NSTLX vs. NMULX

Last updated Jun 5, 2026

NSTLX (Neuberger Berman Strategic Income Fund) and NMULX (Neuberger Berman Multi-Cap Opportunities Fund) are both mutual funds - NSTLX is a Multisector Bonds fund managed by Neuberger Berman, while NMULX is a Large Cap Blend Equities fund managed by Neuberger Berman. Over the past 10 years, NSTLX returned 4.04%/yr vs 13.00%/yr for NMULX. At a 0.20 correlation, their price movements are largely independent. NSTLX charges 0.59%/yr vs 0.82%/yr for NMULX.

Performance

NSTLX vs. NMULX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Neuberger Berman Strategic Income Fund (NSTLX) and Neuberger Berman Multi-Cap Opportunities Fund (NMULX). 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 lower than NMULX's 5.21% return. Over the past 10 years, NSTLX has underperformed NMULX with an annualized return of 4.04%, while NMULX has yielded a comparatively higher 13.00% 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%

NMULX

• 1D: -0.81%
• 1M: 0.82%
• YTD: 5.21%
• 6M: 4.77%
• 1Y: 18.14%
• 3Y*: 16.77%
• 5Y*: 9.57%
• 10Y*: 13.00%

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

NSTLX vs. NMULX - 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%
NMULX Neuberger Berman Multi-Cap Opportunities Fund	5.21%	14.81%	20.55%	18.35%	-17.68%	26.48%	12.47%	28.20%	-4.78%	24.90%

Correlation

The correlation between NSTLX and NMULX 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	0.36
Correlation (5Y) Calculated over the trailing 5-year period	0.40
Correlation (10Y) Calculated over the trailing 10-year period	0.31
Correlation (All Time) Calculated using the full available price history since Nov 6, 2006	0.20

The correlation between NSTLX and NMULX shifts across timeframes, from 0.20 (all time) to 0.40 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

NSTLX vs. NMULX — 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

NMULX

NMULX Risk / Return Rank: 34
NMULX Sharpe Ratio Rank: 32
NMULX Sortino Ratio Rank: 31
NMULX Omega Ratio Rank: 31
NMULX Calmar Ratio Rank: 34
NMULX Martin Ratio Rank: 42

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. NMULX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neuberger Berman Strategic Income Fund (NSTLX) and Neuberger Berman Multi-Cap Opportunities Fund (NMULX). 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	NMULX	Difference
Sharpe ratio: Return per unit of total volatility	1.84	1.60	+0.24
Sortino ratio: Return per unit of downside risk	2.86	2.28	+0.57
Omega ratio: Gain probability vs. loss probability	1.36	1.29	+0.07
Calmar ratio: Return relative to maximum drawdown	2.02	2.12	-0.10
Martin ratio: Return relative to average drawdown	7.35	8.83	-1.48
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. NMULX - Sharpe Ratio Comparison

The current NSTLX Sharpe Ratio is 1.84, which is comparable to the NMULX Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of NSTLX and NMULX, 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	NMULX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.84	1.60	+0.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.45	+0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.81	0.63	+0.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.87	0.46	+0.41

Drawdowns

NSTLX vs. NMULX - Drawdown Comparison

The maximum NSTLX drawdown since its inception was -19.00%, smaller than the maximum NMULX drawdown of -56.00%. Use the drawdown chart below to compare losses from any high point for NSTLX and NMULX.

Drawdown Indicators

	NSTLX	NMULX	Difference
Max Drawdown Largest peak-to-trough decline	-19.00%	-56.00%	+37.00%
Max Drawdown (1Y) Largest decline over 1 year	-3.30%	-8.51%	+5.21%
Max Drawdown (3Y) Largest decline over 3 years	-4.85%	-19.50%	+14.65%
Max Drawdown (5Y) Largest decline over 5 years	-16.65%	-26.05%	+9.40%
Max Drawdown (10Y) Largest decline over 10 years	-19.00%	-39.41%	+20.41%
Current Drawdown Current decline from peak	-1.06%	-1.28%	+0.22%
Average Drawdown Average peak-to-trough decline	-2.70%	-9.58%	+6.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.90%	2.04%	-1.14%

Volatility

NSTLX vs. NMULX - Volatility Comparison

The current volatility for Neuberger Berman Strategic Income Fund (NSTLX) is 1.37%, while Neuberger Berman Multi-Cap Opportunities Fund (NMULX) has a volatility of 3.06%. This indicates that NSTLX experiences smaller price fluctuations and is considered to be less risky than NMULX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NSTLX	NMULX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.37%	3.06%	-1.69%
Volatility (6M) Calculated over the trailing 6-month period	2.88%	8.63%	-5.75%
Volatility (1Y) Calculated over the trailing 1-year period	3.62%	11.32%	-7.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.06%	21.22%	-16.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.99%	20.86%	-15.87%

NSTLX vs. NMULX - Expense Ratio Comparison

NSTLX has a 0.59% expense ratio, which is lower than NMULX's 0.82% expense ratio.

Dividends

NSTLX vs. NMULX - Dividend Comparison

NSTLX's dividend yield for the trailing twelve months is around 5.55%, more than NMULX's 0.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NMULX Neuberger Berman Multi-Cap Opportunities Fund	0.66%	0.69%	2.93%	22.77%	30.16%	34.21%	24.27%	20.47%	11.21%	10.49%	3.61%	3.71%
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 NMULX in my portfolio?

NSTLX and NMULX 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, NSTLX or NMULX?

NMULX has higher volatility (3.06%) compared to NSTLX (1.37%). In terms of maximum drawdown, NSTLX dropped -19.00% vs NMULX's -56.00%.

Which has better risk-adjusted returns?

NSTLX currently has the higher Sharpe Ratio (1.84 vs 1.60), 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.