NCATX vs. NSGRX

Last updated Jun 26, 2026

NCATX (Northern California Tax Exempt Fund) and NSGRX (Northern Small Cap Core Fund) are both mutual funds - NCATX is a Municipal Bonds fund managed by Northern Funds, while NSGRX is a Small Cap Blend Equities fund managed by Northern Funds. Over the past 10 years, NCATX returned 1.44%/yr vs 11.56%/yr for NSGRX. At a correlation of -0.10, they often move in opposite directions. NCATX charges 0.45%/yr vs 0.62%/yr for NSGRX.

Performance

NCATX vs. NSGRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern California Tax Exempt Fund (NCATX) 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, NCATX achieves a 1.29% return, which is significantly lower than NSGRX's 20.44% return. Over the past 10 years, NCATX has underperformed NSGRX with an annualized return of 1.44%, while NSGRX has yielded a comparatively higher 11.56% annualized return.

NCATX

• 1D: 0.09%
• 1M: 0.86%
• YTD: 1.29%
• 6M: 1.38%
• 1Y: 6.10%
• 3Y*: 3.32%
• 5Y*: 0.08%
• 10Y*: 1.44%

NSGRX

• 1D: 0.66%
• 1M: 3.01%
• YTD: 20.44%
• 6M: 17.85%
• 1Y: 37.91%
• 3Y*: 18.46%
• 5Y*: 7.70%
• 10Y*: 11.56%

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

NCATX vs. NSGRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NCATX Northern California Tax Exempt Fund	1.29%	3.65%	1.89%	5.74%	-11.26%	0.74%	4.85%	7.67%	1.00%	4.97%
NSGRX Northern Small Cap Core Fund	20.44%	10.57%	10.44%	16.96%	-16.14%	19.99%	14.53%	23.30%	-10.22%	13.05%

Correlation

The correlation between NCATX and NSGRX is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	0.09
Correlation (10Y) Calculated over the trailing 10-year period	-0.01
Correlation (All Time) Calculated using the full available price history since Sep 30, 1999	-0.10

The correlation between NCATX and NSGRX shifts across timeframes, from -0.10 (all time) to 0.20 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

NCATX vs. NSGRX — Risk / Return Rank

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

NCATX

NCATX Risk / Return Rank: 68
NCATX Sharpe Ratio Rank: 85
NCATX Sortino Ratio Rank: 88
NCATX Omega Ratio Rank: 92
NCATX Calmar Ratio Rank: 43
NCATX Martin Ratio Rank: 34

NSGRX

NSGRX Risk / Return Rank: 79
NSGRX Sharpe Ratio Rank: 74
NSGRX Sortino Ratio Rank: 75
NSGRX Omega Ratio Rank: 65
NSGRX Calmar Ratio Rank: 93
NSGRX Martin Ratio Rank: 91

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.

NCATX vs. NSGRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern California Tax Exempt Fund (NCATX) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	NCATX	NSGRX	Difference
Sharpe ratio: Return per unit of total volatility	2.39	2.10	+0.29
Sortino ratio: Return per unit of downside risk	3.71	2.99	+0.72
Omega ratio: Gain probability vs. loss probability	1.61	1.36	+0.25
Calmar ratio: Return relative to maximum drawdown	2.17	4.49	-2.32
Martin ratio: Return relative to average drawdown	6.43	15.70	-9.27

NCATX vs. NSGRX - Sharpe Ratio Comparison

The current NCATX Sharpe Ratio is 2.39, which is comparable to the NSGRX Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of NCATX 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.

Drawdowns

NCATX vs. NSGRX - Drawdown Comparison

The maximum NCATX drawdown since its inception was -16.55%, smaller than the maximum NSGRX drawdown of -64.89%. Use the drawdown chart below to compare losses from any high point for NCATX and NSGRX.

Drawdown Indicators

	NCATX	NSGRX	Difference
Max Drawdown Largest peak-to-trough decline	-16.55%	-64.89%	+48.34%
Max Drawdown (1Y) Largest decline over 1 year	-2.80%	-8.66%	+5.86%
Max Drawdown (3Y) Largest decline over 3 years	-5.80%	-26.45%	+20.65%
Max Drawdown (5Y) Largest decline over 5 years	-16.55%	-32.31%	+15.76%
Max Drawdown (10Y) Largest decline over 10 years	-16.55%	-40.37%	+23.82%
Current Drawdown Current decline from peak	-0.83%	-0.10%	-0.73%
Average Drawdown Average peak-to-trough decline	-2.41%	-22.12%	+19.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.94%	2.46%	-1.52%

Volatility

NCATX vs. NSGRX - Volatility Comparison

The current volatility for Northern California Tax Exempt Fund (NCATX) is 0.78%, while Northern Small Cap Core Fund (NSGRX) has a volatility of 5.60%. This indicates that NCATX 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

	NCATX	NSGRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.78%	5.60%	-4.82%
Volatility (6M) Calculated over the trailing 6-month period	2.05%	13.06%	-11.01%
Volatility (1Y) Calculated over the trailing 1-year period	2.56%	18.53%	-15.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.13%	23.41%	-19.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.25%	23.38%	-19.13%

NCATX vs. NSGRX - Expense Ratio Comparison

NCATX has a 0.45% expense ratio, which is lower than NSGRX's 0.62% expense ratio.

Dividends

NCATX vs. NSGRX - Dividend Comparison

NCATX's dividend yield for the trailing twelve months is around 2.73%, less than NSGRX's 13.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NCATX Northern California Tax Exempt Fund	2.73%	2.85%	3.39%	2.46%	1.47%	2.18%	2.85%	3.82%	3.51%	3.19%	4.08%	3.21%
NSGRX Northern Small Cap Core Fund	13.16%	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 NCATX and NSGRX in my portfolio?

NCATX and NSGRX have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NCATX or NSGRX?

NSGRX has higher volatility (5.60%) compared to NCATX (0.78%). In terms of maximum drawdown, NCATX dropped -16.55% vs NSGRX's -64.89%.

Which has better risk-adjusted returns?

NCATX currently has the higher Sharpe Ratio (2.39 vs 2.10), 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.