NRO vs. RERFX

Last updated Aug 1, 2026

NRO (Neuberger Berman Real Estate Securities Income Fund) and RERFX (American Funds Real Estate Index Fund Class R-6) are both REIT funds. Over the past 10 years, NRO returned 4.34%/yr vs 8.60%/yr for RERFX. Their 0.47 correlation means their historical movements had little consistent relationship.

Performance

NRO vs. RERFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Neuberger Berman Real Estate Securities Income Fund (NRO) and American Funds Real Estate Index Fund Class R-6 (RERFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NRO achieves a 6.81% return, which is significantly lower than RERFX's 9.54% return. Over the past 10 years, NRO has underperformed RERFX with an annualized return of 4.34%, while RERFX has yielded a comparatively higher 8.60% annualized 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%

RERFX

• 1D: 3.15%
• 1M: -0.79%
• 6M: 3.81%
• YTD: 9.54%
• 1Y: 24.57%
• 3Y*: 13.57%
• 5Y*: 5.05%
• 10Y*: 8.60%
• ALL TIME*: 7.83%

*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)
NRO Neuberger Berman Real Estate Securities Income Fund	$782.35K	$1.08M	$899.31K
RERFX American Funds Real Estate Index Fund Class R-6	$0.00	$0.00	$0.00

NRO vs. RERFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NRO Neuberger Berman Real Estate Securities Income Fund	6.81%	0.85%	23.87%	15.24%	-35.04%	29.26%	-10.88%	47.57%	-16.37%	13.29%
RERFX American Funds Real Estate Index Fund Class R-6	9.54%	29.26%	2.96%	16.02%	-22.81%	2.81%	25.20%	27.36%	-17.37%	31.10%

Correlation

The correlation between NRO and RERFX is 0.26, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.26
Correlation (3Y) Balances recent behavior with more history.	0.39
Correlation (5Y) Shows whether the relationship held over a longer period.	0.47
Correlation (10Y) Provides a long-term view across more market conditions.	0.42
Correlation (All Time) Calculated using the full available price history since Oct 29, 2003	0.47

Over the past year, the correlation between NRO and RERFX has dropped to 0.26 - well below their long-term average of 0.47, suggesting their price drivers have been diverging.

Return for Risk

NRO vs. RERFX — Risk / Return Rank

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

NRO

NRO Risk / Return Rank: 10
NRO Sharpe Ratio Rank: 10
NRO Sortino Ratio Rank: 10
NRO Omega Ratio Rank: 9
NRO Calmar Ratio Rank: 10
NRO Martin Ratio Rank: 10

RERFX

RERFX Risk / Return Rank: 44
RERFX Sharpe Ratio Rank: 45
RERFX Sortino Ratio Rank: 44
RERFX Omega Ratio Rank: 45
RERFX Calmar Ratio Rank: 45
RERFX Martin Ratio Rank: 43

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.

NRO vs. RERFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neuberger Berman Real Estate Securities Income Fund (NRO) and American Funds Real Estate Index Fund Class R-6 (RERFX). 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	RERFX	Difference
Sharpe ratio: Return per unit of total volatility	0.40	1.31	-0.91
Sortino ratio: Return per unit of downside risk	0.67	1.89	-1.22
Omega ratio: Gain probability vs. loss probability	1.08	1.24	-0.16
Calmar ratio: Return relative to maximum drawdown	0.52	1.82	-1.30
Martin ratio: Return relative to average drawdown	1.38	6.44	-5.06

NRO vs. RERFX - Sharpe Ratio Comparison

The current NRO Sharpe Ratio is 0.40, which is lower than the RERFX Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of NRO and RERFX, 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. RERFX - Drawdown Comparison

The maximum NRO drawdown since its inception was -92.91%, which is greater than RERFX's maximum drawdown of -53.80%. Use the drawdown chart below to compare losses from any high point for NRO and RERFX.

Drawdown Indicators

	NRO	RERFX	Difference
Max Drawdown Largest peak-to-trough decline	-92.91%	-53.80%	-39.11%
Max Drawdown (1Y) Largest decline over 1 year	-11.61%	-12.53%	+0.92%
Max Drawdown (3Y) Largest decline over 3 years	-24.78%	-15.62%	-9.16%
Max Drawdown (5Y) Largest decline over 5 years	-42.35%	-37.32%	-5.03%
Max Drawdown (10Y) Largest decline over 10 years	-62.59%	-37.32%	-25.27%
Current Drawdown Current decline from peak	-5.33%	-3.53%	-1.80%
Average Drawdown Average peak-to-trough decline	-27.06%	-10.97%	-16.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.33%	3.53%	+0.80%

Volatility

NRO vs. RERFX - Volatility Comparison

The current volatility for Neuberger Berman Real Estate Securities Income Fund (NRO) is 4.35%, while American Funds Real Estate Index Fund Class R-6 (RERFX) has a volatility of 5.64%. This indicates that NRO experiences smaller price fluctuations and is considered to be less risky than RERFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NRO	RERFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.35%	5.64%	-1.29%
Volatility (6M) Calculated over the trailing 6-month period	12.28%	15.24%	-2.96%
Volatility (1Y) Calculated over the trailing 1-year period	14.97%	17.36%	-2.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.58%	17.00%	+4.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.40%	16.89%	+9.51%

Dividends

NRO vs. RERFX - Dividend Comparison

NRO's dividend yield for the trailing twelve months is around 12.40%, less than RERFX's 16.75% 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%
RERFX American Funds Real Estate Index Fund Class R-6	16.75%	13.93%	4.90%	3.90%	1.98%	10.14%	0.38%	3.10%	3.11%	4.94%	1.58%	3.38%

Frequently Asked Questions

Can I hold both NRO and RERFX in my portfolio?

NRO and RERFX have a correlation of 0.26, 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 RERFX?

RERFX has higher volatility (5.64%) compared to NRO (4.35%). In terms of maximum drawdown, NRO dropped -92.91% vs RERFX's -53.80%.

Which has better risk-adjusted returns?

RERFX currently has the higher Sharpe Ratio (1.31 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.