Neuberger Berman Commodity Strategy ETF (NBCM) Performance
NBCM total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +40.5% since Dec 31, 2025
- 1 year
- +42.9% total return
- 3 years
- +19.0% a year
- Since first price
- +14.7% a year since 2022
NBCM trailing returns vs SPY, QQQ, AGG
| Period | NBCM total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +0.7% | +0.7% | −1.0% | −5.0% | +0.9% |
| 3 months | +9.0% | +9.0% | +3.2% | +1.9% | −0.4% |
| 6 months | +9.7% | +9.7% | +7.8% | +8.4% | −1.5% |
| YTD | +40.5% | +40.5% | +12.3% | +15.1% | −1.0% |
| 1 year | +42.9% | +31.6% | +14.4% | +15.9% | −1.1% |
| 3 years | +68.5%+19.0%/yr | +41.2% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| Since inceptionOct 24, 2022 | +73.2%+14.7%/yr | +43.9% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: NBCM vs SPY
From Oct 24, 2022: NBCM grew to $17,316, SPY to $21,127.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
NBCM returns by calendar year
2 of 3 full years positive. Best 2025 (+17.4%), worst 2023 (−6.4%). 2026 is year to date.
NBCM annual returns table
| Year | NBCM | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +40.5% | −14.8% | +12.3% | +15.1% | −1.0% |
| 2025 | +17.4% | −10.8% | +17.7% | +20.8% | +7.2% |
| 2024 | +6.5% | −11.5% | +24.9% | +25.6% | +1.3% |
| 2023 | −6.4% | −12.8% | +26.2% | +54.9% | +5.7% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
NBCM largest drawdowns
Now 0.6% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| May 12, 2026 | −14.8% | Jun 24, 2026 | Aug 31, 2026 | 43 days | 4 months |
| Jan 26, 2023 | −12.8% | May 31, 2023 | Apr 29, 2024 | 4 months | 1.3 years |
| May 28, 2024 | −11.5% | Sep 10, 2024 | Jan 15, 2025 | 3 months | 8 months |
| Apr 2, 2025 | −10.8% | Apr 8, 2025 | Jun 17, 2025 | 6 days | 2 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
NBCM risk statistics
| Statistic | 3 years | Since 2022 |
|---|---|---|
| Annualized return | +18.0% | +14.2% |
| Volatility (annualized) | 13.5% | 13.6% |
| Sharpe ratio | 0.97 | 0.72 |
| Sortino ratio | 1.85 | 1.25 |
| Best month | +11.2% | +11.2% |
| Worst month | −8.7% | −8.7% |
| Best 12 months | +50.6% | +50.6% |
| Worst 12 months | +1.7% | −6.7% |
| Positive months | 69% | 66% |
| Beta vs S&P 500 | -0.10 | — |
| Correlation with S&P 500 | -0.09 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
NBCM rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 37 | −6.7% | +10.3% | +50.6% | 84% |
| 3-year (a year) | 13 | +5.4% | +14.4% | +19.2% | 100% |
Every holding period starting at a month-end since 2022. Returns for 3 years and longer are annualized.
NBCM performance overview
Neuberger Berman Commodity Strategy ETF (NBCM) returned +42.9% over the past year, with distributions reinvested. Since its first recorded price in 2022 it has returned +14.7% a year, turning $10,000 into about $17,316. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −14.8%, from May 12, 2026 to Jun 24, 2026, and it took 2 months to get back to the old high. NBCM finished 2 of its 3 full calendar years with a gain; the best year was 2025 (+17.4%) and the worst 2023 (−6.4%). Volatility has been 13.6% a year.
Related: NBCM chart, NBCM dividends. See the NBCM overview for the latest quote and fund facts.
NBCM performance FAQ
What is the NBCM return over the past year?
NBCM returned +42.9% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 31.6%.
How much would $10,000 invested in NBCM be worth?
$10,000 invested in NBCM at its first recorded close on October 24, 2022 would be worth about $17,316 on October 23, 2026 with distributions reinvested.
What was the worst year for NBCM?
The worst calendar year was 2023, with a total return of −6.4%. The best was 2025 at +17.4%.
What is the biggest drawdown of NBCM?
The largest peak-to-trough decline was −14.8% between May 12, 2026 and June 24, 2026. It recovered to the old high on August 31, 2026, 2 months after the bottom.
How volatile is NBCM?
Over the past 3 years NBCM had an annualized volatility of 13.5% and a Sharpe ratio of 0.97 (excess return over 1–3 month T-bills per unit of risk).