NRMGX vs. NML

Last updated Jun 26, 2026

NRMGX (Neuberger Berman Mid Cap Growth Fund Class R6) and NML (Neuberger Berman MLP) are both mutual funds - NRMGX is a Mid Cap Growth Equities fund actively managed by Neuberger Berman, while NML is a MLPs fund actively managed by Neuberger Berman. Both are actively managed. Over the past 10 years, NRMGX returned 13.84%/yr vs 10.56%/yr for NML. At a 0.36 correlation, their price movements are largely independent. NRMGX charges 0.58%/yr vs 2.72%/yr for NML.

Performance

NRMGX vs. NML - 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 MLP (NML). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NRMGX achieves a 9.20% return, which is significantly lower than NML's 21.00% return. Over the past 10 years, NRMGX has outperformed NML with an annualized return of 13.84%, while NML has yielded a comparatively lower 10.56% annualized return.

NRMGX

• 1D: 0.63%
• 1M: 0.00%
• YTD: 9.20%
• 6M: 5.95%
• 1Y: 6.99%
• 3Y*: 19.95%
• 5Y*: 6.53%
• 10Y*: 13.84%

NML

• 1D: 1.54%
• 1M: -2.84%
• YTD: 21.00%
• 6M: 22.15%
• 1Y: 22.75%
• 3Y*: 25.98%
• 5Y*: 23.36%
• 10Y*: 10.56%

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

NRMGX vs. NML - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NRMGX Neuberger Berman Mid Cap Growth Fund Class R6	9.20%	5.72%	37.37%	18.53%	-28.68%	12.71%	39.81%	34.07%	-6.01%	25.18%
NML Neuberger Berman MLP	21.00%	4.36%	40.55%	14.61%	32.75%	61.76%	-45.84%	10.60%	-23.02%	7.07%

Correlation

The correlation between NRMGX and NML is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.38
Correlation (10Y) Calculated over the trailing 10-year period	0.38
Correlation (All Time) Calculated using the full available price history since Jan 2, 2014	0.36

Over the past year, the correlation between NRMGX and NML has dropped to 0.06 - well below their long-term average of 0.36, suggesting their price drivers have been diverging.

Return for Risk

NRMGX vs. NML — Risk / Return Rank

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

NRMGX

NRMGX Risk / Return Rank: 6
NRMGX Sharpe Ratio Rank: 6
NRMGX Sortino Ratio Rank: 6
NRMGX Omega Ratio Rank: 6
NRMGX Calmar Ratio Rank: 6
NRMGX Martin Ratio Rank: 6

NML

NML Risk / Return Rank: 33
NML Sharpe Ratio Rank: 30
NML Sortino Ratio Rank: 27
NML Omega Ratio Rank: 27
NML Calmar Ratio Rank: 49
NML Martin Ratio Rank: 32

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.

NRMGX vs. NML - 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 MLP (NML). 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	NML	Difference
Sharpe ratio: Return per unit of total volatility	0.29	1.32	-1.03
Sortino ratio: Return per unit of downside risk	0.55	1.82	-1.27
Omega ratio: Gain probability vs. loss probability	1.07	1.23	-0.16
Calmar ratio: Return relative to maximum drawdown	0.35	2.36	-2.01
Martin ratio: Return relative to average drawdown	1.03	6.26	-5.23

NRMGX vs. NML - Sharpe Ratio Comparison

The current NRMGX Sharpe Ratio is 0.29, which is lower than the NML Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of NRMGX and NML, 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. NML - Drawdown Comparison

The maximum NRMGX drawdown since its inception was -37.97%, smaller than the maximum NML drawdown of -90.48%. Use the drawdown chart below to compare losses from any high point for NRMGX and NML.

Drawdown Indicators

	NRMGX	NML	Difference
Max Drawdown Largest peak-to-trough decline	-37.97%	-90.48%	+52.51%
Max Drawdown (1Y) Largest decline over 1 year	-17.65%	-9.67%	-7.98%
Max Drawdown (3Y) Largest decline over 3 years	-25.95%	-16.92%	-9.03%
Max Drawdown (5Y) Largest decline over 5 years	-37.97%	-21.40%	-16.57%
Max Drawdown (10Y) Largest decline over 10 years	-37.97%	-84.84%	+46.87%
Current Drawdown Current decline from peak	-2.20%	-5.87%	+3.67%
Average Drawdown Average peak-to-trough decline	-9.25%	-36.94%	+27.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.04%	3.64%	+2.40%

Volatility

NRMGX vs. NML - Volatility Comparison

Neuberger Berman Mid Cap Growth Fund Class R6 (NRMGX) has a higher volatility of 7.93% compared to Neuberger Berman MLP (NML) at 6.12%. This indicates that NRMGX's price experiences larger fluctuations and is considered to be riskier than NML based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NRMGX	NML	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.93%	6.12%	+1.81%
Volatility (6M) Calculated over the trailing 6-month period	17.15%	13.77%	+3.38%
Volatility (1Y) Calculated over the trailing 1-year period	21.50%	17.30%	+4.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.92%	23.81%	+0.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.80%	35.07%	-12.27%

NRMGX vs. NML - Expense Ratio Comparison

NRMGX has a 0.58% expense ratio, which is lower than NML's 2.72% expense ratio.

Dividends

NRMGX vs. NML - Dividend Comparison

NRMGX's dividend yield for the trailing twelve months is around 21.13%, more than NML's 7.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NML Neuberger Berman MLP	7.44%	8.24%	7.94%	10.19%	4.26%	3.54%	8.33%	9.76%	9.87%	7.04%	8.63%	15.44%
NRMGX Neuberger Berman Mid Cap Growth Fund Class R6	21.13%	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 NML in my portfolio?

NRMGX and NML have a correlation of 0.06, 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 NML?

NRMGX has higher volatility (7.93%) compared to NML (6.12%). In terms of maximum drawdown, NRMGX dropped -37.97% vs NML's -90.48%.

Which has better risk-adjusted returns?

NML currently has the higher Sharpe Ratio (1.32 vs 0.29), 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.