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Northern Multi-Manager High Yield Opportunity Fund (NMHYX) Sharpe Ratio: 1.23

Mutual Fund · Currency in USD · Last updated Aug 1, 2026

The fund invests at least 80% of its net assets in bonds and other fixed-income securities that are rated below investment grade (commonly referred to as "junk bonds"). The adviser utilizes a "multi-manager" approach whereby the fund's assets are allocated to one or more sub-advisers, in percentages determined at the discretion of the fund's investment adviser. Although the fund primarily invests in the debt obligations of domestic issuers, it may invest in debt obligations of foreign issuers.

NMHYX's Sharpe Ratio of 1.23 indicates that for each unit of volatility, it generates 1.23 units of excess return above the risk-free rate. The ratio is calculated using historical daily returns over the past 12 months (as of Aug 1, 2026).

Sharpe uses total volatility (standard deviation) which includes both upside and downside price movements, making it useful for comparing risk-adjusted returns across different assets. For how to read this number and when it can mislead, see Sharpe Ratio Explained.

NMHYX Sharpe Ratio Rank

NMHYX Sharpe Ratio Rank: 38.739
Below Average

NMHYX ranks above 38.7% of all investments in our database based on Sharpe Ratio over the past 12 months, indicating below-average returns relative to volatility. Securities are ranked from 0 (worst) to 100 (best).

What moves the rank

  • Strong returns with low total volatility → Higher rank
  • High volatility (both upside and downside) → Lower rank
  • Consistent returns → Higher rank than volatile returns of same magnitude
  • Sharp drawdowns increase volatility → Lower rank

What you can do with this information

  • Returns may not adequately compensate for volatility taken
  • Consider smaller allocation given below-average risk-adjusted profile
  • Explore higher-ranked investments with better consistency
  • Assess whether the volatility profile aligns with your portfolio goals

NMHYX Sharpe Ratio Market Positioning

The chart shows NMHYX's Sharpe Ratio relative to all mutual funds on our platform, with color zones indicating percentile rankings. Higher ratios indicate better risk-adjusted returns.

  • Red zone (bottom 25%): 0.93 or lower
  • Yellow zone (middle 50%): 0.93 to 1.81
  • Green zone (top 25%): 1.81 or higher
  • Top 1%: 3.73+
  • Median: 1.45 — half of all investments score higher

How it compares to other similar mutual funds

The table compares Northern Multi-Manager High Yield Opportunity Fund's Sharpe Ratio with other mutual funds in the High Yield Bonds category across multiple time periods, showing how NMHYX's risk-adjusted performance compares to similar funds.

Data shows 1-, 5-, and 10-year periods, plus each fund's all-time average, as of Aug 1, 2026.

SymbolName1Y Sharpe Ratio5Y Sharpe Ratio10Y Sharpe RatioAll Time Sharpe Ratio
CCLFXCliffwater Corporate Lending Fund Class I Shares8.19
XILSXPioneer ILS Interval Fund7.88
RPHIXRiverPark Short Term High Yield Fund4.94
ICMUXIntrepid Income Fund3.34
CWFIXChartwell Short Duration High Yield Fund3.07
PSHNXPenn Capital Short Duration High Income Fund2.88
SHOYXAmerican Beacon SiM High Yield Opportunities Fund Class Y2.82
SCFIXShenkman Capital Short Duration High Income Fund2.80
SHYPXAmerican Beacon SiM High Yld Opps Fund2.73
PYHRXPayden High Income Fund2.61
NMHYXNorthern Multi-Manager High Yield Opportunity Fund1.23
Benchmark

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Historical Sharpe Ratio

The chart shows NMHYX's rolling Sharpe ratio over time compared to your chosen benchmark. Rising trends indicate improving returns relative to total volatility, while declining trends may signal deteriorating risk-adjusted performance or increased volatility. Use multiple timeframes to distinguish short-term fluctuations from long-term patterns.

Identify market cycles by observing when NMHYX consistently outperforms (line above benchmark), underperforms (below benchmark), or aligns with the benchmark.

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