NMULX vs. FXAIX

Last updated Jun 24, 2026

NMULX (Neuberger Berman Multi-Cap Opportunities Fund) and FXAIX (Fidelity 500 Index Fund) are both mutual funds - NMULX is a Large Cap Blend Equities fund managed by Neuberger Berman, while FXAIX is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, NMULX returned 13.51%/yr vs 15.80%/yr for FXAIX. Their correlation of 0.94 suggests significant overlap in exposure. NMULX charges 0.82%/yr vs 0.02%/yr for FXAIX.

Performance

NMULX vs. FXAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Neuberger Berman Multi-Cap Opportunities Fund (NMULX) and Fidelity 500 Index Fund (FXAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NMULX achieves a 4.87% return, which is significantly lower than FXAIX's 9.79% return. Over the past 10 years, NMULX has underperformed FXAIX with an annualized return of 13.51%, while FXAIX has yielded a comparatively higher 15.80% annualized return.

NMULX

• 1D: -0.65%
• 1M: -0.16%
• YTD: 4.87%
• 6M: 3.89%
• 1Y: 16.43%
• 3Y*: 16.29%
• 5Y*: 9.63%
• 10Y*: 13.51%

FXAIX

• 1D: -0.37%
• 1M: 0.10%
• YTD: 9.79%
• 6M: 8.79%
• 1Y: 25.51%
• 3Y*: 21.39%
• 5Y*: 13.60%
• 10Y*: 15.80%

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

NMULX vs. FXAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NMULX Neuberger Berman Multi-Cap Opportunities Fund	4.87%	14.81%	20.55%	18.35%	-17.68%	26.48%	12.47%	28.20%	-4.78%	24.90%
FXAIX Fidelity 500 Index Fund	9.79%	17.84%	25.01%	26.29%	-18.14%	28.71%	18.42%	31.48%	-4.43%	21.82%

Correlation

The correlation between NMULX and FXAIX is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since May 4, 2011	0.94

The correlation between NMULX and FXAIX has been stable across timeframes, ranging from 0.89 to 0.94 - a consistent structural relationship.

Return for Risk

NMULX vs. FXAIX — Risk / Return Rank

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

NMULX

NMULX Risk / Return Rank: 34
NMULX Sharpe Ratio Rank: 32
NMULX Sortino Ratio Rank: 31
NMULX Omega Ratio Rank: 30
NMULX Calmar Ratio Rank: 34
NMULX Martin Ratio Rank: 42

FXAIX

FXAIX Risk / Return Rank: 65
FXAIX Sharpe Ratio Rank: 64
FXAIX Sortino Ratio Rank: 57
FXAIX Omega Ratio Rank: 59
FXAIX Calmar Ratio Rank: 68
FXAIX Martin Ratio Rank: 78

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.

NMULX vs. FXAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neuberger Berman Multi-Cap Opportunities Fund (NMULX) and Fidelity 500 Index Fund (FXAIX). 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.

	NMULX	FXAIX	Difference
Sharpe ratio: Return per unit of total volatility	1.52	2.15	-0.63
Sortino ratio: Return per unit of downside risk	2.17	2.91	-0.74
Omega ratio: Gain probability vs. loss probability	1.27	1.39	-0.12
Calmar ratio: Return relative to maximum drawdown	2.08	3.02	-0.94
Martin ratio: Return relative to average drawdown	8.54	13.62	-5.08

NMULX vs. FXAIX - Sharpe Ratio Comparison

The current NMULX Sharpe Ratio is 1.52, which is comparable to the FXAIX Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of NMULX and FXAIX, 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

NMULX vs. FXAIX - Drawdown Comparison

The maximum NMULX drawdown since its inception was -56.00%, which is greater than FXAIX's maximum drawdown of -33.79%. Use the drawdown chart below to compare losses from any high point for NMULX and FXAIX.

Drawdown Indicators

	NMULX	FXAIX	Difference
Max Drawdown Largest peak-to-trough decline	-56.00%	-33.79%	-22.21%
Max Drawdown (1Y) Largest decline over 1 year	-8.51%	-8.89%	+0.38%
Max Drawdown (3Y) Largest decline over 3 years	-19.50%	-18.76%	-0.74%
Max Drawdown (5Y) Largest decline over 5 years	-26.05%	-24.50%	-1.55%
Max Drawdown (10Y) Largest decline over 10 years	-39.41%	-33.79%	-5.62%
Current Drawdown Current decline from peak	-1.60%	-1.72%	+0.12%
Average Drawdown Average peak-to-trough decline	-9.56%	-3.79%	-5.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.06%	1.97%	+0.09%

Volatility

NMULX vs. FXAIX - Volatility Comparison

The current volatility for Neuberger Berman Multi-Cap Opportunities Fund (NMULX) is 3.44%, while Fidelity 500 Index Fund (FXAIX) has a volatility of 4.68%. This indicates that NMULX experiences smaller price fluctuations and is considered to be less risky than FXAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NMULX	FXAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.44%	4.68%	-1.24%
Volatility (6M) Calculated over the trailing 6-month period	9.06%	9.84%	-0.78%
Volatility (1Y) Calculated over the trailing 1-year period	11.62%	12.50%	-0.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.25%	17.00%	+4.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.88%	18.12%	+2.76%

NMULX vs. FXAIX - Expense Ratio Comparison

NMULX has a 0.82% expense ratio, which is higher than FXAIX's 0.02% expense ratio.

Dividends

NMULX vs. FXAIX - Dividend Comparison

NMULX's dividend yield for the trailing twelve months is around 0.66%, less than FXAIX's 1.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FXAIX Fidelity 500 Index Fund	1.04%	1.11%	1.25%	1.45%	1.69%	1.22%	1.60%	2.06%	2.72%	1.97%	2.52%	2.83%
NMULX Neuberger Berman Multi-Cap Opportunities Fund	0.66%	0.69%	2.93%	22.77%	30.16%	34.21%	24.27%	20.47%	11.21%	10.49%	3.61%	3.71%

Frequently Asked Questions

Can I hold both NMULX and FXAIX in my portfolio?

With a correlation of 0.91, NMULX and FXAIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, NMULX or FXAIX?

FXAIX has higher volatility (4.68%) compared to NMULX (3.44%). In terms of maximum drawdown, NMULX dropped -56.00% vs FXAIX's -33.79%.

Which has better risk-adjusted returns?

FXAIX currently has the higher Sharpe Ratio (2.15 vs 1.52), 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.