NBCM, the Neuberger Commodity Strategy ETF, is a $532 million ETF whose main story is hard asset flight. Over the past year it returned +43.4%, against +16.8% for broad US ETFs. Figures to October 2, 2026; past performance, not a recommendation.
The narrative it carries
This is its only narrative.
Hard asset flight →
Gold, silver and the miners: assets held because no government issues them.
The band is where this narrative’s level sits among the 22 this week. QUIET means less talked about, not falling.
| # | ETF | SHARE | ASSETS | 1 YEAR | COST |
|---|---|---|---|---|---|
| 1 | GLD | 36.5% | $141.70bn | +7.1% | 0.40% |
| 2 | IAU | 16.0% | $62.22bn | +7.3% | 0.25% |
| 3 | GLDM | 7.9% | $30.71bn | +7.5% | 0.10% |
| 4 | SLV | 7.7% | $29.96bn | +28.7% | 0.50% |
| 5 | GDX | 6.8% | $26.25bn | +14.7% | 0.51% |
| 101 other ETFs | 25.1% |
Share is each ETF’s slice of the capital carrying this narrative. 1 year is market price total return; cost is the expense ratio. See all 106 ETFs on the narrative page →
FRI OCT 2MARKET PRICE TOTAL RETURN
| 1M | 3M | YTD | 1Y | 3Y* | 5Y* | |
|---|---|---|---|---|---|---|
| NBCM | −0.5% | +16.9% | +37.1% | +43.4% | +18.4% | – |
| Hard asset flightits narrative | −5.7% | +3.3% | +0.3% | +14.9% | +33.7% | +19.5% |
| The marketbroad US ETFs | +0.8% | +2.6% | +14.6% | +16.8% | +22.9% | +12.9% |
1M, 3M, 1Y, 3Y, 5Y: one month to five years. YTD: year to date. * A year, annualised. A dash means the ETF has not traded for the whole period. Since it started trading on October 24, 2022: +14.2% a year.
$10,000 invested October 31, 2022
Year by year
Total return in each calendar year; this year is year to date. A year appears only if NBCM traded for all of it.
Total return on the market price, with each distribution reinvested on its ex-date. Not the NAV return the issuer publishes; the two differ when the ETF trades above or below the value of its holdings. The narrative is the asset-weighted return of the unlevered ETFs that carry it. The market is the asset-weighted return of broad US index ETFs. Past performance is no guarantee of future results.
FRI OCT 2MARKET PRICE TOTAL RETURN
How closely it moves
NBCM moves largely apart from the market. When the market has moved 1%, NBCM has tended to move 0.11%.
NBCM moves partly with hard asset flight. When hard asset flight has moved 1%, NBCM has tended to move 0.32%.
Weekly returns over 157 weeks. The narrative is measured without NBCM in it, so it is not compared with itself.
ETFs it moves most and least like
Correlation of weekly returns over the last 3 years, among unlevered ETFs StoryVector covers.
Where it sits in Hard asset flight
Each dot is one of 54 unlevered ETFs whose main narrative is hard asset flight, placed by its return (up) and how much it swung (right) over the last year.
Risk
How it is built
An unlevered long ETF. It counts toward Share of Narrative.
Narrative exposure
Common questions
What story is NBCM selling?
NBCM’s main story is hard asset flight, which covers gold, silver and the miners: assets held because no government issues them.
Which ETFs compete with NBCM?
The ETFs whose weekly returns move most like NBCM’s over the past 3 years are CMDY (0.97), BCI (0.96) and COMB (0.96).
How has NBCM performed against its story?
Over the past year NBCM returned +43.4%, the ETFs carrying hard asset flight +14.9% and broad US ETFs +16.8%, to October 2, 2026. Its weekly returns have a correlation of 0.47 with the story. Past performance only.
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