NLSIX vs. BTPIX
NLSIX (Neuberger Berman Long Short Fund) and BTPIX (Salient Tactical Plus Fund) are both Long-Short funds. Over the past 10 years, NLSIX returned 6.63%/yr vs 3.56%/yr for BTPIX. Their 0.56 correlation means they have sometimes moved together and sometimes differently. NLSIX charges 1.28%/yr vs 1.08%/yr for BTPIX.
Performance
NLSIX vs. BTPIX - Performance Comparison
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Returns By Period
In the year-to-date period, NLSIX achieves a 0.35% return, which is significantly lower than BTPIX's 2.50% return. Over the past 10 years, NLSIX has outperformed BTPIX with an annualized return of 6.63%, while BTPIX has yielded a comparatively lower 3.56% annualized return.
NLSIX
- 1D
- 0.75%
- 1M
- -1.22%
- 6M
- 0.55%
- YTD
- 0.35%
- 1Y
- 2.44%
- 3Y*
- 6.41%
- 5Y*
- 4.45%
- 10Y*
- 6.63%
- ALL TIME*
- 6.46%
BTPIX
- 1D
- 0.00%
- 1M
- -1.42%
- 6M
- -0.36%
- YTD
- 2.50%
- 1Y
- 7.13%
- 3Y*
- 1.04%
- 5Y*
- 1.49%
- 10Y*
- 3.56%
- ALL TIME*
- 3.93%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
NLSIX vs. BTPIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NLSIX Neuberger Berman Long Short Fund | 0.35% | 7.20% | 7.47% | 13.10% | -6.85% | 9.01% | 15.27% | 17.11% | -6.92% | 13.39% |
BTPIX Salient Tactical Plus Fund | 2.50% | -2.44% | 3.17% | 4.22% | -1.65% | 6.48% | 7.46% | 7.54% | 2.94% | 0.26% |
Correlation
The correlation between NLSIX and BTPIX is 0.67, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.67 |
Correlation (3Y) Balances recent behavior with more history. | 0.41 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.44 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.52 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2013 | 0.56 |
The correlation between NLSIX and BTPIX shifts across timeframes, from 0.41 (3 years) to 0.67 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
NLSIX vs. BTPIX — Risk / Return Rank
NLSIX
BTPIX
NLSIX vs. BTPIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Neuberger Berman Long Short Fund (NLSIX) and Salient Tactical Plus Fund (BTPIX). 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.
| NLSIX | BTPIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.22 | ||
| Sortino ratioReturn per unit of downside risk | -0.29 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.12 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 0.55 | 0.93 | -0.38 |
| Martin ratioReturn relative to average drawdown | 1.83 | 2.54 | -0.71 |
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Drawdowns
NLSIX vs. BTPIX - Drawdown Comparison
The maximum NLSIX drawdown since its inception was -14.75%, which is greater than BTPIX's maximum drawdown of -13.30%. Use the drawdown chart below to compare losses from any high point for NLSIX and BTPIX.
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Drawdown Indicators
| NLSIX | BTPIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.75% | -13.30% | -1.45% |
Max Drawdown (1Y)Largest decline over 1 year | -4.39% | -6.84% | +2.45% |
Max Drawdown (3Y)Largest decline over 3 years | -6.90% | -8.90% | +2.00% |
Max Drawdown (5Y)Largest decline over 5 years | -10.79% | -8.90% | -1.89% |
Max Drawdown (10Y)Largest decline over 10 years | -14.75% | -11.04% | -3.71% |
Current DrawdownCurrent decline from peak | -2.51% | -4.15% | +1.64% |
Average DrawdownAverage peak-to-trough decline | -2.01% | -3.86% | +1.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.31% | 2.50% | -1.19% |
Volatility
NLSIX vs. BTPIX - Volatility Comparison
Neuberger Berman Long Short Fund (NLSIX) has a higher volatility of 1.87% compared to Salient Tactical Plus Fund (BTPIX) at 1.75%. This indicates that NLSIX's price experiences larger fluctuations and is considered to be riskier than BTPIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NLSIX | BTPIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.87% | 1.75% | +0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 4.66% | 6.74% | -2.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.55% | 9.78% | -4.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.69% | 6.34% | +0.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.35% | 8.56% | -1.21% |
NLSIX vs. BTPIX - Expense Ratio Comparison
NLSIX has a 1.28% expense ratio, which is higher than BTPIX's 1.08% expense ratio.
Dividends
NLSIX vs. BTPIX - Dividend Comparison
NLSIX's dividend yield for the trailing twelve months is around 0.05%, less than BTPIX's 2.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BTPIX Salient Tactical Plus Fund | 2.74% | 2.81% | 3.80% | 4.93% | 7.72% | 0.00% | 6.10% | 6.16% | 3.08% | 0.00% | 4.14% | 0.00% |
NLSIX Neuberger Berman Long Short Fund | 0.05% | 0.05% | 0.02% | 0.97% | 7.01% | 1.13% | 2.15% | 2.39% | 5.91% | 0.00% | 0.00% | 0.01% |
Frequently Asked Questions
NLSIX and BTPIX have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NLSIX has higher volatility (1.87%) compared to BTPIX (1.75%). In terms of maximum drawdown, NLSIX dropped -14.75% vs BTPIX's -13.30%.
BTPIX currently has the higher Sharpe Ratio (0.65 vs 0.43), 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.
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