IPSIX vs. NSMVX

Last updated Jun 5, 2026

IPSIX (Voya Index Plus SmallCap Portfolio) and NSMVX (North Star Micro Cap Fund) are both Small Cap Blend Equities funds. Over the past 10 years, IPSIX returned 10.13%/yr vs 9.27%/yr for NSMVX. Their correlation of 0.84 suggests significant overlap in exposure. IPSIX charges 0.60%/yr vs 1.30%/yr for NSMVX.

Performance

IPSIX vs. NSMVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Voya Index Plus SmallCap Portfolio (IPSIX) and North Star Micro Cap Fund (NSMVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IPSIX achieves a 16.61% return, which is significantly higher than NSMVX's 10.02% return. Over the past 10 years, IPSIX has outperformed NSMVX with an annualized return of 10.13%, while NSMVX has yielded a comparatively lower 9.27% annualized return.

IPSIX

• 1D: -1.09%
• 1M: 0.88%
• YTD: 16.61%
• 6M: 16.30%
• 1Y: 35.36%
• 3Y*: 16.41%
• 5Y*: 7.68%
• 10Y*: 10.13%

NSMVX

• 1D: -1.55%
• 1M: -1.01%
• YTD: 10.02%
• 6M: 10.75%
• 1Y: 17.80%
• 3Y*: 12.72%
• 5Y*: 0.78%
• 10Y*: 9.27%

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

IPSIX vs. NSMVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IPSIX Voya Index Plus SmallCap Portfolio	16.61%	8.46%	8.64%	18.17%	-13.82%	28.42%	5.25%	21.07%	-12.34%	9.94%
NSMVX North Star Micro Cap Fund	10.02%	-0.97%	15.30%	22.31%	-24.84%	14.12%	37.19%	19.52%	-13.50%	4.84%

Correlation

The correlation between IPSIX and NSMVX is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Jun 3, 2013	0.84

The correlation between IPSIX and NSMVX has been stable across timeframes, ranging from 0.76 to 0.86 - a consistent structural relationship.

Return for Risk

IPSIX vs. NSMVX — Risk / Return Rank

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

IPSIX

IPSIX Risk / Return Rank: 72
IPSIX Sharpe Ratio Rank: 62
IPSIX Sortino Ratio Rank: 65
IPSIX Omega Ratio Rank: 50
IPSIX Calmar Ratio Rank: 93
IPSIX Martin Ratio Rank: 89

NSMVX

NSMVX Risk / Return Rank: 14
NSMVX Sharpe Ratio Rank: 14
NSMVX Sortino Ratio Rank: 15
NSMVX Omega Ratio Rank: 13
NSMVX Calmar Ratio Rank: 16
NSMVX Martin Ratio Rank: 14

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.

IPSIX vs. NSMVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Voya Index Plus SmallCap Portfolio (IPSIX) and North Star Micro Cap Fund (NSMVX). 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.

	IPSIX	NSMVX	Difference
Sharpe ratio: Return per unit of total volatility	2.27	0.97	+1.30
Sortino ratio: Return per unit of downside risk	3.31	1.56	+1.75
Omega ratio: Gain probability vs. loss probability	1.38	1.18	+0.20
Calmar ratio: Return relative to maximum drawdown	5.18	1.35	+3.83
Martin ratio: Return relative to average drawdown	17.01	3.85	+13.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IPSIX vs. NSMVX - Sharpe Ratio Comparison

The current IPSIX Sharpe Ratio is 2.27, which is higher than the NSMVX Sharpe Ratio of 0.97. The chart below compares the historical Sharpe Ratios of IPSIX and NSMVX, 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

	IPSIX	NSMVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.27	0.97	+1.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.36	0.04	+0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.43	0.46	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.45	-0.09

Drawdowns

IPSIX vs. NSMVX - Drawdown Comparison

The maximum IPSIX drawdown since its inception was -58.01%, which is greater than NSMVX's maximum drawdown of -41.32%. Use the drawdown chart below to compare losses from any high point for IPSIX and NSMVX.

Drawdown Indicators

	IPSIX	NSMVX	Difference
Max Drawdown Largest peak-to-trough decline	-58.01%	-41.32%	-16.69%
Max Drawdown (1Y) Largest decline over 1 year	-7.63%	-12.98%	+5.35%
Max Drawdown (3Y) Largest decline over 3 years	-26.60%	-22.82%	-3.78%
Max Drawdown (5Y) Largest decline over 5 years	-26.60%	-40.82%	+14.22%
Max Drawdown (10Y) Largest decline over 10 years	-47.92%	-41.32%	-6.60%
Current Drawdown Current decline from peak	-1.09%	-1.99%	+0.90%
Average Drawdown Average peak-to-trough decline	-9.71%	-10.44%	+0.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.26%	4.54%	-2.28%

Volatility

IPSIX vs. NSMVX - Volatility Comparison

The current volatility for Voya Index Plus SmallCap Portfolio (IPSIX) is 4.38%, while North Star Micro Cap Fund (NSMVX) has a volatility of 5.23%. This indicates that IPSIX experiences smaller price fluctuations and is considered to be less risky than NSMVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IPSIX	NSMVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.38%	5.23%	-0.85%
Volatility (6M) Calculated over the trailing 6-month period	11.47%	11.92%	-0.45%
Volatility (1Y) Calculated over the trailing 1-year period	17.45%	18.05%	-0.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.02%	19.78%	+2.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.74%	20.12%	+3.62%

IPSIX vs. NSMVX - Expense Ratio Comparison

IPSIX has a 0.60% expense ratio, which is lower than NSMVX's 1.30% expense ratio.

Dividends

IPSIX vs. NSMVX - Dividend Comparison

IPSIX's dividend yield for the trailing twelve months is around 9.37%, more than NSMVX's 3.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IPSIX Voya Index Plus SmallCap Portfolio	9.37%	5.72%	4.44%	4.20%	19.88%	0.65%	1.98%	16.87%	18.12%	9.69%	3.19%	0.93%
NSMVX North Star Micro Cap Fund	3.38%	3.72%	2.98%	0.72%	0.26%	3.30%	0.01%	0.94%	7.51%	3.22%	3.34%	5.11%

Frequently Asked Questions

Can I hold both IPSIX and NSMVX in my portfolio?

IPSIX and NSMVX have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IPSIX or NSMVX?

NSMVX has higher volatility (5.23%) compared to IPSIX (4.38%). In terms of maximum drawdown, IPSIX dropped -58.01% vs NSMVX's -41.32%.

Which has better risk-adjusted returns?

IPSIX currently has the higher Sharpe Ratio (2.27 vs 0.97), 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.