NML vs. NMANX
NML (Neuberger Berman MLP) and NMANX (Neuberger Berman Mid Cap Growth Fund) are both mutual funds - NML is a MLPs fund actively managed by Neuberger Berman, while NMANX is a Mid Cap Growth Equities fund managed by Neuberger Berman. Over the past 10 years, NML returned 10.71%/yr vs 11.29%/yr for NMANX. Their 0.36 correlation means their historical movements had little consistent relationship. NML charges 2.72%/yr vs 0.83%/yr for NMANX.
Performance
NML vs. NMANX - 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 NMANX's 2.39% return. Over the past 10 years, NML has underperformed NMANX with an annualized return of 10.71%, while NMANX has yielded a comparatively higher 11.29% 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%
NMANX
- 1D
- 2.04%
- 1M
- -4.21%
- 6M
- 0.54%
- YTD
- 2.39%
- 1Y
- -2.04%
- 3Y*
- 11.39%
- 5Y*
- 2.50%
- 10Y*
- 11.29%
- ALL TIME*
- 10.31%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $1.26M | $1.11M | $1.30M |
NML vs. NMANX - 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% |
NMANX Neuberger Berman Mid Cap Growth Fund | 2.39% | 5.51% | 24.39% | 18.21% | -28.82% | 12.42% | 39.45% | 33.62% | -6.28% | 29.01% |
Correlation
The correlation between NML and NMANX is 0.07, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.07 |
Correlation (3Y) Balances recent behavior with more history. | 0.26 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.38 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.38 |
Correlation (All Time) Calculated using the full available price history since Mar 26, 2013 | 0.36 |
Over the past year, the correlation between NML and NMANX has dropped to 0.07 - well below their long-term average of 0.36, suggesting their price drivers have been diverging.
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Return for Risk
NML vs. NMANX — Risk / Return Rank
NML
NMANX
NML vs. NMANX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Neuberger Berman MLP (NML) and Neuberger Berman Mid Cap Growth Fund (NMANX). 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 | NMANX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.80 | ||
| Sortino ratioReturn per unit of downside risk | +2.25 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 0.99 | +0.29 |
| Calmar ratioReturn relative to maximum drawdown | 3.08 | -0.23 | +3.32 |
| Martin ratioReturn relative to average drawdown | 8.41 | -0.64 | +9.05 |
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Drawdowns
NML vs. NMANX - Drawdown Comparison
The maximum NML drawdown since its inception was -90.48%, which is greater than NMANX's maximum drawdown of -72.14%. Use the drawdown chart below to compare losses from any high point for NML and NMANX.
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Drawdown Indicators
| NML | NMANX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -90.48% | -72.14% | -18.34% |
Max Drawdown (1Y)Largest decline over 1 year | -9.57% | -17.71% | +8.14% |
Max Drawdown (3Y)Largest decline over 3 years | -16.92% | -25.93% | +9.01% |
Max Drawdown (5Y)Largest decline over 5 years | -21.40% | -38.10% | +16.70% |
Max Drawdown (10Y)Largest decline over 10 years | -84.84% | -38.10% | -46.74% |
Current DrawdownCurrent decline from peak | -2.43% | -8.53% | +6.10% |
Average DrawdownAverage peak-to-trough decline | -36.68% | -17.36% | -19.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.51% | 6.40% | -2.89% |
Volatility
NML vs. NMANX - Volatility Comparison
Neuberger Berman MLP (NML) has a higher volatility of 6.97% compared to Neuberger Berman Mid Cap Growth Fund (NMANX) at 5.70%. This indicates that NML's price experiences larger fluctuations and is considered to be riskier than NMANX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NML | NMANX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.97% | 5.70% | +1.27% |
Volatility (6M)Calculated over the trailing 6-month period | 14.90% | 17.55% | -2.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.33% | 22.12% | -3.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.73% | 23.50% | +0.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.00% | 22.58% | +12.42% |
NML vs. NMANX - Expense Ratio Comparison
NML has a 2.72% expense ratio, which is higher than NMANX's 0.83% expense ratio.
Dividends
NML vs. NMANX - Dividend Comparison
NML's dividend yield for the trailing twelve months is around 7.15%, less than NMANX's 22.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NMANX Neuberger Berman Mid Cap Growth Fund | 22.56% | 23.10% | 9.85% | 3.19% | 4.87% | 16.30% | 9.58% | 5.43% | 11.70% | 8.94% | 5.00% | 9.00% |
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 NMANX have a correlation of 0.07, 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 NMANX (5.70%). In terms of maximum drawdown, NML dropped -90.48% vs NMANX's -72.14%.
NML currently has the higher Sharpe Ratio (1.61 vs -0.19), 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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