- ISIN
- US66263L7183
- CUSIP
- 85235B202
- Issuer
- Stadion Funds
- Inception Date
- Sep 14, 2006
- Category
- Tactical Allocation
- Min. Investment
- $1,000
- Distribution Policy
- Distributing
- Asset Class
- Equity
Share Price Chart
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Performance
ETFRX Performance Chart
North Square Tactical Defensive Fund (ETFRX) is up 7.2% since the beginning of the year. ETFRX is currently trading at $20 per share. Investors who bought $1,000 worth of ETFRX shares 5 years ago would now be looking at an investment worth $1,287.
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Returns By Period
North Square Tactical Defensive Fund (ETFRX) has returned 7.23% so far this year and 18.98% over the past 12 months. Over the last ten years, ETFRX has returned 6.75% per year, falling short of the S&P 500 Index benchmark, which averaged 13.65% annually.
North Square Tactical Defensive Fund
- 1D
- -0.63%
- 1M
- 2.92%
- YTD
- 7.23%
- 6M
- 7.25%
- 1Y
- 18.98%
- 3Y*
- 9.86%
- 5Y*
- 5.18%
- 10Y*
- 6.75%
Benchmark (S&P 500 Index)
- 1D
- 0.41%
- 1M
- 4.48%
- YTD
- 10.79%
- 6M
- 10.60%
- 1Y
- 27.02%
- 3Y*
- 21.07%
- 5Y*
- 12.39%
- 10Y*
- 13.65%
ETFRX Monthly Returns History
Based on dividend-adjusted daily data since Sep 15, 2006, ETFRX's average daily return is +0.02%, while the average monthly return is +0.42%. At this rate, an investment would double in approximately 13.8 years.
Historically, 58% of months were positive and 42% were negative. The best month was Apr 2009 with a return of +7.9%, while the worst month was Oct 2008 at -10.0%. The longest winning streak lasted 7 consecutive months, and the longest losing streak was 7 months.
On a daily basis, ETFRX closed higher 49% of trading days. The best single day was Oct 13, 2008 with a return of +5.1%, while the worst single day was Mar 16, 2020 at -5.5%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 1.94% | 0.31% | -3.74% | 5.32% | 3.64% | -0.20% | 7.23% | ||||||
| 2025 | 1.36% | -1.23% | -1.64% | -5.46% | 4.19% | 3.67% | 1.41% | 2.05% | 3.75% | 2.67% | -2.35% | 0.17% | 8.44% |
| 2024 | -0.00% | 3.85% | 2.49% | -3.05% | 2.68% | 2.95% | 0.83% | -1.69% | -0.17% | -1.95% | 5.00% | -3.44% | 7.31% |
| 2023 | 2.10% | -2.99% | -0.83% | 0.32% | -0.58% | 3.83% | 3.44% | -2.66% | -2.05% | -0.57% | 1.78% | 4.07% | 5.65% |
| 2022 | -4.66% | -0.92% | 1.05% | -1.89% | -0.12% | -3.18% | 3.86% | -2.11% | -0.32% | 0.13% | 1.84% | -1.99% | -8.28% |
| 2021 | -0.33% | 2.39% | 0.84% | 2.76% | 0.06% | 2.44% | 1.40% | 1.56% | -4.03% | 4.07% | -0.53% | 2.33% | 13.49% |
Benchmark Metrics
North Square Tactical Defensive Fund has an annualized alpha of -0.17%, beta of 0.51, and R2 of 0.71 versus S&P 500 Index. Calculated based on daily prices since September 18, 2006.
- This fund participated in 69.86% of S&P 500 Index downside but only 55.45% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.51 indicates this fund moves significantly less than S&P 500 Index - a genuinely defensive profile with reduced participation in both market rallies and downturns.
- Alpha
- -0.17%
- Beta
- 0.51
- R²
- 0.71
- Upside Capture
- 55.45%
- Downside Capture
- 69.86%
Expense Ratio
ETFRX has a high expense ratio of 1.86%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
ETFRX ranks 49 for risk / return — on par with similar mutual funds. You're getting a typical balance of risk and reward. Not a standout, but not a red flag either — a reasonable choice if other factors align with your goals.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for North Square Tactical Defensive Fund (ETFRX) and compare them to S&P 500 Index.
| ETFRX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.40 | ||
| Sortino ratioReturn per unit of downside risk | -0.53 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.41 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 3.18 | 2.98 | +0.20 |
| Martin ratioReturn relative to average drawdown | 9.74 | 13.78 | -4.04 |
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
North Square Tactical Defensive Fund provided a 0.45% dividend yield over the last twelve months, with an annual payout of $0.09 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.09 | $0.09 | $0.16 | $0.00 | $0.00 | $0.00 | $0.00 | $0.06 | $0.00 | $0.30 | $0.00 | $0.32 |
Dividend yield | 0.45% | 0.48% | 0.93% | 0.00% | 0.00% | 0.00% | 0.00% | 0.38% | 0.00% | 2.25% | 0.00% | 3.02% |
Monthly Dividends
The table displays the monthly dividend distributions for North Square Tactical Defensive 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 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.09 | $0.09 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.16 | $0.16 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
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 North Square Tactical Defensive 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 North Square Tactical Defensive Fund was 37.11%, occurring on Mar 9, 2009. Recovery took 480 trading sessions.
The current North Square Tactical Defensive Fund drawdown is 0.63%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Financial crisis2007–2009 | -37.11%Mar 2009 | 1y 4mo | 1y 10mo | 3y 3moNov 2007 - Feb 2011 |
COVID crash2020 | -21.30%Mar 2020 | 1mo 2d | 9mo 20d | 10mo 22dFeb 2020 - Jan 2021 |
2011 correction2011 | -16.22%Nov 2011 | 9mo 4d | 1y 4mo | 2y 1moFeb 2011 - Mar 2013 |
2015 correction2015 | -13.64%Dec 2015 | 1y | 1y 27d | 2y 27dDec 2014 - Jan 2017 |
2023 correction2023 | -12.17%Mar 2023 | 1y 3mo | 11mo 14d | 2y 3moNov 2021 - Feb 2024 |
Drawdown Indicators
| ETFRX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.11% | -56.78% | +19.67% |
Max Drawdown (1Y)Largest decline over 1 year | -6.02% | -9.10% | +3.08% |
Max Drawdown (3Y)Largest decline over 3 years | -11.98% | -18.90% | +6.92% |
Max Drawdown (5Y)Largest decline over 5 years | -12.17% | -25.43% | +13.26% |
Max Drawdown (10Y)Largest decline over 10 years | -21.30% | -33.92% | +12.62% |
Current DrawdownCurrent decline from peak | -0.63% | -0.33% | -0.30% |
Average DrawdownAverage peak-to-trough decline | -6.67% | -10.72% | +4.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.96% | 1.97% | -0.01% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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