NRMGX vs. NGUAX

Last updated Aug 1, 2026

NRMGX (Neuberger Berman Mid Cap Growth Fund Class R6) and NGUAX (Neuberger Berman Guardian Fund) are both mutual funds - NRMGX is a Mid Cap Growth Equities fund actively managed by Neuberger Berman, while NGUAX is a Large Cap Growth Equities fund managed by Neuberger Berman. Over the past 10 years, NRMGX returned 12.30%/yr vs 15.22%/yr for NGUAX. Their correlation of 0.86 means they have usually moved in the same direction. NRMGX charges 0.58%/yr vs 0.82%/yr for NGUAX.

Performance

NRMGX vs. NGUAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Neuberger Berman Mid Cap Growth Fund Class R6 (NRMGX) and Neuberger Berman Guardian Fund (NGUAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NRMGX achieves a 2.59% return, which is significantly higher than NGUAX's 2.19% return. Over the past 10 years, NRMGX has underperformed NGUAX with an annualized return of 12.30%, while NGUAX has yielded a comparatively higher 15.22% annualized return.

NRMGX

• 1D: 2.03%
• 1M: -4.20%
• 6M: 0.67%
• YTD: 2.59%
• 1Y: -1.81%
• 3Y*: 15.33%
• 5Y*: 4.76%
• 10Y*: 12.30%
• ALL TIME*: 10.82%

NGUAX

• 1D: 1.81%
• 1M: -2.32%
• 6M: 3.34%
• YTD: 2.19%
• 1Y: 7.77%
• 3Y*: 15.67%
• 5Y*: 9.55%
• 10Y*: 15.22%
• ALL TIME*: 8.18%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
NGUAX Neuberger Berman Guardian Fund	$0.00	$0.00	$0.00
NRMGX Neuberger Berman Mid Cap Growth Fund Class R6	$0.00	$0.00	$0.00

NRMGX vs. NGUAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NRMGX Neuberger Berman Mid Cap Growth Fund Class R6	2.59%	5.72%	37.37%	18.53%	-28.68%	12.71%	39.81%	34.07%	-6.01%	25.18%
NGUAX Neuberger Berman Guardian Fund	2.19%	14.38%	23.80%	35.98%	-24.47%	27.43%	34.56%	36.69%	-7.16%	25.28%

Correlation

The correlation between NRMGX and NGUAX is 0.77, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.77
Correlation (3Y) Balances recent behavior with more history.	0.81
Correlation (5Y) Shows whether the relationship held over a longer period.	0.86
Correlation (10Y) Provides a long-term view across more market conditions.	0.86
Correlation (All Time) Calculated using the full available price history since Jan 2, 2014	0.86

The correlation between NRMGX and NGUAX has been stable across timeframes, ranging from 0.77 to 0.86 - a consistent structural relationship.

Return for Risk

NRMGX vs. NGUAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

NRMGX

NRMGX Risk / Return Rank: 3
NRMGX Sharpe Ratio Rank: 3
NRMGX Sortino Ratio Rank: 3
NRMGX Omega Ratio Rank: 3
NRMGX Calmar Ratio Rank: 2
NRMGX Martin Ratio Rank: 2

NGUAX

NGUAX Risk / Return Rank: 12
NGUAX Sharpe Ratio Rank: 12
NGUAX Sortino Ratio Rank: 12
NGUAX Omega Ratio Rank: 12
NGUAX Calmar Ratio Rank: 11
NGUAX Martin Ratio Rank: 12

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

NRMGX vs. NGUAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neuberger Berman Mid Cap Growth Fund Class R6 (NRMGX) and Neuberger Berman Guardian Fund (NGUAX). 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.

	NRMGX	NGUAX	Difference
Sharpe ratio: Return per unit of total volatility	-0.17	0.45	-0.62
Sortino ratio: Return per unit of downside risk	-0.09	0.71	-0.80
Omega ratio: Gain probability vs. loss probability	0.99	1.09	-0.10
Calmar ratio: Return relative to maximum drawdown	-0.22	0.46	-0.68
Martin ratio: Return relative to average drawdown	-0.60	1.50	-2.10

NRMGX vs. NGUAX - Sharpe Ratio Comparison

The current NRMGX Sharpe Ratio is -0.17, which is lower than the NGUAX Sharpe Ratio of 0.45. The chart below compares the historical Sharpe Ratios of NRMGX and NGUAX, 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

NRMGX vs. NGUAX - Drawdown Comparison

The maximum NRMGX drawdown since its inception was -37.97%, smaller than the maximum NGUAX drawdown of -78.07%. Use the drawdown chart below to compare losses from any high point for NRMGX and NGUAX.

Drawdown Indicators

	NRMGX	NGUAX	Difference
Max Drawdown Largest peak-to-trough decline	-37.97%	-78.07%	+40.10%
Max Drawdown (1Y) Largest decline over 1 year	-17.65%	-14.16%	-3.49%
Max Drawdown (3Y) Largest decline over 3 years	-25.95%	-20.89%	-5.06%
Max Drawdown (5Y) Largest decline over 5 years	-37.97%	-28.43%	-9.54%
Max Drawdown (10Y) Largest decline over 10 years	-37.97%	-31.99%	-5.98%
Current Drawdown Current decline from peak	-8.51%	-4.92%	-3.59%
Average Drawdown Average peak-to-trough decline	-9.22%	-31.77%	+22.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.36%	4.31%	+2.05%

Volatility

NRMGX vs. NGUAX - Volatility Comparison

Neuberger Berman Mid Cap Growth Fund Class R6 (NRMGX) has a higher volatility of 5.72% compared to Neuberger Berman Guardian Fund (NGUAX) at 4.35%. This indicates that NRMGX's price experiences larger fluctuations and is considered to be riskier than NGUAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NRMGX	NGUAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.72%	4.35%	+1.37%
Volatility (6M) Calculated over the trailing 6-month period	17.53%	11.65%	+5.88%
Volatility (1Y) Calculated over the trailing 1-year period	22.14%	14.62%	+7.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.02%	18.43%	+5.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.84%	18.31%	+4.53%

NRMGX vs. NGUAX - Expense Ratio Comparison

NRMGX has a 0.58% expense ratio, which is lower than NGUAX's 0.82% expense ratio.

Dividends

NRMGX vs. NGUAX - Dividend Comparison

NRMGX's dividend yield for the trailing twelve months is around 22.50%, more than NGUAX's 12.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NGUAX Neuberger Berman Guardian Fund	12.16%	12.43%	6.01%	4.30%	6.62%	10.92%	7.60%	6.21%	11.21%	6.87%	13.11%	12.82%
NRMGX Neuberger Berman Mid Cap Growth Fund Class R6	22.50%	23.08%	19.50%	3.17%	4.85%	16.27%	9.48%	5.39%	11.66%	8.94%	4.85%	8.78%

Frequently Asked Questions

Can I hold both NRMGX and NGUAX in my portfolio?

NRMGX and NGUAX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NRMGX or NGUAX?

NRMGX has higher volatility (5.72%) compared to NGUAX (4.35%). In terms of maximum drawdown, NRMGX dropped -37.97% vs NGUAX's -78.07%.

Which has better risk-adjusted returns?

NGUAX currently has the higher Sharpe Ratio (0.45 vs -0.17), 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.