NRO vs. HYT
NRO (Neuberger Berman Real Estate Securities Income Fund) and HYT (BlackRock Corporate High Yield Fund) are both mutual funds - NRO is a REIT fund actively managed by Neuberger Berman, while HYT is a High Yield Bonds fund actively managed by BlackRock. Both are actively managed. Over the past 10 years, NRO returned 4.82%/yr vs 6.88%/yr for HYT. At a 0.39 correlation, their price movements are largely independent.
Performance
NRO vs. HYT - Performance Comparison
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Returns By Period
In the year-to-date period, NRO achieves a 7.82% return, which is significantly higher than HYT's 0.95% return. Over the past 10 years, NRO has underperformed HYT with an annualized return of 4.82%, while HYT has yielded a comparatively higher 6.88% annualized return.
NRO
- 1D
- 0.98%
- 1M
- 4.10%
- 6M
- 7.46%
- YTD
- 7.82%
- 1Y
- 7.00%
- 3Y*
- 13.51%
- 5Y*
- 1.17%
- 10Y*
- 4.82%
HYT
- 1D
- -0.47%
- 1M
- -0.49%
- 6M
- 0.55%
- YTD
- 0.95%
- 1Y
- -3.78%
- 3Y*
- 8.76%
- 5Y*
- 2.05%
- 10Y*
- 6.88%
NRO vs. HYT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NRO Neuberger Berman Real Estate Securities Income Fund | 7.82% | 0.85% | 23.87% | 15.24% | -35.04% | 29.26% | -10.88% | 47.57% | -16.37% | 13.29% |
HYT BlackRock Corporate High Yield Fund | 0.95% | 0.06% | 14.43% | 19.92% | -22.58% | 16.62% | 11.55% | 31.19% | -7.81% | 8.99% |
Correlation
The correlation between NRO and HYT is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.35 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.45 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.41 |
Correlation (All Time) Calculated using the full available price history since Oct 29, 2003 | 0.39 |
The correlation between NRO and HYT shifts across timeframes, from 0.34 (1 year) to 0.45 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
NRO vs. HYT — Risk / Return Rank
NRO
HYT
NRO vs. HYT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Neuberger Berman Real Estate Securities Income Fund (NRO) and BlackRock Corporate High Yield Fund (HYT). 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.
| NRO | HYT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.86 | ||
| Sortino ratioReturn per unit of downside risk | +1.25 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 0.94 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 0.61 | -0.37 | +0.98 |
| Martin ratioReturn relative to average drawdown | 1.62 | -0.86 | +2.48 |
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Drawdowns
NRO vs. HYT - Drawdown Comparison
The maximum NRO drawdown since its inception was -92.91%, which is greater than HYT's maximum drawdown of -56.95%. Use the drawdown chart below to compare losses from any high point for NRO and HYT.
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Drawdown Indicators
| NRO | HYT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.91% | -56.95% | -35.96% |
Max Drawdown (1Y)Largest decline over 1 year | -11.61% | -10.17% | -1.44% |
Max Drawdown (3Y)Largest decline over 3 years | -24.78% | -13.95% | -10.83% |
Max Drawdown (5Y)Largest decline over 5 years | -42.35% | -29.05% | -13.30% |
Max Drawdown (10Y)Largest decline over 10 years | -62.59% | -42.59% | -20.00% |
Current DrawdownCurrent decline from peak | -4.44% | -5.12% | +0.68% |
Average DrawdownAverage peak-to-trough decline | -27.12% | -5.90% | -21.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.33% | 4.42% | -0.09% |
Volatility
NRO vs. HYT - Volatility Comparison
Neuberger Berman Real Estate Securities Income Fund (NRO) has a higher volatility of 6.04% compared to BlackRock Corporate High Yield Fund (HYT) at 1.90%. This indicates that NRO's price experiences larger fluctuations and is considered to be riskier than HYT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NRO | HYT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.04% | 1.90% | +4.14% |
Volatility (6M)Calculated over the trailing 6-month period | 11.87% | 6.90% | +4.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.73% | 9.89% | +4.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.66% | 14.43% | +7.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.40% | 16.91% | +9.49% |
Dividends
NRO vs. HYT - Dividend Comparison
NRO's dividend yield for the trailing twelve months is around 12.16%, more than HYT's 11.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYT BlackRock Corporate High Yield Fund | 11.00% | 10.50% | 9.53% | 9.91% | 9.80% | 7.58% | 8.18% | 7.92% | 9.20% | 7.68% | 8.23% | 10.18% |
NRO Neuberger Berman Real Estate Securities Income Fund | 12.16% | 12.27% | 10.55% | 11.74% | 11.96% | 7.10% | 10.88% | 8.60% | 12.77% | 9.31% | 7.64% | 7.19% |
Frequently Asked Questions
NRO and HYT have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NRO has higher volatility (6.04%) compared to HYT (1.90%). In terms of maximum drawdown, NRO dropped -92.91% vs HYT's -56.95%.
NRO currently has the higher Sharpe Ratio (0.48 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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