NRO vs. NPCT

Last updated Jul 14, 2026

NRO (Neuberger Berman Real Estate Securities Income Fund) and NPCT (Nuveen Core Plus Impact Fund) are both mutual funds - NRO is a REIT fund actively managed by Neuberger Berman, while NPCT is a Intermediate Core-Plus Bond fund actively managed by Nuveen. Both are actively managed. Over the past 5 years, NRO returned 1.17%/yr vs -3.39%/yr for NPCT. At a 0.42 correlation, their price movements are largely independent.

Performance

NRO vs. NPCT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Neuberger Berman Real Estate Securities Income Fund (NRO) and Nuveen Core Plus Impact Fund (NPCT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NRO achieves a 7.82% return, which is significantly higher than NPCT's 3.14% 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%

NPCT

• 1D: -0.70%
• 1M: 0.20%
• 6M: 2.64%
• YTD: 3.14%
• 1Y: -0.92%
• 3Y*: 11.38%
• 5Y*: -3.39%
• 10Y*: —

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

NRO vs. NPCT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
NRO Neuberger Berman Real Estate Securities Income Fund	7.82%	0.85%	23.87%	15.24%	-35.04%	17.11%
NPCT Nuveen Core Plus Impact Fund	3.14%	9.87%	17.23%	7.78%	-37.50%	-4.98%

Correlation

The correlation between NRO and NPCT is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (All Time) Calculated using the full available price history since Apr 28, 2021	0.42

Return for Risk

NRO vs. NPCT — Risk / Return Rank

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

NRO

NRO Risk / Return Rank: 9
NRO Sharpe Ratio Rank: 9
NRO Sortino Ratio Rank: 9
NRO Omega Ratio Rank: 9
NRO Calmar Ratio Rank: 9
NRO Martin Ratio Rank: 9

NPCT

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

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.

NRO vs. NPCT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neuberger Berman Real Estate Securities Income Fund (NRO) and Nuveen Core Plus Impact Fund (NPCT). 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	NPCT	Difference
Sharpe ratio: Return per unit of total volatility	0.48	-0.09	+0.57
Sortino ratio: Return per unit of downside risk	0.78	-0.07	+0.85
Omega ratio: Gain probability vs. loss probability	1.09	0.99	+0.10
Calmar ratio: Return relative to maximum drawdown	0.61	-0.14	+0.74
Martin ratio: Return relative to average drawdown	1.62	-0.31	+1.93

NRO vs. NPCT - Sharpe Ratio Comparison

The current NRO Sharpe Ratio is 0.48, which is higher than the NPCT Sharpe Ratio of -0.09. The chart below compares the historical Sharpe Ratios of NRO and NPCT, 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

NRO vs. NPCT - Drawdown Comparison

The maximum NRO drawdown since its inception was -92.91%, which is greater than NPCT's maximum drawdown of -46.77%. Use the drawdown chart below to compare losses from any high point for NRO and NPCT.

Drawdown Indicators

	NRO	NPCT	Difference
Max Drawdown Largest peak-to-trough decline	-92.91%	-46.77%	-46.14%
Max Drawdown (1Y) Largest decline over 1 year	-11.61%	-6.79%	-4.82%
Max Drawdown (3Y) Largest decline over 3 years	-24.78%	-12.59%	-12.19%
Max Drawdown (5Y) Largest decline over 5 years	-42.35%	-46.77%	+4.42%
Max Drawdown (10Y) Largest decline over 10 years	-62.59%	—	—
Current Drawdown Current decline from peak	-4.44%	-16.26%	+11.82%
Average Drawdown Average peak-to-trough decline	-27.12%	-25.03%	-2.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.33%	3.01%	+1.32%

Volatility

NRO vs. NPCT - Volatility Comparison

Neuberger Berman Real Estate Securities Income Fund (NRO) has a higher volatility of 6.04% compared to Nuveen Core Plus Impact Fund (NPCT) at 2.44%. This indicates that NRO's price experiences larger fluctuations and is considered to be riskier than NPCT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NRO	NPCT	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.04%	2.44%	+3.60%
Volatility (6M) Calculated over the trailing 6-month period	11.87%	7.48%	+4.39%
Volatility (1Y) Calculated over the trailing 1-year period	14.73%	9.79%	+4.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.66%	13.10%	+8.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.40%	13.00%	+13.40%

Dividends

NRO vs. NPCT - Dividend Comparison

NRO's dividend yield for the trailing twelve months is around 12.16%, less than NPCT's 12.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NPCT Nuveen Core Plus Impact Fund	12.31%	13.15%	12.20%	10.28%	11.93%	3.94%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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

Can I hold both NRO and NPCT in my portfolio?

NRO and NPCT have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NRO or NPCT?

NRO has higher volatility (6.04%) compared to NPCT (2.44%). In terms of maximum drawdown, NRO dropped -92.91% vs NPCT's -46.77%.

Which has better risk-adjusted returns?

NRO currently has the higher Sharpe Ratio (0.48 vs -0.09), 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.