NBSM vs VOO
Neuberger Berman Small-Mid Cap ETF vs Vanguard S&P 500 ETF
Which is better, NBSM or VOO?
Small Cap Growth against Large Cap Blend.
VOO has a lower expense ratio. VOO led over 1Y and the full window. NBSM is less concentrated, with 20.1% of the fund in its ten largest positions against 36.4%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | NBSM | VOO |
|---|---|---|
| Expense Ratio | 0.65% | 0.03%Best |
| AUM | $116M | $997.4B |
| Dividend Yield | 0.36% | 1.04% |
| Holdings | 80 | 509 |
| YTD Return | +10.43% | +11.55%Best |
| 1Y Return | +9.99% | +17.54%Best |
| 3Y Return (annualized) | - | +20.71% |
| 5Y Return (annualized) | - | +12.80% |
| Volatility (annualized) | 14.7% | 12.2%Best |
| Max Drawdown | -25.2% | -18.7%Best |
| $10,000 over 2.5 years | $11,110 | $15,026Best |
| Top 10 Weight | 20.1%Best | 36.4% |
| Fund Family | Neuberger Berman | Vanguard (US) |
| Category | Equity | Equity |
| Style | Small Cap Growth | Large Cap Blend |
| Inception | Mar 20, 2024 | Sep 7, 2010 |
Volatility and max drawdown, and the $10,000 over 2.5 years row, are measured over the window both funds cover: Mar 22, 2024 to Sep 10, 2026 (2.5 years).
NBSM vs VOO growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 2.5 years both funds cover.
NBSM vs VOO Performance
Neuberger Berman Small-Mid Cap ETF (NBSM) is an ETF from Neuberger Berman and Vanguard S&P 500 ETF (VOO) is an ETF from Vanguard (US). Over the past year NBSM returned +9.99% while VOO returned +17.54%. Year to date, NBSM is up 10.43% versus a gain of 11.55% for VOO.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
NBSM has been the more volatile fund, with annualized monthly volatility of 14.7% compared with 12.2% for VOO. 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 -25.2% for NBSM and -18.7% for VOO. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.64. They move together some of the time, and apart the rest.
Fees and Cost Over Time
NBSM charges 0.65% per year while VOO charges 0.03%. On a $10,000 position that is $65 vs $3 annually, a gap of $62 per year that compounds over a long holding period. On income, NBSM currently yields 0.36% against 1.04% for VOO.
Holdings Overlap
9.1% of NBSM's money is in holdings VOO also owns. 0.2% of VOO's money is in holdings NBSM also owns.
NBSM and VOO share little of their money.
The two holdings books were reported 50 days apart, NBSM as of Aug 19, 2026 and VOO as of Jun 30, 2026, so some of the difference between them is the time between the two reports rather than the funds.
7 positions in common, counted across the 78 positions we hold weights for in NBSM and 505 in VOO, against full books of 80 and 509.
What only one of them owns
Our book lists 489 positions for VOO that do not appear in our book for NBSM (99.2% of the fund), and 69 for NBSM that do not appear in VOO (87.0%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in NBSM | Weight in VOO | Difference |
|---|---|---|---|
| RVTYRevvity Inc | 1.85% | 0.02% | 1.83% |
| TYLTyler Technologies Inc | 1.75% | 0.02% | 1.73% |
| JKHYJack Henry & Associates Inc | 1.74% | 0.02% | 1.72% |
| VLTOVeralto Corp | 1.47% | 0.03% | 1.44% |
| LNTAlliant Energy Corp. | 1.45% | 0.03% | 1.42% |
| FICOFair Isaac Corp. | 0.67% | 0.04% | 0.63% |
| TPLTexas Pacific Land Trust | 0.17% | 0.04% | 0.13% |
You are not choosing between two funds in isolation.
Whichever of NBSM and VOO you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, NBSM or VOO?
NBSM has an expense ratio of 0.65% while VOO charges 0.03%. VOO is the cheaper option, by $62 a year on a $10,000 investment.
Which performed better, NBSM or VOO?
Over the past year NBSM returned +9.99% vs +17.54% for VOO, so VOO leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, NBSM or VOO?
NBSM has been the more volatile fund at 14.7% annualized versus 12.2% for VOO. Worst drawdown: NBSM -25.2% vs VOO -18.7%.
Should I hold both NBSM and VOO?
NBSM and VOO have a monthly-return correlation of 0.64, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between NBSM and VOO?
9.1% of NBSM's money is in holdings VOO also owns. 0.2% of VOO's is in holdings NBSM also owns. They hold 7 positions in common, counted across the 78 positions we hold weights for in NBSM and 505 in VOO.
Which pays a higher dividend, NBSM or VOO?
NBSM yields 0.36% while VOO yields 1.04%, so VOO currently pays the higher dividend yield.
Is VOO better than NBSM?
VOO has a lower expense ratio. VOO led over 1Y and the full window. NBSM is less concentrated, with 20.1% of the fund in its ten largest positions against 36.4%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.