NML vs. LGI

Last updated Jun 23, 2026

NML (Neuberger Berman MLP) and LGI (Lazard Global Total Return and Income Fund) are both mutual funds - NML is a MLPs fund actively managed by Neuberger Berman, while LGI is a Global Allocation fund managed by Lazard. Over the past 10 years, NML returned 9.69%/yr vs 13.71%/yr for LGI. At a 0.37 correlation, their price movements are largely independent. NML charges 2.72%/yr vs 0.02%/yr for LGI.

Performance

NML vs. LGI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Neuberger Berman MLP (NML) and Lazard Global Total Return and Income Fund (LGI). 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 LGI's 9.26% return. Over the past 10 years, NML has underperformed LGI with an annualized return of 9.69%, while LGI has yielded a comparatively higher 13.71% annualized 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%

LGI

• 1D: -0.11%
• 1M: 1.42%
• YTD: 9.26%
• 6M: 7.96%
• 1Y: 24.58%
• 3Y*: 16.18%
• 5Y*: 7.12%
• 10Y*: 13.71%

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

NML vs. LGI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NML Neuberger Berman MLP	18.43%	4.36%	40.55%	14.61%	32.75%	61.76%	-45.84%	10.60%	-23.02%	7.07%
LGI Lazard Global Total Return and Income Fund	9.26%	21.36%	14.00%	12.89%	-20.57%	25.28%	17.04%	30.25%	-10.51%	39.37%

Correlation

The correlation between NML and LGI is -0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (10Y) Calculated over the trailing 10-year period	0.38
Correlation (All Time) Calculated using the full available price history since Mar 26, 2013	0.37

The correlation between NML and LGI shifts across timeframes, from -0.04 (1 year) to 0.38 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

NML vs. LGI — 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

LGI

LGI Risk / Return Rank: 25
LGI Sharpe Ratio Rank: 32
LGI Sortino Ratio Rank: 27
LGI Omega Ratio Rank: 36
LGI Calmar Ratio Rank: 13
LGI Martin Ratio Rank: 16

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. LGI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neuberger Berman MLP (NML) and Lazard Global Total Return and Income Fund (LGI). 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	LGI	Difference
Sharpe ratio: Return per unit of total volatility	1.12	1.51	-0.40
Sortino ratio: Return per unit of downside risk	1.57	2.03	-0.46
Omega ratio: Gain probability vs. loss probability	1.19	1.29	-0.10
Calmar ratio: Return relative to maximum drawdown	1.99	1.16	+0.83
Martin ratio: Return relative to average drawdown	5.39	4.15	+1.24

NML vs. LGI - Sharpe Ratio Comparison

The current NML Sharpe Ratio is 1.12, which is comparable to the LGI Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of NML and LGI, 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. LGI - Drawdown Comparison

The maximum NML drawdown since its inception was -90.48%, which is greater than LGI's maximum drawdown of -63.34%. Use the drawdown chart below to compare losses from any high point for NML and LGI.

Drawdown Indicators

	NML	LGI	Difference
Max Drawdown Largest peak-to-trough decline	-90.48%	-63.34%	-27.14%
Max Drawdown (1Y) Largest decline over 1 year	-9.67%	-21.25%	+11.58%
Max Drawdown (3Y) Largest decline over 3 years	-16.92%	-21.95%	+5.03%
Max Drawdown (5Y) Largest decline over 5 years	-21.40%	-32.84%	+11.44%
Max Drawdown (10Y) Largest decline over 10 years	-84.84%	-42.94%	-41.90%
Current Drawdown Current decline from peak	-7.87%	-5.59%	-2.28%
Average Drawdown Average peak-to-trough decline	-36.96%	-10.94%	-26.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.57%	5.94%	-2.37%

Volatility

NML vs. LGI - Volatility Comparison

Neuberger Berman MLP (NML) has a higher volatility of 6.11% compared to Lazard Global Total Return and Income Fund (LGI) at 3.89%. This indicates that NML's price experiences larger fluctuations and is considered to be riskier than LGI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NML	LGI	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.11%	3.89%	+2.22%
Volatility (6M) Calculated over the trailing 6-month period	13.76%	14.42%	-0.66%
Volatility (1Y) Calculated over the trailing 1-year period	17.30%	16.36%	+0.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.80%	19.33%	+4.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.11%	20.10%	+15.01%

NML vs. LGI - Expense Ratio Comparison

NML has a 2.72% expense ratio, which is higher than LGI's 0.02% expense ratio.

Dividends

NML vs. LGI - Dividend Comparison

NML's dividend yield for the trailing twelve months is around 7.60%, less than LGI's 9.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LGI Lazard Global Total Return and Income Fund	9.95%	10.08%	9.19%	7.32%	10.22%	9.77%	7.17%	6.44%	19.88%	5.46%	6.94%	8.52%
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 LGI in my portfolio?

NML and LGI have a correlation of -0.04, 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 LGI?

NML has higher volatility (6.11%) compared to LGI (3.89%). In terms of maximum drawdown, NML dropped -90.48% vs LGI's -63.34%.

Which has better risk-adjusted returns?

LGI currently has the higher Sharpe Ratio (1.51 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.