NSTLX vs. NCRLX

Last updated Jun 5, 2026

NSTLX (Neuberger Berman Strategic Income Fund) and NCRLX (Neuberger Berman Core Bond Fund) are both mutual funds - NSTLX is a Multisector Bonds fund managed by Neuberger Berman, while NCRLX is a Intermediate Core Bond fund managed by Neuberger Berman. Over the past 10 years, NSTLX returned 4.04%/yr vs 1.83%/yr for NCRLX. A 0.68 correlation means they provide meaningful diversification when combined. NSTLX charges 0.59%/yr vs 0.39%/yr for NCRLX.

Performance

NSTLX vs. NCRLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Neuberger Berman Strategic Income Fund (NSTLX) and Neuberger Berman Core Bond Fund (NCRLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NSTLX achieves a 0.56% return, which is significantly higher than NCRLX's 0.28% return. Over the past 10 years, NSTLX has outperformed NCRLX with an annualized return of 4.04%, while NCRLX has yielded a comparatively lower 1.83% annualized return.

NSTLX

• 1D: -0.20%
• 1M: 0.36%
• YTD: 0.56%
• 6M: 0.92%
• 1Y: 6.18%
• 3Y*: 7.33%
• 5Y*: 2.73%
• 10Y*: 4.04%

NCRLX

• 1D: -0.23%
• 1M: 0.13%
• YTD: 0.28%
• 6M: 0.29%
• 1Y: 4.64%
• 3Y*: 4.14%
• 5Y*: -0.07%
• 10Y*: 1.83%

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

NSTLX vs. NCRLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NSTLX Neuberger Berman Strategic Income Fund	0.56%	9.44%	6.02%	10.07%	-11.81%	2.94%	7.78%	10.55%	-2.34%	7.00%
NCRLX Neuberger Berman Core Bond Fund	0.28%	7.24%	1.90%	5.69%	-14.36%	-1.07%	9.50%	9.43%	-1.06%	3.95%

Correlation

The correlation between NSTLX and NCRLX is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.76
Correlation (All Time) Calculated using the full available price history since Jul 16, 2003	0.68

Over the past year, NSTLX and NCRLX have become more correlated (0.92) than their long-term average of 0.68, meaning their price movements have been converging.

Return for Risk

NSTLX vs. NCRLX — Risk / Return Rank

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

NSTLX

NSTLX Risk / Return Rank: 38
NSTLX Sharpe Ratio Rank: 41
NSTLX Sortino Ratio Rank: 46
NSTLX Omega Ratio Rank: 44
NSTLX Calmar Ratio Rank: 30
NSTLX Martin Ratio Rank: 33

NCRLX

NCRLX Risk / Return Rank: 22
NCRLX Sharpe Ratio Rank: 21
NCRLX Sortino Ratio Rank: 23
NCRLX Omega Ratio Rank: 19
NCRLX Calmar Ratio Rank: 25
NCRLX Martin Ratio Rank: 21

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.

NSTLX vs. NCRLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neuberger Berman Strategic Income Fund (NSTLX) and Neuberger Berman Core Bond Fund (NCRLX). 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.

	NSTLX	NCRLX	Difference
Sharpe ratio: Return per unit of total volatility	1.84	1.30	+0.54
Sortino ratio: Return per unit of downside risk	2.86	1.96	+0.90
Omega ratio: Gain probability vs. loss probability	1.36	1.23	+0.13
Calmar ratio: Return relative to maximum drawdown	2.02	1.80	+0.22
Martin ratio: Return relative to average drawdown	7.35	5.36	+1.99
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NSTLX vs. NCRLX - Sharpe Ratio Comparison

The current NSTLX Sharpe Ratio is 1.84, which is higher than the NCRLX Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of NSTLX and NCRLX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	NSTLX	NCRLX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.84	1.30	+0.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	-0.01	+0.56
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.81	0.37	+0.44
Sharpe Ratio (All Time) Calculated using the full available price history	0.87	0.49	+0.38

Drawdowns

NSTLX vs. NCRLX - Drawdown Comparison

The maximum NSTLX drawdown since its inception was -19.00%, roughly equal to the maximum NCRLX drawdown of -19.21%. Use the drawdown chart below to compare losses from any high point for NSTLX and NCRLX.

Drawdown Indicators

	NSTLX	NCRLX	Difference
Max Drawdown Largest peak-to-trough decline	-19.00%	-19.21%	+0.21%
Max Drawdown (1Y) Largest decline over 1 year	-3.30%	-2.93%	-0.37%
Max Drawdown (3Y) Largest decline over 3 years	-4.85%	-6.39%	+1.54%
Max Drawdown (5Y) Largest decline over 5 years	-16.65%	-19.21%	+2.56%
Max Drawdown (10Y) Largest decline over 10 years	-19.00%	-19.21%	+0.21%
Current Drawdown Current decline from peak	-1.06%	-2.05%	+0.99%
Average Drawdown Average peak-to-trough decline	-2.70%	-3.81%	+1.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.90%	0.98%	-0.08%

Volatility

NSTLX vs. NCRLX - Volatility Comparison

Neuberger Berman Strategic Income Fund (NSTLX) and Neuberger Berman Core Bond Fund (NCRLX) have volatilities of 1.37% and 1.35%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NSTLX	NCRLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.37%	1.35%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	2.88%	2.94%	-0.06%
Volatility (1Y) Calculated over the trailing 1-year period	3.62%	4.05%	-0.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.06%	6.03%	-0.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.99%	5.00%	-0.01%

NSTLX vs. NCRLX - Expense Ratio Comparison

NSTLX has a 0.59% expense ratio, which is higher than NCRLX's 0.39% expense ratio.

Dividends

NSTLX vs. NCRLX - Dividend Comparison

NSTLX's dividend yield for the trailing twelve months is around 5.55%, more than NCRLX's 4.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NCRLX Neuberger Berman Core Bond Fund	4.70%	4.68%	4.76%	3.90%	2.63%	2.47%	4.76%	3.37%	3.00%	2.80%	3.37%	3.15%
NSTLX Neuberger Berman Strategic Income Fund	5.55%	5.46%	5.31%	5.38%	3.92%	6.29%	3.81%	4.02%	4.33%	3.64%	3.54%	4.09%

Frequently Asked Questions

Can I hold both NSTLX and NCRLX in my portfolio?

With a correlation of 0.92, NSTLX and NCRLX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, NSTLX or NCRLX?

NSTLX has higher volatility (1.37%) compared to NCRLX (1.35%). In terms of maximum drawdown, NSTLX dropped -19.00% vs NCRLX's -19.21%.

Which has better risk-adjusted returns?

NSTLX currently has the higher Sharpe Ratio (1.84 vs 1.30), 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.