NHS vs. CCD

Last updated Jul 14, 2026

NHS (Neuberger Berman High Yield Strategies Fund) is High Yield Bonds fund actively managed by Neuberger Berman, while CCD (Calamos Dynamic Convertible and Income Fund) is a stock. Over the past 10 years, NHS returned 5.09%/yr vs 13.84%/yr for CCD. At a 0.39 correlation, their price movements are largely independent.

Performance

NHS vs. CCD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Neuberger Berman High Yield Strategies Fund (NHS) and Calamos Dynamic Convertible and Income Fund (CCD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NHS achieves a -9.34% return, which is significantly lower than CCD's 28.53% return. Over the past 10 years, NHS has underperformed CCD with an annualized return of 5.09%, while CCD has yielded a comparatively higher 13.84% annualized return.

NHS

• 1D: -0.48%
• 1M: -0.63%
• 6M: -9.21%
• YTD: -9.34%
• 1Y: -3.62%
• 3Y*: 7.99%
• 5Y*: -1.41%
• 10Y*: 5.09%

CCD

• 1D: -0.77%
• 1M: 3.21%
• 6M: 21.54%
• YTD: 28.53%
• 1Y: 39.37%
• 3Y*: 18.60%
• 5Y*: 6.31%
• 10Y*: 13.84%

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

NHS vs. CCD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NHS Neuberger Berman High Yield Strategies Fund	-9.34%	14.81%	11.04%	6.12%	-22.99%	15.78%	4.57%	39.03%	-11.45%	8.64%
CCD Calamos Dynamic Convertible and Income Fund	28.53%	-4.26%	35.89%	7.98%	-28.00%	20.33%	45.75%	41.60%	-9.64%	26.56%

Correlation

The correlation between NHS and CCD is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (5Y) Calculated over the trailing 5-year period	0.40
Correlation (10Y) Calculated over the trailing 10-year period	0.39
Correlation (All Time) Calculated using the full available price history since Mar 27, 2015	0.39

Return for Risk

NHS vs. CCD — Risk / Return Rank

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

NHS

NHS Risk / Return Rank: 2
NHS Sharpe Ratio Rank: 2
NHS Sortino Ratio Rank: 2
NHS Omega Ratio Rank: 2
NHS Calmar Ratio Rank: 2
NHS Martin Ratio Rank: 2

CCD

CCD Risk / Return Rank: 91
CCD Sharpe Ratio Rank: 92
CCD Sortino Ratio Rank: 90
CCD Omega Ratio Rank: 90
CCD Calmar Ratio Rank: 90
CCD Martin Ratio Rank: 95

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.

NHS vs. CCD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neuberger Berman High Yield Strategies Fund (NHS) and Calamos Dynamic Convertible and Income Fund (CCD). 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.

	NHS	CCD	Difference
Sharpe ratio: Return per unit of total volatility	-0.28	2.11	-2.40
Sortino ratio: Return per unit of downside risk	-0.31	2.84	-3.15
Omega ratio: Gain probability vs. loss probability	0.96	1.37	-0.41
Calmar ratio: Return relative to maximum drawdown	-0.21	3.57	-3.78
Martin ratio: Return relative to average drawdown	-0.44	15.33	-15.77

NHS vs. CCD - Sharpe Ratio Comparison

The current NHS Sharpe Ratio is -0.28, which is lower than the CCD Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of NHS and CCD, 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

NHS vs. CCD - Drawdown Comparison

The maximum NHS drawdown since its inception was -64.67%, which is greater than CCD's maximum drawdown of -55.42%. Use the drawdown chart below to compare losses from any high point for NHS and CCD.

Drawdown Indicators

	NHS	CCD	Difference
Max Drawdown Largest peak-to-trough decline	-64.67%	-55.42%	-9.25%
Max Drawdown (1Y) Largest decline over 1 year	-17.01%	-11.08%	-5.93%
Max Drawdown (3Y) Largest decline over 3 years	-17.01%	-22.28%	+5.27%
Max Drawdown (5Y) Largest decline over 5 years	-37.43%	-37.54%	+0.11%
Max Drawdown (10Y) Largest decline over 10 years	-42.97%	-55.42%	+12.45%
Current Drawdown Current decline from peak	-14.81%	-0.77%	-14.04%
Average Drawdown Average peak-to-trough decline	-8.88%	-11.73%	+2.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.28%	2.57%	+5.71%

Volatility

NHS vs. CCD - Volatility Comparison

The current volatility for Neuberger Berman High Yield Strategies Fund (NHS) is 2.65%, while Calamos Dynamic Convertible and Income Fund (CCD) has a volatility of 6.10%. This indicates that NHS experiences smaller price fluctuations and is considered to be less risky than CCD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NHS	CCD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.65%	6.10%	-3.45%
Volatility (6M) Calculated over the trailing 6-month period	9.74%	15.42%	-5.68%
Volatility (1Y) Calculated over the trailing 1-year period	12.77%	18.75%	-5.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.14%	20.53%	-4.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.70%	25.83%	-9.13%

Dividends

NHS vs. CCD - Dividend Comparison

NHS's dividend yield for the trailing twelve months is around 17.45%, more than CCD's 9.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CCD Calamos Dynamic Convertible and Income Fund	9.10%	11.22%	9.63%	11.83%	11.42%	7.43%	7.11%	8.93%	12.21%	9.99%	11.43%	7.40%
NHS Neuberger Berman High Yield Strategies Fund	17.45%	14.60%	14.50%	13.94%	12.75%	8.74%	9.29%	7.99%	8.37%	7.59%	8.23%	9.81%

Frequently Asked Questions

Can I hold both NHS and CCD in my portfolio?

NHS and CCD have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NHS or CCD?

CCD has higher volatility (6.10%) compared to NHS (2.65%). In terms of maximum drawdown, NHS dropped -64.67% vs CCD's -55.42%.

Which has better risk-adjusted returns?

CCD currently has the higher Sharpe Ratio (2.11 vs -0.28), 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.