NRO vs. PDX
NRO (Neuberger Berman Real Estate Securities Income Fund) and PDX (PIMCO Dynamic Income Strategy Fund) are both mutual funds - NRO is a REIT fund actively managed by Neuberger Berman, while PDX is a Tactical Allocation fund actively managed by PIMCO. Both are actively managed. Over the past 5 years, NRO returned 0.94%/yr vs 24.46%/yr for PDX. Their 0.31 correlation means their historical movements had little consistent relationship.
Performance
NRO vs. PDX - Performance Comparison
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Returns By Period
In the year-to-date period, NRO achieves a 6.81% return, which is significantly lower than PDX's 19.01% return.
NRO
- 1D
- -0.66%
- 1M
- -1.26%
- 6M
- 7.85%
- YTD
- 6.81%
- 1Y
- 5.63%
- 3Y*
- 12.43%
- 5Y*
- 0.94%
- 10Y*
- 4.34%
- ALL TIME*
- 3.99%
PDX
- 1D
- 1.04%
- 1M
- 2.79%
- 6M
- 10.11%
- YTD
- 19.01%
- 1Y
- 9.12%
- 3Y*
- 22.38%
- 5Y*
- 24.46%
- 10Y*
- —
- ALL TIME*
- 11.08%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $782.35K | $1.08M | $899.31K | |
| $1.81M | $1.96M | $1.82M |
NRO vs. PDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
NRO Neuberger Berman Real Estate Securities Income Fund | 6.81% | 0.85% | 23.87% | 15.24% | -35.04% | 29.26% | -10.88% | 33.09% |
PDX PIMCO Dynamic Income Strategy Fund | 19.01% | -10.59% | 36.99% | 44.51% | 23.02% | 68.79% | -44.20% | -9.89% |
Correlation
The correlation between NRO and PDX is 0.01, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.01 |
Correlation (3Y) Balances recent behavior with more history. | 0.18 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.32 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2019 | 0.31 |
Over the past year, the correlation between NRO and PDX has dropped to 0.01 - well below their long-term average of 0.31, suggesting their price drivers have been diverging.
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Return for Risk
NRO vs. PDX — Risk / Return Rank
NRO
PDX
NRO vs. PDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Neuberger Berman Real Estate Securities Income Fund (NRO) and PIMCO Dynamic Income Strategy Fund (PDX). 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 | PDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.15 | ||
| Sortino ratioReturn per unit of downside risk | -0.19 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.11 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.52 | 0.49 | +0.03 |
| Martin ratioReturn relative to average drawdown | 1.38 | 1.11 | +0.27 |
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Drawdowns
NRO vs. PDX - Drawdown Comparison
The maximum NRO drawdown since its inception was -92.91%, which is greater than PDX's maximum drawdown of -80.63%. Use the drawdown chart below to compare losses from any high point for NRO and PDX.
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Drawdown Indicators
| NRO | PDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.91% | -80.63% | -12.28% |
Max Drawdown (1Y)Largest decline over 1 year | -11.61% | -15.65% | +4.04% |
Max Drawdown (3Y)Largest decline over 3 years | -24.78% | -37.24% | +12.46% |
Max Drawdown (5Y)Largest decline over 5 years | -42.35% | -37.24% | -5.11% |
Max Drawdown (10Y)Largest decline over 10 years | -62.59% | — | — |
Current DrawdownCurrent decline from peak | -5.33% | -13.56% | +8.23% |
Average DrawdownAverage peak-to-trough decline | -27.06% | -18.75% | -8.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.33% | 6.91% | -2.58% |
Volatility
NRO vs. PDX - Volatility Comparison
Neuberger Berman Real Estate Securities Income Fund (NRO) has a higher volatility of 4.35% compared to PIMCO Dynamic Income Strategy Fund (PDX) at 3.26%. This indicates that NRO's price experiences larger fluctuations and is considered to be riskier than PDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NRO | PDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.35% | 3.26% | +1.09% |
Volatility (6M)Calculated over the trailing 6-month period | 12.28% | 9.52% | +2.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.97% | 13.94% | +1.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.58% | 25.22% | -3.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.40% | 36.12% | -9.72% |
Dividends
NRO vs. PDX - Dividend Comparison
NRO's dividend yield for the trailing twelve months is around 12.40%, less than PDX's 21.40% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NRO Neuberger Berman Real Estate Securities Income Fund | 12.40% | 12.27% | 10.55% | 11.74% | 11.96% | 7.10% | 10.88% | 8.60% | 12.77% | 9.31% | 7.64% | 7.19% |
PDX PIMCO Dynamic Income Strategy Fund | 21.40% | 24.34% | 6.31% | 4.30% | 5.89% | 5.28% | 14.11% | 9.58% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
NRO and PDX have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NRO has higher volatility (4.35%) compared to PDX (3.26%). In terms of maximum drawdown, NRO dropped -92.91% vs PDX's -80.63%.
PDX currently has the higher Sharpe Ratio (0.55 vs 0.40), 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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