NLSIX vs. GTAPX

Last updated Jun 4, 2026

NLSIX (Neuberger Berman Long Short Fund) and GTAPX (Quantitative U.S. Long/Short Equity Portfolio) are both Long-Short funds. Over the past 10 years, NLSIX returned 6.86%/yr vs 5.77%/yr for GTAPX. A 0.53 correlation means they provide meaningful diversification when combined. NLSIX charges 1.28%/yr vs 1.25%/yr for GTAPX.

Performance

NLSIX vs. GTAPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Neuberger Berman Long Short Fund (NLSIX) and Quantitative U.S. Long/Short Equity Portfolio (GTAPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NLSIX achieves a 2.34% return, which is significantly lower than GTAPX's 5.43% return. Over the past 10 years, NLSIX has outperformed GTAPX with an annualized return of 6.86%, while GTAPX has yielded a comparatively lower 5.77% annualized return.

NLSIX

• 1D: -0.19%
• 1M: 0.64%
• YTD: 2.34%
• 6M: 1.99%
• 1Y: 6.09%
• 3Y*: 7.70%
• 5Y*: 5.67%
• 10Y*: 6.86%

GTAPX

• 1D: 0.00%
• 1M: 0.30%
• YTD: 5.43%
• 6M: 7.29%
• 1Y: 14.91%
• 3Y*: 12.02%
• 5Y*: 8.76%
• 10Y*: 5.77%

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

NLSIX vs. GTAPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NLSIX Neuberger Berman Long Short Fund	2.34%	7.20%	7.47%	13.10%	-6.85%	9.01%	15.27%	17.11%	-6.92%	13.39%
GTAPX Quantitative U.S. Long/Short Equity Portfolio	5.43%	12.79%	13.28%	4.42%	3.16%	17.72%	-5.16%	3.26%	-8.65%	8.74%

Correlation

The correlation between NLSIX and GTAPX is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (10Y) Calculated over the trailing 10-year period	0.47
Correlation (All Time) Calculated using the full available price history since Dec 30, 2011	0.53

The correlation between NLSIX and GTAPX shifts across timeframes, from 0.34 (1 year) to 0.53 (all time), reflecting how their relationship changes across market environments.

Return for Risk

NLSIX vs. GTAPX — Risk / Return Rank

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

NLSIX

NLSIX Risk / Return Rank: 19
NLSIX Sharpe Ratio Rank: 20
NLSIX Sortino Ratio Rank: 20
NLSIX Omega Ratio Rank: 20
NLSIX Calmar Ratio Rank: 16
NLSIX Martin Ratio Rank: 21

GTAPX

GTAPX Risk / Return Rank: 69
GTAPX Sharpe Ratio Rank: 57
GTAPX Sortino Ratio Rank: 61
GTAPX Omega Ratio Rank: 50
GTAPX Calmar Ratio Rank: 92
GTAPX Martin Ratio Rank: 83

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.

NLSIX vs. GTAPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neuberger Berman Long Short Fund (NLSIX) and Quantitative U.S. Long/Short Equity Portfolio (GTAPX). 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.

	NLSIX	GTAPX	Difference
Sharpe ratio: Return per unit of total volatility	1.26	2.22	-0.96
Sortino ratio: Return per unit of downside risk	1.86	3.29	-1.42
Omega ratio: Gain probability vs. loss probability	1.23	1.39	-0.16
Calmar ratio: Return relative to maximum drawdown	1.41	5.00	-3.59
Martin ratio: Return relative to average drawdown	5.44	15.60	-10.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NLSIX vs. GTAPX - Sharpe Ratio Comparison

The current NLSIX Sharpe Ratio is 1.26, which is lower than the GTAPX Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of NLSIX and GTAPX, 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

	NLSIX	GTAPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.26	2.22	-0.96
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.86	0.81	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.94	0.57	+0.37
Sharpe Ratio (All Time) Calculated using the full available price history	0.96	0.40	+0.56

Drawdowns

NLSIX vs. GTAPX - Drawdown Comparison

The maximum NLSIX drawdown since its inception was -14.75%, smaller than the maximum GTAPX drawdown of -30.40%. Use the drawdown chart below to compare losses from any high point for NLSIX and GTAPX.

Drawdown Indicators

	NLSIX	GTAPX	Difference
Max Drawdown Largest peak-to-trough decline	-14.75%	-30.40%	+15.65%
Max Drawdown (1Y) Largest decline over 1 year	-4.39%	-3.01%	-1.38%
Max Drawdown (3Y) Largest decline over 3 years	-6.90%	-12.21%	+5.31%
Max Drawdown (5Y) Largest decline over 5 years	-10.79%	-12.21%	+1.42%
Max Drawdown (10Y) Largest decline over 10 years	-14.75%	-30.40%	+15.65%
Current Drawdown Current decline from peak	-0.58%	-0.22%	-0.36%
Average Drawdown Average peak-to-trough decline	-2.02%	-7.04%	+5.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.13%	0.96%	+0.17%

Volatility

NLSIX vs. GTAPX - Volatility Comparison

The current volatility for Neuberger Berman Long Short Fund (NLSIX) is 1.42%, while Quantitative U.S. Long/Short Equity Portfolio (GTAPX) has a volatility of 2.05%. This indicates that NLSIX experiences smaller price fluctuations and is considered to be less risky than GTAPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NLSIX	GTAPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.42%	2.05%	-0.63%
Volatility (6M) Calculated over the trailing 6-month period	3.93%	5.01%	-1.08%
Volatility (1Y) Calculated over the trailing 1-year period	4.91%	6.77%	-1.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.66%	10.89%	-4.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.32%	10.22%	-2.90%

NLSIX vs. GTAPX - Expense Ratio Comparison

NLSIX has a 1.28% expense ratio, which is higher than GTAPX's 1.25% expense ratio.

Dividends

NLSIX vs. GTAPX - Dividend Comparison

NLSIX's dividend yield for the trailing twelve months is around 0.05%, less than GTAPX's 15.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GTAPX Quantitative U.S. Long/Short Equity Portfolio	15.73%	16.63%	11.79%	11.23%	0.00%	0.00%	0.00%	0.96%	0.00%	0.00%	0.00%	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

Can I hold both NLSIX and GTAPX in my portfolio?

NLSIX and GTAPX have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NLSIX or GTAPX?

GTAPX has higher volatility (2.05%) compared to NLSIX (1.42%). In terms of maximum drawdown, NLSIX dropped -14.75% vs GTAPX's -30.40%.

Which has better risk-adjusted returns?

GTAPX currently has the higher Sharpe Ratio (2.22 vs 1.26), 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.