NML vs. BKGI

Last updated Jun 23, 2026

NML (Neuberger Berman MLP) and BKGI (Bny Mellon Global Infrastructure Income ETF) are both funds - NML is a MLPs fund actively managed by Neuberger Berman, while BKGI is a Energy Equities fund actively managed by BNY Mellon. Both are actively managed. Over the past 3 years, NML returned 25.74%/yr vs 21.90%/yr for BKGI. At a 0.47 correlation, their price movements are largely independent. NML charges 2.72%/yr vs 0.65%/yr for BKGI.

Performance

NML vs. BKGI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Neuberger Berman MLP (NML) and Bny Mellon Global Infrastructure Income ETF (BKGI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NML achieves a 18.43% return, which is significantly higher than BKGI's 11.73% return.

NML

• 1D: 0.94%
• 1M: -6.73%
• YTD: 18.43%
• 6M: 20.71%
• 1Y: 19.19%
• 3Y*: 25.74%
• 5Y*: 22.78%
• 10Y*: 9.69%

BKGI

• 1D: 0.25%
• 1M: -3.46%
• YTD: 11.73%
• 6M: 12.71%
• 1Y: 21.46%
• 3Y*: 21.90%
• 5Y*: —
• 10Y*: —

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

NML vs. BKGI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
NML Neuberger Berman MLP	18.43%	4.36%	40.55%	14.61%	-1.20%
BKGI Bny Mellon Global Infrastructure Income ETF	11.73%	37.53%	12.35%	9.72%	8.54%

Correlation

The correlation between NML and BKGI is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (All Time) Calculated using the full available price history since Nov 3, 2022	0.47

The correlation between NML and BKGI shifts across timeframes, from 0.28 (1 year) to 0.47 (all time), reflecting how their relationship changes across market environments.

Return for Risk

NML vs. BKGI — Risk / Return Rank

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

NML

NML Risk / Return Rank: 21
NML Sharpe Ratio Rank: 18
NML Sortino Ratio Rank: 16
NML Omega Ratio Rank: 16
NML Calmar Ratio Rank: 31
NML Martin Ratio Rank: 24

BKGI

BKGI Risk / Return Rank: 60
BKGI Sharpe Ratio Rank: 57
BKGI Sortino Ratio Rank: 55
BKGI Omega Ratio Rank: 56
BKGI Calmar Ratio Rank: 72
BKGI Martin Ratio Rank: 63

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.

NML vs. BKGI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neuberger Berman MLP (NML) and Bny Mellon Global Infrastructure Income ETF (BKGI). 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	BKGI	Difference
Sharpe ratio: Return per unit of total volatility	1.12	1.85	-0.74
Sortino ratio: Return per unit of downside risk	1.57	2.57	-1.00
Omega ratio: Gain probability vs. loss probability	1.19	1.34	-0.14
Calmar ratio: Return relative to maximum drawdown	1.99	3.50	-1.51
Martin ratio: Return relative to average drawdown	5.39	11.02	-5.63

NML vs. BKGI - Sharpe Ratio Comparison

The current NML Sharpe Ratio is 1.12, which is lower than the BKGI Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of NML and BKGI, 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

NML vs. BKGI - Drawdown Comparison

The maximum NML drawdown since its inception was -90.48%, which is greater than BKGI's maximum drawdown of -14.79%. Use the drawdown chart below to compare losses from any high point for NML and BKGI.

Drawdown Indicators

	NML	BKGI	Difference
Max Drawdown Largest peak-to-trough decline	-90.48%	-14.79%	-75.69%
Max Drawdown (1Y) Largest decline over 1 year	-9.67%	-6.16%	-3.51%
Max Drawdown (3Y) Largest decline over 3 years	-16.92%	-14.16%	-2.76%
Max Drawdown (5Y) Largest decline over 5 years	-21.40%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-84.84%	—	—
Current Drawdown Current decline from peak	-7.87%	-3.55%	-4.32%
Average Drawdown Average peak-to-trough decline	-36.96%	-2.56%	-34.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.57%	1.95%	+1.62%

Volatility

NML vs. BKGI - Volatility Comparison

Neuberger Berman MLP (NML) has a higher volatility of 6.11% compared to Bny Mellon Global Infrastructure Income ETF (BKGI) at 3.36%. This indicates that NML's price experiences larger fluctuations and is considered to be riskier than BKGI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NML	BKGI	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.11%	3.36%	+2.75%
Volatility (6M) Calculated over the trailing 6-month period	13.76%	9.26%	+4.50%
Volatility (1Y) Calculated over the trailing 1-year period	17.30%	11.65%	+5.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.80%	14.03%	+9.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.11%	14.03%	+21.08%

NML vs. BKGI - Expense Ratio Comparison

NML has a 2.72% expense ratio, which is higher than BKGI's 0.65% expense ratio.

Dividends

NML vs. BKGI - Dividend Comparison

NML's dividend yield for the trailing twelve months is around 7.60%, more than BKGI's 2.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BKGI Bny Mellon Global Infrastructure Income ETF	2.70%	2.65%	4.55%	4.55%	0.53%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
NML Neuberger Berman MLP	7.60%	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

Can I hold both NML and BKGI in my portfolio?

NML and BKGI have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NML or BKGI?

NML has higher volatility (6.11%) compared to BKGI (3.36%). In terms of maximum drawdown, NML dropped -90.48% vs BKGI's -14.79%.

Which has better risk-adjusted returns?

BKGI currently has the higher Sharpe Ratio (1.85 vs 1.12), 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.