NMIIX vs. NGUAX

Last updated Jun 24, 2026

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

Performance

NMIIX vs. NGUAX - Performance Comparison

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

Returns By Period

NMIIX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

NGUAX

• 1D: -1.12%
• 1M: -1.31%
• YTD: 4.24%
• 6M: 3.61%
• 1Y: 16.02%
• 3Y*: 18.35%
• 5Y*: 11.16%
• 10Y*: 16.22%

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

NMIIX vs. NGUAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
NGUAX Neuberger Berman Guardian Fund	4.24%	14.38%	23.80%	35.98%	-24.47%	27.43%	34.56%	36.69%	-7.16%	25.28%

Correlation

The correlation between NMIIX and NGUAX is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (10Y) Calculated over the trailing 10-year period	0.04
Correlation (All Time) Calculated using the full available price history since Mar 12, 2013	-0.04

The correlation between NMIIX and NGUAX shifts across timeframes, from -0.04 (all time) to 0.13 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

NMIIX vs. NGUAX — Risk / Return Rank

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

NMIIX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

NGUAX

NGUAX Risk / Return Rank: 19
NGUAX Sharpe Ratio Rank: 22
NGUAX Sortino Ratio Rank: 20
NGUAX Omega Ratio Rank: 21
NGUAX Calmar Ratio Rank: 14
NGUAX Martin Ratio Rank: 17

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.

NMIIX vs. NGUAX - Risk-Adjusted Trends Comparison

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

	NMIIX	NGUAX	Difference
Sharpe ratio: Return per unit of total volatility	—	1.23	—
Sortino ratio: Return per unit of downside risk	—	1.74	—
Omega ratio: Gain probability vs. loss probability	—	1.22	—
Calmar ratio: Return relative to maximum drawdown	—	1.22	—
Martin ratio: Return relative to average drawdown	—	4.14	—

Drawdowns

Drawdown Indicators

	NMIIX	NGUAX	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	—	-3.01%	—
Average Drawdown Average peak-to-trough decline	—	-31.83%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	4.15%	—

Volatility

Volatility by Period

	NMIIX	NGUAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.10%	—
Volatility (6M) Calculated over the trailing 6-month period	—	11.13%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	14.09%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	18.35%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	18.32%	—

NMIIX vs. NGUAX - Expense Ratio Comparison

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

Dividends

NMIIX vs. NGUAX - Dividend Comparison

NMIIX's dividend yield for the trailing twelve months is around 2.79%, less than NGUAX's 11.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NGUAX Neuberger Berman Guardian Fund	11.92%	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	2.79%	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 NMIIX and NGUAX in my portfolio?

NMIIX and NGUAX have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.