NCITX vs. NSIDX

Last updated Aug 1, 2026

NCITX (Northern California Intermediate Tax-Exempt Fund) and NSIDX (Northern Small Cap Index Fund) are both mutual funds - NCITX is a Municipal Bonds fund managed by Northern Trust, while NSIDX is a Small Cap Blend Equities fund managed by Northern Trust. Over the past 10 years, NCITX returned 1.18%/yr vs 10.52%/yr for NSIDX. Their -0.07 correlation means they have often moved in opposite directions in the past. NCITX charges 0.45%/yr vs 0.10%/yr for NSIDX.

Performance

NCITX vs. NSIDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern California Intermediate Tax-Exempt Fund (NCITX) and Northern Small Cap Index Fund (NSIDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NCITX achieves a -1.07% return, which is significantly lower than NSIDX's 19.46% return. Over the past 10 years, NCITX has underperformed NSIDX with an annualized return of 1.18%, while NSIDX has yielded a comparatively higher 10.52% annualized return.

NCITX

• 1D: -0.20%
• 1M: -1.48%
• 6M: -1.95%
• YTD: -1.07%
• 1Y: 2.49%
• 3Y*: 2.59%
• 5Y*: -0.23%
• 10Y*: 1.18%
• ALL TIME*: 3.12%

NSIDX

• 1D: 1.37%
• 1M: -1.60%
• 6M: 13.37%
• YTD: 19.46%
• 1Y: 34.94%
• 3Y*: 15.26%
• 5Y*: 7.09%
• 10Y*: 10.52%
• ALL TIME*: 8.30%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
NCITX Northern California Intermediate Tax-Exempt Fund	$0.00	$0.00	$0.00
NSIDX Northern Small Cap Index Fund	$0.00	$0.00	$0.00

NCITX vs. NSIDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NCITX Northern California Intermediate Tax-Exempt Fund	-1.07%	4.63%	2.05%	4.43%	-9.77%	0.25%	4.45%	6.51%	1.26%	4.43%
NSIDX Northern Small Cap Index Fund	19.46%	12.88%	11.45%	16.87%	-20.63%	14.38%	19.59%	25.22%	-11.33%	14.62%

Correlation

The correlation between NCITX and NSIDX is 0.26, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.26
Correlation (3Y) Balances recent behavior with more history.	0.15
Correlation (5Y) Shows whether the relationship held over a longer period.	0.12
Correlation (10Y) Provides a long-term view across more market conditions.	0.02
Correlation (All Time) Calculated using the full available price history since Sep 30, 1999	-0.07

The correlation between NCITX and NSIDX shifts across timeframes, from -0.07 (all time) to 0.26 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

NCITX vs. NSIDX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

NCITX

NCITX Risk / Return Rank: 12
NCITX Sharpe Ratio Rank: 7
NCITX Sortino Ratio Rank: 7
NCITX Omega Ratio Rank: 27
NCITX Calmar Ratio Rank: 8
NCITX Martin Ratio Rank: 12

NSIDX

NSIDX Risk / Return Rank: 76
NSIDX Sharpe Ratio Rank: 71
NSIDX Sortino Ratio Rank: 72
NSIDX Omega Ratio Rank: 65
NSIDX Calmar Ratio Rank: 86
NSIDX Martin Ratio Rank: 85

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

NCITX vs. NSIDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern California Intermediate Tax-Exempt Fund (NCITX) and Northern Small Cap Index Fund (NSIDX). 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.

	NCITX	NSIDX	Difference
Sharpe ratio: Return per unit of total volatility	0.26	1.67	-1.41
Sortino ratio: Return per unit of downside risk	0.45	2.45	-2.00
Omega ratio: Gain probability vs. loss probability	1.18	1.29	-0.11
Calmar ratio: Return relative to maximum drawdown	0.39	3.05	-2.66
Martin ratio: Return relative to average drawdown	1.76	10.75	-8.98

NCITX vs. NSIDX - Sharpe Ratio Comparison

The current NCITX Sharpe Ratio is 0.26, which is lower than the NSIDX Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of NCITX and NSIDX, 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

NCITX vs. NSIDX - Drawdown Comparison

The maximum NCITX drawdown since its inception was -14.27%, smaller than the maximum NSIDX drawdown of -59.02%. Use the drawdown chart below to compare losses from any high point for NCITX and NSIDX.

Drawdown Indicators

	NCITX	NSIDX	Difference
Max Drawdown Largest peak-to-trough decline	-14.27%	-59.02%	+44.75%
Max Drawdown (1Y) Largest decline over 1 year	-6.69%	-10.97%	+4.28%
Max Drawdown (3Y) Largest decline over 3 years	-6.69%	-27.71%	+21.02%
Max Drawdown (5Y) Largest decline over 5 years	-14.19%	-32.89%	+18.70%
Max Drawdown (10Y) Largest decline over 10 years	-14.27%	-42.09%	+27.82%
Current Drawdown Current decline from peak	-3.12%	-2.53%	-0.59%
Average Drawdown Average peak-to-trough decline	-2.03%	-12.00%	+9.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.48%	3.11%	-1.63%

Volatility

NCITX vs. NSIDX - Volatility Comparison

The current volatility for Northern California Intermediate Tax-Exempt Fund (NCITX) is 0.68%, while Northern Small Cap Index Fund (NSIDX) has a volatility of 3.79%. This indicates that NCITX experiences smaller price fluctuations and is considered to be less risky than NSIDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NCITX	NSIDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.68%	3.79%	-3.11%
Volatility (6M) Calculated over the trailing 6-month period	2.08%	14.14%	-12.06%
Volatility (1Y) Calculated over the trailing 1-year period	10.08%	20.05%	-9.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.65%	24.20%	-18.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.87%	24.23%	-19.36%

NCITX vs. NSIDX - Expense Ratio Comparison

NCITX has a 0.45% expense ratio, which is higher than NSIDX's 0.10% expense ratio.

Dividends

NCITX vs. NSIDX - Dividend Comparison

NCITX's dividend yield for the trailing twelve months is around 2.40%, more than NSIDX's 1.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NCITX Northern California Intermediate Tax-Exempt Fund	2.40%	2.46%	2.84%	2.16%	1.38%	1.81%	2.30%	2.73%	2.66%	2.82%	3.46%	2.58%
NSIDX Northern Small Cap Index Fund	1.32%	1.57%	6.72%	2.01%	6.38%	12.15%	3.52%	1.78%	12.16%	6.55%	4.06%	6.68%

Frequently Asked Questions

Can I hold both NCITX and NSIDX in my portfolio?

NCITX and NSIDX have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NCITX or NSIDX?

NSIDX has higher volatility (3.79%) compared to NCITX (0.68%). In terms of maximum drawdown, NCITX dropped -14.27% vs NSIDX's -59.02%.

Which has better risk-adjusted returns?

NSIDX currently has the higher Sharpe Ratio (1.67 vs 0.26), 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.