- ISIN
- US6651623687
- CUSIP
- 665162368
- Issuer
- Northern Funds
- Inception Date
- Jan 11, 1993
- Category
- Short-Term Bond
- Min. Investment
- $2,500
- Distribution Policy
- Distributing
- Asset Class
- Bond
Share Price Chart
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Performance
BSBAX Performance Chart
Northern Short Bond Fund (BSBAX) is up 0.6% since the beginning of the year. BSBAX is currently trading at $18 per share. Investors who bought $1,000 worth of BSBAX shares 5 years ago would now be looking at an investment worth $1,079.
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Returns By Period
Northern Short Bond Fund (BSBAX) has returned 0.57% so far this year and 3.92% over the past 12 months.
Northern Short Bond Fund
- 1D
- 0.05%
- 1M
- 0.17%
- YTD
- 0.57%
- 6M
- 1.02%
- 1Y
- 3.92%
- 3Y*
- 4.02%
- 5Y*
- 1.54%
- 10Y*
- 1.95%
Benchmark (S&P 500 Index)
- 1D
- -2.64%
- 1M
- 0.25%
- YTD
- 7.86%
- 6M
- 7.47%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BSBAX Monthly Returns History
Based on dividend-adjusted daily data since Jun 20, 1996, BSBAX's average daily return is +0.01%, while the average monthly return is +0.26%. At this rate, an investment would double in approximately 22.2 years.
Historically, 73% of months were positive and 27% were negative. The best month was Sep 2003 with a return of +1.7%, while the worst month was Mar 2020 at -2.0%. The longest winning streak lasted 21 consecutive months, and the longest losing streak was 4 months.
On a daily basis, BSBAX closed higher 40% of trading days. The best single day was Sep 17, 2001 with a return of +0.9%, while the worst single day was Dec 21, 1998 at -1.5%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.47% | 0.41% | -0.87% | 0.35% | 0.33% | -0.11% | 0.57% | ||||||
| 2025 | 0.16% | 0.38% | -0.11% | 0.54% | 0.12% | 0.78% | 0.09% | 0.93% | 0.36% | 0.29% | 0.49% | 0.34% | 4.46% |
| 2024 | 0.44% | -0.29% | 0.11% | -0.35% | 0.75% | 0.62% | 1.15% | 0.91% | 0.81% | -0.65% | 0.47% | 0.05% | 4.07% |
| 2023 | 1.19% | -0.61% | 1.23% | 0.11% | -0.31% | -0.37% | 0.50% | 0.38% | -0.14% | -0.00% | 1.32% | 1.16% | 4.52% |
| 2022 | -0.90% | -0.75% | -1.35% | -0.95% | 0.45% | -1.38% | 0.95% | -0.94% | -1.32% | 0.05% | 1.02% | 0.15% | -4.89% |
| 2021 | 0.12% | -0.24% | -0.14% | 0.22% | 0.22% | -0.01% | 0.22% | -0.02% | -0.12% | -0.38% | -0.37% | 0.07% | -0.44% |
Benchmark Metrics
Northern Short Bond Fund has an annualized alpha of 3.09%, beta of 0.04, and R2 of 0.10 versus S&P 500 Index. Calculated based on daily prices since June 21, 1996.
- This fund participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (12.04%) than losses (2.39%) - typical of diversified or defensive assets.
- Beta of 0.04 may look defensive, but with R2 of 0.10 this fund is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this fund's risk.
- R2 of 0.10 means this fund moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 3.09%
- Beta
- 0.04
- R²
- 0.10
- Upside Capture
- 12.04%
- Downside Capture
- 2.39%
Expense Ratio
BSBAX has an expense ratio of 0.40%, placing it in the medium range.
Return for Risk
Risk / Return Rank
BSBAX ranks 77 for risk / return — better than 77% of mutual funds on our site. You're getting solid returns for the risk taken. A good sign, especially for investors who want growth without excessive volatility.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Northern Short Bond Fund (BSBAX) and compare them to S&P 500 Index.
| BSBAX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.62 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 3.30 | — | — |
| Martin ratioReturn relative to average drawdown | 11.20 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Dividends
Dividend History
Northern Short Bond Fund provided a 4.08% dividend yield over the last twelve months, with an annual payout of $0.74 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.74 | $0.59 | $0.64 | $0.45 | $0.17 | $0.23 | $0.38 | $0.50 | $0.47 | $0.35 | $0.27 | $0.23 |
Dividend yield | 4.08% | 3.20% | 3.54% | 2.49% | 0.94% | 1.20% | 2.00% | 2.62% | 2.57% | 1.85% | 1.43% | 1.25% |
Monthly Dividends
The table displays the monthly dividend distributions for Northern Short Bond Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.09 | $0.06 | $0.00 | $0.06 | $0.07 | $0.00 | $0.28 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.07 | $0.06 | $0.07 | $0.07 | $0.07 | $0.07 | $0.06 | $0.07 | $0.05 | $0.59 |
| 2024 | $0.06 | $0.06 | $0.00 | $0.06 | $0.05 | $0.06 | $0.06 | $0.07 | $0.06 | $0.06 | $0.07 | $0.05 | $0.64 |
| 2023 | $0.05 | $0.04 | $0.04 | $0.00 | $0.04 | $0.04 | $0.05 | $0.05 | $0.04 | $0.00 | $0.05 | $0.05 | $0.45 |
| 2022 | $0.02 | $0.00 | $0.00 | $0.02 | $0.02 | $0.00 | $0.00 | $0.00 | $0.02 | $0.03 | $0.03 | $0.03 | $0.17 |
| 2021 | $0.03 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.00 | $0.01 | $0.23 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Northern Short Bond Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Northern Short Bond Fund was 7.31%, occurring on Oct 20, 2022. Recovery took 427 trading sessions.
The current Northern Short Bond Fund drawdown is 0.30%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Bear market2022 | -7.31%Oct 2022 | 1y 1mo | 1y 8mo | 2y 10moSep 2021 - Jul 2024 |
COVID crash2020 | -4.66%Mar 2020 | 17d | 2mo 11d | 2mo 28dMar 2020 - Jun 2020 |
2004 pullback2004 | -2.62%Jun 2004 | 2mo 21d | 4mo 2d | 6mo 23dMar 2004 - Oct 2004 |
Financial crisis2007–2009 | -2.43%Oct 2008 | 1mo 10d | 1mo 15d | 2mo 25dSep 2008 - Dec 2008 |
2003 pullback2003 | -2.32%Sep 2003 | 2mo 18d | 4mo 9d | 6mo 27dJun 2003 - Jan 2004 |
Drawdown Indicators
| BSBAX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -7.31% | -9.10% | +1.79% |
Max Drawdown (1Y)Largest decline over 1 year | -1.19% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -1.20% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -7.31% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -7.31% | — | — |
Current DrawdownCurrent decline from peak | -0.30% | -2.97% | +2.67% |
Average DrawdownAverage peak-to-trough decline | -0.62% | -1.13% | +0.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.35% | — | — |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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