NML vs. MLPX
NML (Neuberger Berman MLP) and MLPX (Global X MLP & Energy Infrastructure ETF) are both MLPs funds. NML is actively managed, while MLPX is passively managed. Over the past 10 years, NML returned 9.77%/yr vs 12.45%/yr for MLPX. A 0.75 correlation means they provide meaningful diversification when combined. NML charges 2.72%/yr vs 0.45%/yr for MLPX.
Performance
NML vs. MLPX - Performance Comparison
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Returns By Period
In the year-to-date period, NML achieves a 19.29% return, which is significantly lower than MLPX's 25.35% return. Over the past 10 years, NML has underperformed MLPX with an annualized return of 9.77%, while MLPX has yielded a comparatively higher 12.45% 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%
MLPX
- 1D
- 1.68%
- 1M
- -3.98%
- YTD
- 25.35%
- 6M
- 25.51%
- 1Y
- 27.11%
- 3Y*
- 29.56%
- 5Y*
- 21.27%
- 10Y*
- 12.45%
NML vs. MLPX - 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% |
MLPX Global X MLP & Energy Infrastructure ETF | 25.35% | 4.96% | 42.90% | 15.77% | 21.54% | 39.63% | -20.32% | 19.04% | -15.64% | -4.53% |
Correlation
The correlation between NML and MLPX is 0.73, 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 | 0.74 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.73 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.80 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.80 |
Correlation (All Time) Calculated using the full available price history since Aug 7, 2013 | 0.75 |
The correlation between NML and MLPX has been stable across timeframes, ranging from 0.73 to 0.80 - a consistent structural relationship.
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Return for Risk
NML vs. MLPX — Risk / Return Rank
NML
MLPX
NML vs. MLPX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Neuberger Berman MLP (NML) and Global X MLP & Energy Infrastructure ETF (MLPX). 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 | MLPX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.54 | ||
| Sortino ratioReturn per unit of downside risk | -0.75 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.30 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.20 | 3.33 | -1.13 |
| Martin ratioReturn relative to average drawdown | 5.90 | 8.00 | -2.10 |
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Drawdowns
NML vs. MLPX - Drawdown Comparison
The maximum NML drawdown since its inception was -90.48%, which is greater than MLPX's maximum drawdown of -70.67%. Use the drawdown chart below to compare losses from any high point for NML and MLPX.
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Drawdown Indicators
| NML | MLPX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -90.48% | -70.67% | -19.81% |
Max Drawdown (1Y)Largest decline over 1 year | -9.67% | -8.18% | -1.49% |
Max Drawdown (3Y)Largest decline over 3 years | -16.92% | -16.77% | -0.15% |
Max Drawdown (5Y)Largest decline over 5 years | -21.40% | -19.72% | -1.68% |
Max Drawdown (10Y)Largest decline over 10 years | -84.84% | -64.70% | -20.14% |
Current DrawdownCurrent decline from peak | -7.21% | -4.34% | -2.87% |
Average DrawdownAverage peak-to-trough decline | -36.95% | -16.58% | -20.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.60% | 3.40% | +0.20% |
Volatility
NML vs. MLPX - Volatility Comparison
Neuberger Berman MLP (NML) has a higher volatility of 6.17% compared to Global X MLP & Energy Infrastructure ETF (MLPX) at 5.80%. This indicates that NML's price experiences larger fluctuations and is considered to be riskier than MLPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NML | MLPX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.17% | 5.80% | +0.37% |
Volatility (6M)Calculated over the trailing 6-month period | 13.72% | 11.78% | +1.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.28% | 15.43% | +1.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.81% | 19.99% | +3.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.08% | 26.47% | +8.61% |
NML vs. MLPX - Expense Ratio Comparison
NML has a 2.72% expense ratio, which is higher than MLPX's 0.45% expense ratio.
Dividends
NML vs. MLPX - Dividend Comparison
NML's dividend yield for the trailing twelve months is around 7.55%, more than MLPX's 4.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MLPX Global X MLP & Energy Infrastructure ETF | 4.09% | 4.88% | 4.30% | 5.22% | 5.23% | 5.98% | 8.32% | 5.78% | 5.77% | 4.36% | 5.50% | 4.81% |
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 MLPX have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NML has higher volatility (6.17%) compared to MLPX (5.80%). In terms of maximum drawdown, NML dropped -90.48% vs MLPX's -70.67%.
MLPX currently has the higher Sharpe Ratio (1.77 vs 1.23), 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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