TIP vs. NBCM

Last updated Jul 12, 2026

TIP (iShares TIPS Bond ETF) and NBCM (Neuberger Berman Commodity Strategy ETF) are both exchange-traded funds - TIP is a Inflation-Protected Bonds fund tracking the ICE U.S. Treasury Inflation Linked Bond Index, while NBCM is a Commodities fund actively managed by Neuberger Berman. TIP is passively managed, while NBCM is actively managed. Over the past 3 years, TIP returned 4.07%/yr vs 14.74%/yr for NBCM. At a 0.08 correlation, their price movements are largely independent. TIP charges 0.18%/yr vs 0.66%/yr for NBCM.

Performance

TIP vs. NBCM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares TIPS Bond ETF (TIP) and Neuberger Berman Commodity Strategy ETF (NBCM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TIP achieves a 1.00% return, which is significantly lower than NBCM's 21.59% return.

TIP

• 1D: 0.01%
• 1M: -0.38%
• 6M: 0.76%
• YTD: 1.00%
• 1Y: 3.30%
• 3Y*: 4.07%
• 5Y*: 0.66%
• 10Y*: 2.34%

NBCM

• 1D: -0.29%
• 1M: -1.75%
• 6M: 18.42%
• YTD: 21.59%
• 1Y: 31.14%
• 3Y*: 14.74%
• 5Y*: —
• 10Y*: —

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

TIP vs. NBCM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TIP iShares TIPS Bond ETF	1.00%	6.77%	1.65%	3.80%	1.50%
NBCM Neuberger Berman Commodity Strategy ETF	21.59%	17.45%	6.55%	-6.41%	5.39%

Correlation

The correlation between TIP and NBCM is 0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.07
Correlation (All Time) Calculated using the full available price history since Oct 24, 2022	0.08

Return for Risk

TIP vs. NBCM — Risk / Return Rank

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

TIP

TIP Risk / Return Rank: 32
TIP Sharpe Ratio Rank: 30
TIP Sortino Ratio Rank: 29
TIP Omega Ratio Rank: 27
TIP Calmar Ratio Rank: 39
TIP Martin Ratio Rank: 37

NBCM

NBCM Risk / Return Rank: 63
NBCM Sharpe Ratio Rank: 71
NBCM Sortino Ratio Rank: 64
NBCM Omega Ratio Rank: 68
NBCM Calmar Ratio Rank: 56
NBCM Martin Ratio Rank: 55

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.

TIP vs. NBCM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares TIPS Bond ETF (TIP) and Neuberger Berman Commodity Strategy ETF (NBCM). 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.

	TIP	NBCM	Difference
Sharpe ratio: Return per unit of total volatility	0.91	1.82	-0.92
Sortino ratio: Return per unit of downside risk	1.34	2.37	-1.03
Omega ratio: Gain probability vs. loss probability	1.16	1.32	-0.17
Calmar ratio: Return relative to maximum drawdown	1.59	2.20	-0.61
Martin ratio: Return relative to average drawdown	4.58	7.47	-2.89

TIP vs. NBCM - Sharpe Ratio Comparison

The current TIP Sharpe Ratio is 0.91, which is lower than the NBCM Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of TIP and NBCM, 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

TIP vs. NBCM - Drawdown Comparison

The maximum TIP drawdown since its inception was -14.57%, roughly equal to the maximum NBCM drawdown of -14.78%. Use the drawdown chart below to compare losses from any high point for TIP and NBCM.

Drawdown Indicators

	TIP	NBCM	Difference
Max Drawdown Largest peak-to-trough decline	-14.57%	-14.78%	+0.21%
Max Drawdown (1Y) Largest decline over 1 year	-1.98%	-14.78%	+12.80%
Max Drawdown (3Y) Largest decline over 3 years	-4.54%	-14.78%	+10.24%
Max Drawdown (5Y) Largest decline over 5 years	-14.51%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-14.51%	—	—
Current Drawdown Current decline from peak	-0.85%	-10.56%	+9.71%
Average Drawdown Average peak-to-trough decline	-3.42%	-4.35%	+0.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.69%	4.35%	-3.66%

Volatility

TIP vs. NBCM - Volatility Comparison

The current volatility for iShares TIPS Bond ETF (TIP) is 1.25%, while Neuberger Berman Commodity Strategy ETF (NBCM) has a volatility of 4.62%. This indicates that TIP experiences smaller price fluctuations and is considered to be less risky than NBCM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TIP	NBCM	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.25%	4.62%	-3.37%
Volatility (6M) Calculated over the trailing 6-month period	2.54%	15.35%	-12.81%
Volatility (1Y) Calculated over the trailing 1-year period	3.47%	17.89%	-14.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.20%	14.99%	-8.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.73%	14.99%	-9.26%

TIP vs. NBCM - Expense Ratio Comparison

TIP has a 0.18% expense ratio, which is lower than NBCM's 0.66% expense ratio.

Dividends

TIP vs. NBCM - Dividend Comparison

TIP's dividend yield for the trailing twelve months is around 4.44%, less than NBCM's 6.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NBCM Neuberger Berman Commodity Strategy ETF	6.95%	8.46%	5.22%	4.37%	0.80%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TIP iShares TIPS Bond ETF	4.44%	3.46%	2.52%	2.73%	6.96%	4.28%	1.17%	1.75%	2.71%	2.07%	1.48%	0.34%

Frequently Asked Questions

Can I hold both TIP and NBCM in my portfolio?

TIP and NBCM 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.

Which is riskier, TIP or NBCM?

NBCM has higher volatility (4.62%) compared to TIP (1.25%). In terms of maximum drawdown, TIP dropped -14.57% vs NBCM's -14.78%.

Which ETF is better, TIP or NBCM?

On 3-year performance, NBCM leads with 14.74% vs 4.07% for TIP. On fees, TIP is cheaper at 0.18% per year. On volatility, TIP has been the lower-risk option at 1.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TIP or NBCM?

Over the 3-year period, NBCM has performed better with a 14.74% return vs 4.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TIP or NBCM?

TIP is cheaper with a 0.18% expense ratio, compared with 0.66% for NBCM.

Which ETF pays a higher dividend yield, TIP or NBCM?

NBCM has the higher dividend yield at 6.95%, compared with 4.44% for TIP.

What is the main difference between TIP and NBCM?

TIP is categorized as Inflation-Protected Bonds, while NBCM is Commodities. They also come from different issuers: iShares and Neuberger Berman. Their fees differ too: 0.18% for TIP and 0.66% for NBCM.

Which has better risk-adjusted returns?

NBCM currently has the higher Sharpe Ratio (1.82 vs 0.91), 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.