves a 9.42% return, which is significantly higher than NSTLX's 0.56% return. Over the past 10 years, NBSSX has outperformed NSTLX with an annualized return of 11.68%, while NSTLX has yielded a comparatively lower 4.05% annualized return.

NBSSX

• 1D: 1.10%
• 1M: 4.68%
• YTD: 9.42%
• 6M: 9.22%
• 1Y: 23.18%
• 3Y*: 19.89%
• 5Y*: 8.34%
• 10Y*: 11.68%

NSTLX

• 1D: 0.10%
• 1M: 0.86%
• YTD: 0.56%
• 6M: 1.22%
• 1Y: 6.08%
• 3Y*: 7.22%
• 5Y*: 2.75%
• 10Y*: 4.05%

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

NBSSX vs. NSTLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NBSSX Neuberger Berman Focus Fund	9.42%	21.36%	21.64%	23.73%	-31.74%	19.85%	24.45%	28.50%	-9.02%	19.39%
NSTLX Neuberger Berman Strategic Income Fund	0.56%	9.44%	6.02%	10.07%	-11.81%	2.94%	7.78%	10.55%	-2.34%	7.00%

Correlation

The correlation between NBSSX and NSTLX is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.40
Correlation (10Y) Calculated over the trailing 10-year period	0.33
Correlation (All Time) Calculated using the full available price history since Jul 15, 2003	0.25

The correlation between NBSSX and NSTLX shifts across timeframes, from 0.25 (all time) to 0.44 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

NBSSX vs. NSTLX — Risk / Return Rank

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

NBSSX

NBSSX Risk / Return Rank: 32
NBSSX Sharpe Ratio Rank: 34
NBSSX Sortino Ratio Rank: 33
NBSSX Omega Ratio Rank: 35
NBSSX Calmar Ratio Rank: 27
NBSSX Martin Ratio Rank: 33

NSTLX

NSTLX Risk / Return Rank: 38
NSTLX Sharpe Ratio Rank: 40
NSTLX Sortino Ratio Rank: 45
NSTLX Omega Ratio Rank: 43
NSTLX Calmar Ratio Rank: 29
NSTLX Martin Ratio Rank: 31

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.

NBSSX vs. NSTLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neuberger Berman Focus Fund (NBSSX) and Neuberger Berman Strategic Income Fund (NSTLX). 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.

	NBSSX	NSTLX	Difference
Sharpe ratio: Return per unit of total volatility	1.57	1.70	-0.14
Sortino ratio: Return per unit of downside risk	2.23	2.61	-0.38
Omega ratio: Gain probability vs. loss probability	1.29	1.33	-0.04
Calmar ratio: Return relative to maximum drawdown	1.80	1.89	-0.09
Martin ratio: Return relative to average drawdown	7.05	6.65	+0.40

NBSSX vs. NSTLX - Sharpe Ratio Comparison

The current NBSSX Sharpe Ratio is 1.57, which is comparable to the NSTLX Sharpe Ratio of 1.70. The chart below compares the historical Sharpe Ratios of NBSSX and NSTLX, 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

NBSSX vs. NSTLX - Drawdown Comparison

The maximum NBSSX drawdown since its inception was -61.56%, which is greater than NSTLX's maximum drawdown of -19.00%. Use the drawdown chart below to compare losses from any high point for NBSSX and NSTLX.

Drawdown Indicators

	NBSSX	NSTLX	Difference
Max Drawdown Largest peak-to-trough decline	-61.56%	-19.00%	-42.56%
Max Drawdown (1Y) Largest decline over 1 year	-12.61%	-3.30%	-9.31%
Max Drawdown (3Y) Largest decline over 3 years	-20.39%	-4.85%	-15.54%
Max Drawdown (5Y) Largest decline over 5 years	-40.77%	-16.65%	-24.12%
Max Drawdown (10Y) Largest decline over 10 years	-40.77%	-19.00%	-21.77%
Current Drawdown Current decline from peak	0.00%	-1.06%	+1.06%
Average Drawdown Average peak-to-trough decline	-13.01%	-2.70%	-10.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.21%	0.93%	+2.28%

Volatility

NBSSX vs. NSTLX - Volatility Comparison

Neuberger Berman Focus Fund (NBSSX) has a higher volatility of 5.98% compared to Neuberger Berman Strategic Income Fund (NSTLX) at 1.26%. This indicates that NBSSX's price experiences larger fluctuations and is considered to be riskier than NSTLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NBSSX	NSTLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.98%	1.26%	+4.72%
Volatility (6M) Calculated over the trailing 6-month period	11.99%	2.97%	+9.02%
Volatility (1Y) Calculated over the trailing 1-year period	14.53%	3.66%	+10.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.02%	5.08%	+13.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.25%	4.99%	+14.26%

NBSSX vs. NSTLX - Expense Ratio Comparison

NBSSX has a 0.89% expense ratio, which is higher than NSTLX's 0.59% expense ratio.

Dividends

NBSSX vs. NSTLX - Dividend Comparison

NBSSX's dividend yield for the trailing twelve months is around 8.94%, more than NSTLX's 5.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NBSSX Neuberger Berman Focus Fund	8.94%	9.78%	0.19%	0.59%	0.05%	19.35%	5.37%	12.78%	9.08%	8.32%	9.59%	5.18%
NSTLX Neuberger Berman Strategic Income Fund	5.55%	5.46%	5.31%	5.38%	3.92%	6.29%	3.81%	4.02%	4.33%	3.64%	3.54%	4.09%

Frequently Asked Questions

Can I hold both NBSSX and NSTLX in my portfolio?

NBSSX and NSTLX have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NBSSX or NSTLX?

NBSSX has higher volatility (5.98%) compared to NSTLX (1.26%). In terms of maximum drawdown, NBSSX dropped -61.56% vs NSTLX's -19.00%.

Which has better risk-adjusted returns?

NSTLX currently has the higher Sharpe Ratio (1.70 vs 1.57), 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.