NML vs. BGR
NML (Neuberger Berman MLP) is MLPs fund actively managed by Neuberger Berman, while BGR (BlackRock Energy and Resources Trust) is a stock. Over the past 10 years, NML returned 9.77%/yr vs 7.87%/yr for BGR. A 0.62 correlation means they provide meaningful diversification when combined.
Performance
NML vs. BGR - Performance Comparison
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Returns By Period
In the year-to-date period, NML achieves a 19.29% return, which is significantly higher than BGR's 14.53% return. Over the past 10 years, NML has outperformed BGR with an annualized return of 9.77%, while BGR has yielded a comparatively lower 7.87% annualized return.
NML
- 1D
- 0.72%
- 1M
- -6.05%
- YTD
- 19.29%
- 6M
- 21.14%
- 1Y
- 21.15%
- 3Y*
- 26.04%
- 5Y*
- 22.96%
- 10Y*
- 9.77%
BGR
- 1D
- 1.36%
- 1M
- -8.23%
- YTD
- 14.53%
- 6M
- 15.13%
- 1Y
- 23.62%
- 3Y*
- 16.83%
- 5Y*
- 15.67%
- 10Y*
- 7.87%
NML vs. BGR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NML Neuberger Berman MLP | 19.29% | 4.36% | 40.55% | 14.61% | 32.75% | 61.76% | -45.84% | 10.60% | -23.02% | 7.07% |
BGR BlackRock Energy and Resources Trust | 14.53% | 17.34% | 8.07% | 5.73% | 38.90% | 40.25% | -34.78% | 23.32% | -21.21% | 5.18% |
Correlation
The correlation between NML and BGR is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.59 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.67 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.65 |
Correlation (All Time) Calculated using the full available price history since Mar 26, 2013 | 0.62 |
The correlation between NML and BGR has been stable across timeframes, ranging from 0.59 to 0.67 - a consistent structural relationship.
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Return for Risk
NML vs. BGR — Risk / Return Rank
NML
BGR
NML vs. BGR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Neuberger Berman MLP (NML) and BlackRock Energy and Resources Trust (BGR). 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.
| NML | BGR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.03 | ||
| Sortino ratioReturn per unit of downside risk | +0.15 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.23 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.20 | 1.65 | +0.55 |
| Martin ratioReturn relative to average drawdown | 5.90 | 6.03 | -0.14 |
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Drawdowns
NML vs. BGR - Drawdown Comparison
The maximum NML drawdown since its inception was -90.48%, which is greater than BGR's maximum drawdown of -72.74%. Use the drawdown chart below to compare losses from any high point for NML and BGR.
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Drawdown Indicators
| NML | BGR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -90.48% | -72.74% | -17.74% |
Max Drawdown (1Y)Largest decline over 1 year | -9.67% | -14.38% | +4.71% |
Max Drawdown (3Y)Largest decline over 3 years | -16.92% | -18.25% | +1.33% |
Max Drawdown (5Y)Largest decline over 5 years | -21.40% | -24.81% | +3.41% |
Max Drawdown (10Y)Largest decline over 10 years | -84.84% | -66.16% | -18.68% |
Current DrawdownCurrent decline from peak | -7.21% | -12.51% | +5.30% |
Average DrawdownAverage peak-to-trough decline | -36.95% | -20.22% | -16.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.60% | 3.93% | -0.33% |
Volatility
NML vs. BGR - Volatility Comparison
The current volatility for Neuberger Berman MLP (NML) is 6.17%, while BlackRock Energy and Resources Trust (BGR) has a volatility of 6.78%. This indicates that NML experiences smaller price fluctuations and is considered to be less risky than BGR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NML | BGR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.17% | 6.78% | -0.61% |
Volatility (6M)Calculated over the trailing 6-month period | 13.72% | 17.79% | -4.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.28% | 20.08% | -2.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.81% | 22.77% | +1.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.08% | 26.87% | +8.21% |
Dividends
NML vs. BGR - Dividend Comparison
NML's dividend yield for the trailing twelve months is around 7.55%, less than BGR's 7.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BGR BlackRock Energy and Resources Trust | 7.82% | 8.62% | 6.66% | 6.22% | 4.62% | 4.75% | 9.26% | 7.84% | 8.91% | 6.57% | 6.90% | 11.93% |
NML Neuberger Berman MLP | 7.55% | 8.24% | 7.94% | 10.19% | 4.26% | 3.54% | 8.33% | 9.76% | 9.87% | 7.04% | 8.63% | 15.44% |
Frequently Asked Questions
NML and BGR have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BGR has higher volatility (6.78%) compared to NML (6.17%). In terms of maximum drawdown, NML dropped -90.48% vs BGR's -72.74%.
NML currently has the higher Sharpe Ratio (1.23 vs 1.20), 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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