NGREX vs. NHFIX

Last updated Jun 24, 2026

NGREX (Northern Global Real Estate Index Fund) and NHFIX (Northern High Yield Fixed Income Fund) are both mutual funds - NGREX is a REIT fund managed by Northern Funds, while NHFIX is a High Yield Bonds fund managed by Northern Funds. Over the past 10 years, NGREX returned 4.22%/yr vs 5.53%/yr for NHFIX. At a 0.35 correlation, their price movements are largely independent. NGREX charges 0.47%/yr vs 0.60%/yr for NHFIX.

Performance

NGREX vs. NHFIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern Global Real Estate Index Fund (NGREX) and Northern High Yield Fixed Income Fund (NHFIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NGREX achieves a 8.30% return, which is significantly higher than NHFIX's 1.53% return. Over the past 10 years, NGREX has underperformed NHFIX with an annualized return of 4.22%, while NHFIX has yielded a comparatively higher 5.53% annualized return.

NGREX

• 1D: 0.64%
• 1M: -0.54%
• YTD: 8.30%
• 6M: 8.41%
• 1Y: 12.22%
• 3Y*: 11.43%
• 5Y*: 1.70%
• 10Y*: 4.22%

NHFIX

• 1D: -0.17%
• 1M: 0.64%
• YTD: 1.53%
• 6M: 1.53%
• 1Y: 7.05%
• 3Y*: 9.00%
• 5Y*: 3.54%
• 10Y*: 5.53%

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

NGREX vs. NHFIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NGREX Northern Global Real Estate Index Fund	8.30%	10.42%	2.63%	9.98%	-24.31%	22.71%	-8.35%	23.17%	-6.70%	14.36%
NHFIX Northern High Yield Fixed Income Fund	1.53%	8.79%	8.03%	13.96%	-13.74%	5.03%	6.04%	16.17%	-3.60%	8.35%

Correlation

The correlation between NGREX and NHFIX is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.50
Correlation (10Y) Calculated over the trailing 10-year period	0.43
Correlation (All Time) Calculated using the full available price history since Jul 27, 2006	0.35

The correlation between NGREX and NHFIX shifts across timeframes, from 0.35 (all time) to 0.50 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

NGREX vs. NHFIX — Risk / Return Rank

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

NGREX

NGREX Risk / Return Rank: 16
NGREX Sharpe Ratio Rank: 14
NGREX Sortino Ratio Rank: 14
NGREX Omega Ratio Rank: 17
NGREX Calmar Ratio Rank: 15
NGREX Martin Ratio Rank: 21

NHFIX

NHFIX Risk / Return Rank: 78
NHFIX Sharpe Ratio Rank: 64
NHFIX Sortino Ratio Rank: 83
NHFIX Omega Ratio Rank: 81
NHFIX Calmar Ratio Rank: 81
NHFIX Martin Ratio Rank: 83

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.

NGREX vs. NHFIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Global Real Estate Index Fund (NGREX) and Northern High Yield Fixed Income Fund (NHFIX). 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.

	NGREX	NHFIX	Difference
Sharpe ratio: Return per unit of total volatility	0.96	2.15	-1.19
Sortino ratio: Return per unit of downside risk	1.43	3.61	-2.18
Omega ratio: Gain probability vs. loss probability	1.20	1.49	-0.30
Calmar ratio: Return relative to maximum drawdown	1.29	3.49	-2.20
Martin ratio: Return relative to average drawdown	4.72	14.28	-9.56

NGREX vs. NHFIX - Sharpe Ratio Comparison

The current NGREX Sharpe Ratio is 0.96, which is lower than the NHFIX Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of NGREX and NHFIX, 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

NGREX vs. NHFIX - Drawdown Comparison

The maximum NGREX drawdown since its inception was -72.37%, which is greater than NHFIX's maximum drawdown of -27.87%. Use the drawdown chart below to compare losses from any high point for NGREX and NHFIX.

Drawdown Indicators

	NGREX	NHFIX	Difference
Max Drawdown Largest peak-to-trough decline	-72.37%	-27.87%	-44.50%
Max Drawdown (1Y) Largest decline over 1 year	-10.33%	-2.10%	-8.23%
Max Drawdown (3Y) Largest decline over 3 years	-17.07%	-4.39%	-12.68%
Max Drawdown (5Y) Largest decline over 5 years	-32.14%	-17.47%	-14.67%
Max Drawdown (10Y) Largest decline over 10 years	-41.06%	-24.72%	-16.34%
Current Drawdown Current decline from peak	-2.40%	-0.49%	-1.91%
Average Drawdown Average peak-to-trough decline	-15.86%	-2.78%	-13.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.80%	0.51%	+2.29%

Volatility

NGREX vs. NHFIX - Volatility Comparison

Northern Global Real Estate Index Fund (NGREX) has a higher volatility of 3.80% compared to Northern High Yield Fixed Income Fund (NHFIX) at 1.07%. This indicates that NGREX's price experiences larger fluctuations and is considered to be riskier than NHFIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NGREX	NHFIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.80%	1.07%	+2.73%
Volatility (6M) Calculated over the trailing 6-month period	11.55%	2.62%	+8.93%
Volatility (1Y) Calculated over the trailing 1-year period	13.89%	3.41%	+10.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.00%	5.11%	+10.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.12%	5.94%	+11.18%

NGREX vs. NHFIX - Expense Ratio Comparison

NGREX has a 0.47% expense ratio, which is lower than NHFIX's 0.60% expense ratio.

Dividends

NGREX vs. NHFIX - Dividend Comparison

NGREX's dividend yield for the trailing twelve months is around 3.48%, less than NHFIX's 7.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NGREX Northern Global Real Estate Index Fund	3.48%	3.92%	3.71%	2.40%	1.85%	3.11%	2.09%	4.49%	3.91%	2.59%	4.36%	2.49%
NHFIX Northern High Yield Fixed Income Fund	7.03%	6.87%	6.67%	6.57%	3.84%	4.92%	5.41%	6.35%	6.85%	6.66%	5.57%	6.19%

Frequently Asked Questions

Can I hold both NGREX and NHFIX in my portfolio?

NGREX and NHFIX have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NGREX or NHFIX?

NGREX has higher volatility (3.80%) compared to NHFIX (1.07%). In terms of maximum drawdown, NGREX dropped -72.37% vs NHFIX's -27.87%.

Which has better risk-adjusted returns?

NHFIX currently has the higher Sharpe Ratio (2.15 vs 0.96), 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.