NGUAX vs. IOLZX

Last updated Jun 5, 2026

NGUAX (Neuberger Berman Guardian Fund) and IOLZX (ICON Equity Fund) are both Large Cap Growth Equities funds. Over the past 10 years, NGUAX returned 15.98%/yr vs 14.40%/yr for IOLZX. Their correlation of 0.81 suggests significant overlap in exposure. NGUAX charges 0.82%/yr vs 1.04%/yr for IOLZX.

Performance

NGUAX vs. IOLZX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Neuberger Berman Guardian Fund (NGUAX) and ICON Equity Fund (IOLZX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NGUAX achieves a 6.03% return, which is significantly lower than IOLZX's 26.98% return. Over the past 10 years, NGUAX has outperformed IOLZX with an annualized return of 15.98%, while IOLZX has yielded a comparatively lower 14.40% annualized return.

NGUAX

• 1D: -0.91%
• 1M: 3.18%
• YTD: 6.03%
• 6M: 5.21%
• 1Y: 17.45%
• 3Y*: 19.68%
• 5Y*: 12.30%
• 10Y*: 15.98%

IOLZX

• 1D: -0.91%
• 1M: 4.78%
• YTD: 26.98%
• 6M: 29.25%
• 1Y: 49.32%
• 3Y*: 24.51%
• 5Y*: 10.77%
• 10Y*: 14.40%

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

NGUAX vs. IOLZX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NGUAX Neuberger Berman Guardian Fund	6.03%	14.38%	23.80%	35.98%	-24.47%	27.43%	34.56%	36.69%	-7.16%	25.28%
IOLZX ICON Equity Fund	26.98%	15.81%	16.87%	12.13%	-17.78%	26.72%	16.00%	38.22%	-16.69%	26.78%

Correlation

The correlation between NGUAX and IOLZX is 0.57, 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	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (10Y) Calculated over the trailing 10-year period	0.74
Correlation (All Time) Calculated using the full available price history since Feb 4, 2004	0.81

Over the past year, the correlation between NGUAX and IOLZX has dropped to 0.57 - well below their long-term average of 0.81, suggesting their price drivers have been diverging.

Return for Risk

NGUAX vs. IOLZX — Risk / Return Rank

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

NGUAX

NGUAX Risk / Return Rank: 19
NGUAX Sharpe Ratio Rank: 22
NGUAX Sortino Ratio Rank: 21
NGUAX Omega Ratio Rank: 22
NGUAX Calmar Ratio Rank: 14
NGUAX Martin Ratio Rank: 16

IOLZX

IOLZX Risk / Return Rank: 71
IOLZX Sharpe Ratio Rank: 79
IOLZX Sortino Ratio Rank: 72
IOLZX Omega Ratio Rank: 63
IOLZX Calmar Ratio Rank: 77
IOLZX Martin Ratio Rank: 62

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.

NGUAX vs. IOLZX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neuberger Berman Guardian Fund (NGUAX) and ICON Equity Fund (IOLZX). 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.

	NGUAX	IOLZX	Difference
Sharpe ratio: Return per unit of total volatility	1.36	2.60	-1.24
Sortino ratio: Return per unit of downside risk	1.93	3.52	-1.59
Omega ratio: Gain probability vs. loss probability	1.24	1.43	-0.19
Calmar ratio: Return relative to maximum drawdown	1.29	3.41	-2.12
Martin ratio: Return relative to average drawdown	4.44	12.10	-7.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NGUAX vs. IOLZX - Sharpe Ratio Comparison

The current NGUAX Sharpe Ratio is 1.36, which is lower than the IOLZX Sharpe Ratio of 2.60. The chart below compares the historical Sharpe Ratios of NGUAX and IOLZX, 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

	NGUAX	IOLZX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.36	2.60	-1.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.68	0.51	+0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.88	0.65	+0.23
Sharpe Ratio (All Time) Calculated using the full available price history	0.04	0.41	-0.36

Drawdowns

NGUAX vs. IOLZX - Drawdown Comparison

The maximum NGUAX drawdown since its inception was -78.07%, which is greater than IOLZX's maximum drawdown of -56.03%. Use the drawdown chart below to compare losses from any high point for NGUAX and IOLZX.

Drawdown Indicators

	NGUAX	IOLZX	Difference
Max Drawdown Largest peak-to-trough decline	-78.07%	-56.03%	-22.04%
Max Drawdown (1Y) Largest decline over 1 year	-14.16%	-14.35%	+0.19%
Max Drawdown (3Y) Largest decline over 3 years	-20.89%	-24.71%	+3.82%
Max Drawdown (5Y) Largest decline over 5 years	-28.43%	-27.77%	-0.66%
Max Drawdown (10Y) Largest decline over 10 years	-31.99%	-41.04%	+9.05%
Current Drawdown Current decline from peak	-1.35%	-0.91%	-0.44%
Average Drawdown Average peak-to-trough decline	-31.87%	-12.63%	-19.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.10%	4.04%	+0.06%

Volatility

NGUAX vs. IOLZX - Volatility Comparison

The current volatility for Neuberger Berman Guardian Fund (NGUAX) is 3.16%, while ICON Equity Fund (IOLZX) has a volatility of 6.33%. This indicates that NGUAX experiences smaller price fluctuations and is considered to be less risky than IOLZX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NGUAX	IOLZX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.16%	6.33%	-3.17%
Volatility (6M) Calculated over the trailing 6-month period	10.21%	15.00%	-4.79%
Volatility (1Y) Calculated over the trailing 1-year period	13.43%	18.89%	-5.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.26%	21.43%	-3.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.26%	22.36%	-4.10%

NGUAX vs. IOLZX - Expense Ratio Comparison

NGUAX has a 0.82% expense ratio, which is lower than IOLZX's 1.04% expense ratio.

Dividends

NGUAX vs. IOLZX - Dividend Comparison

NGUAX's dividend yield for the trailing twelve months is around 11.72%, more than IOLZX's 8.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IOLZX ICON Equity Fund	8.42%	10.69%	22.21%	4.75%	18.57%	14.12%	0.00%	3.46%	1.60%	0.00%	0.00%	0.00%
NGUAX Neuberger Berman Guardian Fund	11.72%	12.43%	6.01%	4.30%	6.62%	10.92%	7.60%	6.21%	11.21%	6.87%	13.11%	12.82%

Frequently Asked Questions

Can I hold both NGUAX and IOLZX in my portfolio?

NGUAX and IOLZX have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NGUAX or IOLZX?

IOLZX has higher volatility (6.33%) compared to NGUAX (3.16%). In terms of maximum drawdown, NGUAX dropped -78.07% vs IOLZX's -56.03%.

Which has better risk-adjusted returns?

IOLZX currently has the higher Sharpe Ratio (2.60 vs 1.36), 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.