NGUAX vs. NMIIX

Last updated Aug 1, 2026

NGUAX (Neuberger Berman Guardian Fund) and NMIIX (Neuberger Berman Municipal Impact Fund) are both mutual funds - NGUAX is a Large Cap Growth Equities fund managed by Neuberger Berman, while NMIIX is a Municipal Bonds fund managed by Neuberger Berman. Their -0.04 correlation means they have often moved in opposite directions in the past. NGUAX charges 0.82%/yr vs 0.43%/yr for NMIIX.

Performance

NGUAX vs. NMIIX - Performance Comparison

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

Returns By Period

NGUAX

• 1D: 1.81%
• 1M: -2.32%
• 6M: 3.34%
• YTD: 2.19%
• 1Y: 7.77%
• 3Y*: 15.67%
• 5Y*: 9.55%
• 10Y*: 15.22%
• ALL TIME*: 8.18%

NMIIX

• 1D: —
• 1M: —
• 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)
NGUAX Neuberger Berman Guardian Fund	$0.00	$0.00	$0.00

NGUAX vs. NMIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NGUAX Neuberger Berman Guardian Fund	2.19%	14.38%	23.80%	35.98%	-24.47%	27.43%	34.56%	36.69%	-7.16%	25.28%
NMIIX Neuberger Berman Municipal Impact Fund	0.12%	3.89%	1.22%	3.99%	-8.39%	0.88%	4.31%	6.51%	0.97%	3.30%

Correlation

The correlation between NGUAX and NMIIX is 0.10, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.10
Correlation (3Y) Balances recent behavior with more history.	0.10
Correlation (5Y) Shows whether the relationship held over a longer period.	0.12
Correlation (10Y) Provides a long-term view across more market conditions.	0.04
Correlation (All Time) Calculated using the full available price history since Mar 12, 2013	-0.04

The correlation between NGUAX and NMIIX shifts across timeframes, from -0.04 (all time) to 0.12 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

NGUAX vs. NMIIX — Risk / Return Rank

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

NGUAX

NGUAX Risk / Return Rank: 12
NGUAX Sharpe Ratio Rank: 12
NGUAX Sortino Ratio Rank: 12
NGUAX Omega Ratio Rank: 12
NGUAX Calmar Ratio Rank: 11
NGUAX Martin Ratio Rank: 12

NMIIX

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.

NGUAX vs. NMIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neuberger Berman Guardian Fund (NGUAX) and Neuberger Berman Municipal Impact Fund (NMIIX). 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.

	NGUAX	NMIIX	Difference
Sharpe ratio: Return per unit of total volatility	0.45	—	—
Sortino ratio: Return per unit of downside risk	0.71	—	—
Omega ratio: Gain probability vs. loss probability	1.09	—	—
Calmar ratio: Return relative to maximum drawdown	0.46	—	—
Martin ratio: Return relative to average drawdown	1.50	—	—

Drawdowns

Drawdown Indicators

	NGUAX	NMIIX	Difference
Max Drawdown Largest peak-to-trough decline	-78.07%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-14.16%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-20.89%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-28.43%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-31.99%	—	—
Current Drawdown Current decline from peak	-4.92%	—	—
Average Drawdown Average peak-to-trough decline	-31.77%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	4.31%	—	—

Volatility

Volatility by Period

	NGUAX	NMIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.35%	—	—
Volatility (6M) Calculated over the trailing 6-month period	11.65%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	14.62%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.43%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.31%	—	—

NGUAX vs. NMIIX - Expense Ratio Comparison

NGUAX has a 0.82% expense ratio, which is higher than NMIIX's 0.43% expense ratio.

Dividends

NGUAX vs. NMIIX - Dividend Comparison

NGUAX's dividend yield for the trailing twelve months is around 12.16%, more than NMIIX's 2.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NGUAX Neuberger Berman Guardian Fund	12.16%	12.43%	6.01%	4.30%	6.62%	10.92%	7.60%	6.21%	11.21%	6.87%	13.11%	12.82%
NMIIX Neuberger Berman Municipal Impact Fund	2.30%	2.92%	2.69%	1.77%	1.33%	1.83%	2.23%	2.82%	2.47%	2.32%	3.41%	2.84%

Frequently Asked Questions

Can I hold both NGUAX and NMIIX in my portfolio?

NGUAX and NMIIX have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.