NSTLX vs. PCEF
NSTLX (Neuberger Berman Strategic Income Fund) and PCEF (Invesco CEF Income Composite ETF) are both funds - NSTLX is a Multisector Bonds fund managed by Neuberger Berman, while PCEF is a Diversified Portfolio fund tracking the S-Network Composite Closed-End Fund Index. Over the past 10 years, NSTLX returned 3.69%/yr vs 7.03%/yr for PCEF. Their 0.38 correlation means their historical movements had little consistent relationship. NSTLX charges 0.59%/yr vs 2.71%/yr for PCEF.
Performance
NSTLX vs. PCEF - Performance Comparison
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Returns By Period
In the year-to-date period, NSTLX achieves a -0.16% return, which is significantly lower than PCEF's 5.32% return. Over the past 10 years, NSTLX has underperformed PCEF with an annualized return of 3.69%, while PCEF has yielded a comparatively higher 7.03% annualized return.
NSTLX
- 1D
- 0.20%
- 1M
- -1.19%
- 6M
- -0.66%
- YTD
- -0.16%
- 1Y
- 3.23%
- 3Y*
- 6.60%
- 5Y*
- 2.43%
- 10Y*
- 3.69%
- ALL TIME*
- 4.23%
PCEF
- 1D
- 0.53%
- 1M
- -0.78%
- 6M
- 3.44%
- YTD
- 5.32%
- 1Y
- 10.52%
- 3Y*
- 12.11%
- 5Y*
- 4.63%
- 10Y*
- 7.03%
- ALL TIME*
- 6.89%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $1.77M | $2.55M | $2.69M |
NSTLX vs. PCEF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NSTLX Neuberger Berman Strategic Income Fund | -0.16% | 9.44% | 6.02% | 10.07% | -11.81% | 2.94% | 7.78% | 10.55% | -2.34% | 7.00% |
PCEF Invesco CEF Income Composite ETF | 5.32% | 12.59% | 16.70% | 9.39% | -18.66% | 15.38% | 4.61% | 24.08% | -8.88% | 14.48% |
Correlation
The correlation between NSTLX and PCEF is 0.50, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.50 |
Correlation (3Y) Balances recent behavior with more history. | 0.46 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.53 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.46 |
Correlation (All Time) Calculated using the full available price history since Feb 19, 2010 | 0.38 |
The correlation between NSTLX and PCEF shifts across timeframes, from 0.38 (all time) to 0.53 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
NSTLX vs. PCEF — Risk / Return Rank
NSTLX
PCEF
NSTLX vs. PCEF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Neuberger Berman Strategic Income Fund (NSTLX) and Invesco CEF Income Composite ETF (PCEF). 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.
| NSTLX | PCEF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.09 | ||
| Sortino ratioReturn per unit of downside risk | +0.16 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.20 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.32 | 1.23 | +0.09 |
| Martin ratioReturn relative to average drawdown | 4.25 | 5.53 | -1.29 |
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Drawdowns
NSTLX vs. PCEF - Drawdown Comparison
The maximum NSTLX drawdown since its inception was -19.00%, smaller than the maximum PCEF drawdown of -38.64%. Use the drawdown chart below to compare losses from any high point for NSTLX and PCEF.
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Drawdown Indicators
| NSTLX | PCEF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.00% | -38.64% | +19.64% |
Max Drawdown (1Y)Largest decline over 1 year | -3.30% | -8.30% | +5.00% |
Max Drawdown (3Y)Largest decline over 3 years | -4.55% | -14.09% | +9.54% |
Max Drawdown (5Y)Largest decline over 5 years | -16.65% | -24.25% | +7.60% |
Max Drawdown (10Y)Largest decline over 10 years | -19.00% | -38.64% | +19.64% |
Current DrawdownCurrent decline from peak | -1.77% | -1.24% | -0.53% |
Average DrawdownAverage peak-to-trough decline | -2.69% | -4.44% | +1.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.02% | 1.83% | -0.81% |
Volatility
NSTLX vs. PCEF - Volatility Comparison
The current volatility for Neuberger Berman Strategic Income Fund (NSTLX) is 0.91%, while Invesco CEF Income Composite ETF (PCEF) has a volatility of 2.43%. This indicates that NSTLX experiences smaller price fluctuations and is considered to be less risky than PCEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NSTLX | PCEF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.91% | 2.43% | -1.52% |
Volatility (6M)Calculated over the trailing 6-month period | 3.06% | 7.84% | -4.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.65% | 9.23% | -5.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.09% | 11.54% | -6.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.99% | 13.30% | -8.31% |
NSTLX vs. PCEF - Expense Ratio Comparison
NSTLX has a 0.59% expense ratio, which is lower than PCEF's 2.71% expense ratio.
Dividends
NSTLX vs. PCEF - Dividend Comparison
NSTLX's dividend yield for the trailing twelve months is around 5.18%, less than PCEF's 7.67% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NSTLX Neuberger Berman Strategic Income Fund | 5.18% | 5.46% | 5.31% | 5.38% | 3.92% | 6.29% | 3.81% | 4.02% | 4.33% | 3.64% | 3.54% | 4.09% |
PCEF Invesco CEF Income Composite ETF | 7.67% | 7.96% | 8.79% | 9.86% | 8.93% | 6.67% | 7.54% | 7.12% | 8.21% | 6.96% | 7.72% | 9.18% |
Frequently Asked Questions
NSTLX and PCEF have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PCEF has higher volatility (2.43%) compared to NSTLX (0.91%). In terms of maximum drawdown, NSTLX dropped -19.00% vs PCEF's -38.64%.
NSTLX currently has the higher Sharpe Ratio (1.20 vs 1.10), 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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