NML vs. NHS
NML (Neuberger Berman MLP) and NHS (Neuberger Berman High Yield Strategies Fund) are both mutual funds - NML is a MLPs fund actively managed by Neuberger Berman, while NHS is a High Yield Bonds fund actively managed by Neuberger Berman. Both are actively managed. Over the past 10 years, NML returned 10.71%/yr vs 4.94%/yr for NHS. Their 0.32 correlation means their historical movements had little consistent relationship. NML charges 2.72%/yr vs 4.14%/yr for NHS.
Performance
NML vs. NHS - Performance Comparison
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Returns By Period
In the year-to-date period, NML achieves a 28.84% return, which is significantly higher than NHS's -10.96% return. Over the past 10 years, NML has outperformed NHS with an annualized return of 10.71%, while NHS has yielded a comparatively lower 4.94% annualized return.
NML
- 1D
- 1.65%
- 1M
- 4.26%
- 6M
- 15.85%
- YTD
- 28.84%
- 1Y
- 30.58%
- 3Y*
- 24.05%
- 5Y*
- 26.21%
- 10Y*
- 10.71%
- ALL TIME*
- 2.88%
NHS
- 1D
- -0.50%
- 1M
- -1.95%
- 6M
- -13.90%
- YTD
- -10.96%
- 1Y
- -4.46%
- 3Y*
- 6.46%
- 5Y*
- -1.45%
- 10Y*
- 4.94%
- ALL TIME*
- 6.78%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.10M | $992.56K | $1.32M | |
| $1.26M | $1.11M | $1.30M |
NML vs. NHS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NML Neuberger Berman MLP | 28.84% | 4.36% | 40.55% | 14.61% | 32.75% | 61.76% | -45.84% | 10.60% | -23.02% | 7.07% |
NHS Neuberger Berman High Yield Strategies Fund | -10.96% | 14.81% | 11.04% | 6.12% | -22.99% | 15.78% | 4.57% | 39.03% | -11.45% | 8.64% |
Correlation
The correlation between NML and NHS is 0.11, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.11 |
Correlation (3Y) Balances recent behavior with more history. | 0.20 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.30 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.32 |
Correlation (All Time) Calculated using the full available price history since Mar 26, 2013 | 0.32 |
Over the past year, the correlation between NML and NHS has dropped to 0.11 - well below their long-term average of 0.32, suggesting their price drivers have been diverging.
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Return for Risk
NML vs. NHS — Risk / Return Rank
NML
NHS
NML vs. NHS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Neuberger Berman MLP (NML) and Neuberger Berman High Yield Strategies Fund (NHS). 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 | NHS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.99 | ||
| Sortino ratioReturn per unit of downside risk | +2.58 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 0.94 | +0.33 |
| Calmar ratioReturn relative to maximum drawdown | 3.08 | -0.29 | +3.37 |
| Martin ratioReturn relative to average drawdown | 8.41 | -0.54 | +8.95 |
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Drawdowns
NML vs. NHS - Drawdown Comparison
The maximum NML drawdown since its inception was -90.48%, which is greater than NHS's maximum drawdown of -64.67%. Use the drawdown chart below to compare losses from any high point for NML and NHS.
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Drawdown Indicators
| NML | NHS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -90.48% | -64.67% | -25.81% |
Max Drawdown (1Y)Largest decline over 1 year | -9.57% | -17.01% | +7.44% |
Max Drawdown (3Y)Largest decline over 3 years | -16.92% | -17.01% | +0.09% |
Max Drawdown (5Y)Largest decline over 5 years | -21.40% | -37.43% | +16.03% |
Max Drawdown (10Y)Largest decline over 10 years | -84.84% | -42.97% | -41.87% |
Current DrawdownCurrent decline from peak | -2.43% | -16.34% | +13.91% |
Average DrawdownAverage peak-to-trough decline | -36.68% | -8.90% | -27.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.51% | 9.05% | -5.54% |
Volatility
NML vs. NHS - Volatility Comparison
Neuberger Berman MLP (NML) has a higher volatility of 6.97% compared to Neuberger Berman High Yield Strategies Fund (NHS) at 2.54%. This indicates that NML's price experiences larger fluctuations and is considered to be riskier than NHS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NML | NHS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.97% | 2.54% | +4.43% |
Volatility (6M)Calculated over the trailing 6-month period | 14.90% | 9.64% | +5.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.33% | 12.91% | +5.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.73% | 16.09% | +7.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.00% | 16.69% | +18.31% |
NML vs. NHS - Expense Ratio Comparison
NML has a 2.72% expense ratio, which is lower than NHS's 4.14% expense ratio.
Dividends
NML vs. NHS - Dividend Comparison
NML's dividend yield for the trailing twelve months is around 7.15%, less than NHS's 18.04% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NHS Neuberger Berman High Yield Strategies Fund | 18.04% | 14.60% | 14.50% | 13.94% | 12.75% | 8.74% | 9.29% | 7.99% | 8.37% | 7.59% | 8.23% | 9.81% |
NML Neuberger Berman MLP | 7.15% | 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 NHS have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NML has higher volatility (6.97%) compared to NHS (2.54%). In terms of maximum drawdown, NML dropped -90.48% vs NHS's -64.67%.
NML currently has the higher Sharpe Ratio (1.61 vs -0.38), 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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