NBTR vs SPY
NBTR vs SPY
Neuberger Berman Total Return Bond ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | NBTR | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.37% | 0.09% | |
| AUM | $54M | $789.1B | |
| Dividend Yield | 5.53% | 1.01% | |
| Holdings | 435 | 505 | |
| YTD Return | +0.29% | +13.50% | |
| 1Y Return | +3.11% | +23.56% | |
| 3Y Return (annualized) | - | +21.17% | |
| 5Y Return (annualized) | - | +13.46% | |
| Volatility (annualized) | 3.2% | 15.3% | |
| Max Drawdown | -2.6% | -56.5% | |
| Fund Family | Neuberger Berman | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Dec 17, 2024 | Jan 22, 1993 |
NBTR vs SPY Performance
Neuberger Berman Total Return Bond ETF (NBTR) is a ETF from Neuberger Berman and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year NBTR returned +3.11% while SPY returned +23.56%. Year to date, NBTR is up 0.29% versus a gain of 13.50% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 3.2% for NBTR. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -2.6% for NBTR and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.28. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
NBTR charges 0.37% per year while SPY charges 0.09%. On a $10,000 position that is $37 vs $9 annually, a gap of $28 per year that compounds over a long holding period. On income, NBTR currently yields 5.53% against 1.01% for SPY.
Holdings Overlap
NBTR and SPY share 0 holdings out of 728 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, NBTR or SPY?
NBTR has an expense ratio of 0.37% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $28 per year of difference.
Which performed better, NBTR or SPY?
Over the past year NBTR returned +3.11% vs +23.56% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (2 years), NBTR annualized +4.86% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, NBTR or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 3.2% for NBTR. Worst drawdown: NBTR -2.6% vs SPY -56.5%.
Should I hold both NBTR and SPY?
NBTR and SPY have a monthly-return correlation of 0.28, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between NBTR and SPY?
NBTR and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 728 unique securities.
Which pays a higher dividend, NBTR or SPY?
NBTR yields 5.53% while SPY yields 1.01%, so NBTR currently pays the higher dividend yield.
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