BBALX vs. NSGRX

Last updated Jun 5, 2026

BBALX (Northern Global Tactical Asset Allocation Fund) and NSGRX (Northern Small Cap Core Fund) are both mutual funds - BBALX is a Global Allocation fund managed by Northern Funds, while NSGRX is a Small Cap Blend Equities fund managed by Northern Funds. Over the past 10 years, BBALX returned 7.05%/yr vs 10.76%/yr for NSGRX. Their correlation of 0.83 suggests significant overlap in exposure. BBALX charges 0.26%/yr vs 0.62%/yr for NSGRX.

Performance

BBALX vs. NSGRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern Global Tactical Asset Allocation Fund (BBALX) and Northern Small Cap Core Fund (NSGRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BBALX achieves a 7.50% return, which is significantly lower than NSGRX's 15.64% return. Over the past 10 years, BBALX has underperformed NSGRX with an annualized return of 7.05%, while NSGRX has yielded a comparatively higher 10.76% annualized return.

BBALX

• 1D: -0.65%
• 1M: 1.96%
• YTD: 7.50%
• 6M: 8.03%
• 1Y: 17.99%
• 3Y*: 12.49%
• 5Y*: 5.75%
• 10Y*: 7.05%

NSGRX

• 1D: -1.03%
• 1M: 0.40%
• YTD: 15.64%
• 6M: 14.72%
• 1Y: 34.73%
• 3Y*: 16.71%
• 5Y*: 7.18%
• 10Y*: 10.76%

*Multi-year figures are annualized to reflect compound growth (CAGR)

BBALX vs. NSGRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BBALX Northern Global Tactical Asset Allocation Fund	7.50%	14.74%	8.00%	10.74%	-12.79%	11.17%	6.45%	17.62%	-7.89%	14.18%
NSGRX Northern Small Cap Core Fund	15.64%	10.57%	10.44%	16.96%	-16.14%	19.99%	14.53%	23.30%	-10.22%	13.05%

Correlation

The correlation between BBALX and NSGRX is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Oct 1, 1999	0.83

The correlation between BBALX and NSGRX has been stable across timeframes, ranging from 0.79 to 0.83 - a consistent structural relationship.

Return for Risk

BBALX vs. NSGRX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BBALX

BBALX Risk / Return Rank: 61
BBALX Sharpe Ratio Rank: 59
BBALX Sortino Ratio Rank: 59
BBALX Omega Ratio Rank: 60
BBALX Calmar Ratio Rank: 60
BBALX Martin Ratio Rank: 66

NSGRX

NSGRX Risk / Return Rank: 58
NSGRX Sharpe Ratio Rank: 44
NSGRX Sortino Ratio Rank: 45
NSGRX Omega Ratio Rank: 41
NSGRX Calmar Ratio Rank: 85
NSGRX Martin Ratio Rank: 76

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BBALX vs. NSGRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Global Tactical Asset Allocation Fund (BBALX) and Northern Small Cap Core Fund (NSGRX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	BBALX	NSGRX	Difference
Sharpe ratio: Return per unit of total volatility	2.23	1.93	+0.30
Sortino ratio: Return per unit of downside risk	3.17	2.79	+0.38
Omega ratio: Gain probability vs. loss probability	1.42	1.34	+0.08
Calmar ratio: Return relative to maximum drawdown	2.93	4.04	-1.11
Martin ratio: Return relative to average drawdown	12.71	14.12	-1.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BBALX vs. NSGRX - Sharpe Ratio Comparison

The current BBALX Sharpe Ratio is 2.23, which is comparable to the NSGRX Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of BBALX and NSGRX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BBALX	NSGRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.23	1.93	+0.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	0.31	+0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.66	0.46	+0.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.34	+0.20

Drawdowns

BBALX vs. NSGRX - Drawdown Comparison

The maximum BBALX drawdown since its inception was -33.24%, smaller than the maximum NSGRX drawdown of -64.89%. Use the drawdown chart below to compare losses from any high point for BBALX and NSGRX.

Drawdown Indicators

	BBALX	NSGRX	Difference
Max Drawdown Largest peak-to-trough decline	-33.24%	-64.89%	+31.65%
Max Drawdown (1Y) Largest decline over 1 year	-6.42%	-8.66%	+2.24%
Max Drawdown (3Y) Largest decline over 3 years	-9.72%	-26.45%	+16.73%
Max Drawdown (5Y) Largest decline over 5 years	-18.75%	-32.31%	+13.56%
Max Drawdown (10Y) Largest decline over 10 years	-26.33%	-40.37%	+14.04%
Current Drawdown Current decline from peak	-0.65%	-1.24%	+0.59%
Average Drawdown Average peak-to-trough decline	-5.49%	-22.17%	+16.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.46%	2.45%	-0.99%

Volatility

BBALX vs. NSGRX - Volatility Comparison

The current volatility for Northern Global Tactical Asset Allocation Fund (BBALX) is 2.52%, while Northern Small Cap Core Fund (NSGRX) has a volatility of 5.01%. This indicates that BBALX experiences smaller price fluctuations and is considered to be less risky than NSGRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BBALX	NSGRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.52%	5.01%	-2.49%
Volatility (6M) Calculated over the trailing 6-month period	6.84%	12.47%	-5.63%
Volatility (1Y) Calculated over the trailing 1-year period	8.44%	18.16%	-9.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.91%	23.36%	-13.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.68%	23.38%	-12.70%

BBALX vs. NSGRX - Expense Ratio Comparison

BBALX has a 0.26% expense ratio, which is lower than NSGRX's 0.62% expense ratio.

Dividends

BBALX vs. NSGRX - Dividend Comparison

BBALX's dividend yield for the trailing twelve months is around 2.71%, less than NSGRX's 13.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BBALX Northern Global Tactical Asset Allocation Fund	2.71%	3.11%	3.28%	3.72%	7.22%	4.57%	6.63%	2.15%	4.23%	3.26%	3.01%	4.20%
NSGRX Northern Small Cap Core Fund	13.71%	15.85%	17.77%	6.90%	0.55%	15.75%	5.00%	6.30%	1.26%	4.35%	0.67%	3.35%

Frequently Asked Questions

Can I hold both BBALX and NSGRX in my portfolio?

BBALX and NSGRX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BBALX or NSGRX?

NSGRX has higher volatility (5.01%) compared to BBALX (2.52%). In terms of maximum drawdown, BBALX dropped -33.24% vs NSGRX's -64.89%.

Which has better risk-adjusted returns?

BBALX currently has the higher Sharpe Ratio (2.23 vs 1.93), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.