NML vs. MPLX

Last updated Apr 1, 2026

Compare and contrast key facts about Neuberger Berman MLP (NML) and MPLX LP (MPLX).

NML is an actively managed fund by Neuberger Berman. It was launched on Mar 26, 2013.

Performance

NML vs. MPLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Neuberger Berman MLP (NML) and MPLX LP (MPLX). The values are adjusted to include any dividend payments, if applicable.

NML vs. MPLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NML Neuberger Berman MLP	25.95%	4.36%	40.55%	14.61%	32.75%	61.76%	-45.84%	10.60%	-23.02%	7.07%
MPLX MPLX LP	9.03%	20.54%	41.72%	22.46%	21.09%	53.92%	-1.79%	-8.25%	-8.43%	9.00%

Returns By Period

In the year-to-date period, NML achieves a 25.95% return, which is significantly higher than MPLX's 9.03% return. Over the past 10 years, NML has underperformed MPLX with an annualized return of 12.90%, while MPLX has yielded a comparatively higher 17.19% annualized return.

NML

• 1D: -0.19%
• 1M: 3.44%
• YTD: 25.95%
• 6M: 25.36%
• 1Y: 26.49%
• 3Y*: 27.91%
• 5Y*: 28.84%
• 10Y*: 12.90%

MPLX

• 1D: -1.04%
• 1M: -3.17%
• YTD: 9.03%
• 6M: 18.98%
• 1Y: 15.36%
• 3Y*: 28.58%
• 5Y*: 27.90%
• 10Y*: 17.19%

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

Return for Risk

NML vs. MPLX — Risk / Return Rank

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

NML

NML Risk / Return Rank: 67
NML Sharpe Ratio Rank: 70
NML Sortino Ratio Rank: 64
NML Omega Ratio Rank: 67
NML Calmar Ratio Rank: 73
NML Martin Ratio Rank: 59

MPLX

MPLX Risk / Return Rank: 66
MPLX Sharpe Ratio Rank: 70
MPLX Sortino Ratio Rank: 61
MPLX Omega Ratio Rank: 61
MPLX Calmar Ratio Rank: 65
MPLX Martin Ratio Rank: 73

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. MPLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neuberger Berman MLP (NML) and MPLX LP (MPLX). 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.

	NML	MPLX	Difference
Sharpe ratio Return per unit of total volatility	1.22	0.82	+0.40
Sortino ratio Return per unit of downside risk	1.60	1.19	+0.42
Omega ratio Gain probability vs. loss probability	1.25	1.16	+0.09
Calmar ratio Return relative to maximum drawdown	1.66	1.07	+0.59
Martin ratio Return relative to average drawdown	5.64	3.80	+1.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NML vs. MPLX - Sharpe Ratio Comparison

The current NML Sharpe Ratio is 1.22, which is higher than the MPLX Sharpe Ratio of 0.82. The chart below compares the historical Sharpe Ratios of NML and MPLX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	NML	MPLX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.22	0.82	+0.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.21	1.44	-0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.37	0.56	-0.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.08	0.39	-0.32

Correlation

The correlation between NML and MPLX is 0.55, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

NML vs. MPLX - Dividend Comparison

NML's dividend yield for the trailing twelve months is around 6.67%, less than MPLX's 7.12% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NML Neuberger Berman MLP	6.67%	8.24%	7.94%	10.19%	4.26%	3.54%	8.33%	9.76%	9.87%	7.04%	8.63%	15.44%
MPLX MPLX LP	7.12%	7.39%	7.33%	8.65%	8.80%	11.30%	12.70%	10.41%	8.22%	6.23%	5.86%	4.33%

Drawdowns

NML vs. MPLX - Drawdown Comparison

The maximum NML drawdown since its inception was -90.48%, which is greater than MPLX's maximum drawdown of -85.72%. Use the drawdown chart below to compare losses from any high point for NML and MPLX.

Drawdown Indicators

	NML	MPLX	Difference
Max Drawdown Largest peak-to-trough decline	-90.48%	-85.72%	-4.76%
Max Drawdown (1Y) Largest decline over 1 year	-15.72%	-13.38%	-2.34%
Max Drawdown (5Y) Largest decline over 5 years	-21.40%	-18.46%	-2.94%
Max Drawdown (10Y) Largest decline over 10 years	-84.84%	-75.21%	-9.63%
Current Drawdown Current decline from peak	-0.66%	-3.55%	+2.89%
Average Drawdown Average peak-to-trough decline	-37.54%	-30.33%	-7.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.62%	3.75%	+0.87%

Volatility

NML vs. MPLX - Volatility Comparison

Neuberger Berman MLP (NML) and MPLX LP (MPLX) have volatilities of 4.14% and 3.97%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NML	MPLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.14%	3.97%	+0.17%
Volatility (6M) Calculated over the trailing 6-month period	12.52%	11.15%	+1.37%
Volatility (1Y) Calculated over the trailing 1-year period	21.79%	18.89%	+2.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.88%	19.54%	+4.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.35%	30.91%	+4.44%