NBOS vs SPY
Neuberger Berman Option Strategy 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 505 holdings.
Side-by-Side Comparison
| Metric | NBOS | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.57% | 0.09% | |
| AUM | $536M | $821.1B | |
| Dividend Yield | 8.07% | 1.01% | |
| Holdings | 35 | 505 | |
| YTD Return | +8.98% | +12.22% | |
| 1Y Return | +16.63% | +20.83% | |
| 3Y Return (annualized) | - | +21.70% | |
| 5Y Return (annualized) | - | +12.98% | |
| Volatility (annualized) | 5.8% | 15.3% | |
| Max Drawdown | -12.7% | -56.5% | |
| Fund Family | Neuberger Berman | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Jan 29, 2024 | Jan 22, 1993 |
NBOS vs SPY Performance
Neuberger Berman Option Strategy ETF (NBOS) 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 NBOS returned +16.63% while SPY returned +20.83%. Year to date, NBOS is up 8.98% versus a gain of 12.22% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 5.8% for NBOS. 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 -12.7% for NBOS 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 0.91. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
NBOS charges 0.57% per year while SPY charges 0.09%. On a $10,000 position that is $57 vs $9 annually, a gap of $48 per year that compounds over a long holding period. On income, NBOS currently yields 8.07% against 1.01% for SPY.
Holdings Overlap
NBOS and SPY share 0 holdings out of 513 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, NBOS or SPY?
NBOS has an expense ratio of 0.57% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $48 per year of difference.
Which performed better, NBOS or SPY?
Over the past year NBOS returned +16.63% vs +20.83% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (3 years), NBOS annualized +12.84% vs +8.79% for SPY. Past performance does not guarantee future results.
Which is riskier, NBOS or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 5.8% for NBOS. Worst drawdown: NBOS -12.7% vs SPY -56.5%.
Should I hold both NBOS and SPY?
NBOS and SPY have a monthly-return correlation of 0.91, so they move almost identically. Holding both adds little diversification - most investors pick one, usually on fees or the specific index tracked.
What is the holdings overlap between NBOS and SPY?
NBOS and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 513 unique securities.
Which pays a higher dividend, NBOS or SPY?
NBOS yields 8.07% while SPY yields 1.01%, so NBOS currently pays the higher dividend yield.
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