NGREX vs. NTAUX

Last updated Jun 24, 2026

NGREX (Northern Global Real Estate Index Fund) and NTAUX (Northern Tax-Advantaged U-S Fixed Income) are both mutual funds - NGREX is a REIT fund managed by Northern Funds, while NTAUX is a Ultrashort Bond fund managed by Northern Funds. Over the past 10 years, NGREX returned 4.22%/yr vs 1.56%/yr for NTAUX. At a 0.07 correlation, their price movements are largely independent. NGREX charges 0.47%/yr vs 0.25%/yr for NTAUX.

Performance

NGREX vs. NTAUX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern Global Real Estate Index Fund (NGREX) and Northern Tax-Advantaged U-S Fixed Income (NTAUX). 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 NTAUX's 0.95% return. Over the past 10 years, NGREX has outperformed NTAUX with an annualized return of 4.22%, while NTAUX has yielded a comparatively lower 1.56% 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%

NTAUX

• 1D: 0.00%
• 1M: 0.56%
• YTD: 0.95%
• 6M: 0.95%
• 1Y: 2.82%
• 3Y*: 3.09%
• 5Y*: 1.85%
• 10Y*: 1.56%

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

NGREX vs. NTAUX - 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%
NTAUX Northern Tax-Advantaged U-S Fixed Income	0.95%	2.60%	3.52%	4.06%	-1.59%	-0.03%	1.49%	2.52%	1.39%	0.83%

Correlation

The correlation between NGREX and NTAUX is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (5Y) Calculated over the trailing 5-year period	0.16
Correlation (10Y) Calculated over the trailing 10-year period	0.11
Correlation (All Time) Calculated using the full available price history since Jun 25, 2009	0.07

The correlation between NGREX and NTAUX shifts across timeframes, from 0.07 (all time) to 0.24 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

NGREX vs. NTAUX — 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

NTAUX

NTAUX Risk / Return Rank: 90
NTAUX Sharpe Ratio Rank: 86
NTAUX Sortino Ratio Rank: 98
NTAUX Omega Ratio Rank: 98
NTAUX Calmar Ratio Rank: 89
NTAUX Martin Ratio Rank: 78

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. NTAUX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Global Real Estate Index Fund (NGREX) and Northern Tax-Advantaged U-S Fixed Income (NTAUX). 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	NTAUX	Difference
Sharpe ratio: Return per unit of total volatility	0.96	2.61	-1.64
Sortino ratio: Return per unit of downside risk	1.43	5.75	-4.32
Omega ratio: Gain probability vs. loss probability	1.20	2.24	-1.04
Calmar ratio: Return relative to maximum drawdown	1.29	4.21	-2.92
Martin ratio: Return relative to average drawdown	4.72	13.60	-8.88

NGREX vs. NTAUX - Sharpe Ratio Comparison

The current NGREX Sharpe Ratio is 0.96, which is lower than the NTAUX Sharpe Ratio of 2.61. The chart below compares the historical Sharpe Ratios of NGREX and NTAUX, 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. NTAUX - Drawdown Comparison

The maximum NGREX drawdown since its inception was -72.37%, which is greater than NTAUX's maximum drawdown of -2.95%. Use the drawdown chart below to compare losses from any high point for NGREX and NTAUX.

Drawdown Indicators

	NGREX	NTAUX	Difference
Max Drawdown Largest peak-to-trough decline	-72.37%	-2.95%	-69.42%
Max Drawdown (1Y) Largest decline over 1 year	-10.33%	-0.68%	-9.65%
Max Drawdown (3Y) Largest decline over 3 years	-17.07%	-0.88%	-16.19%
Max Drawdown (5Y) Largest decline over 5 years	-32.14%	-2.94%	-29.20%
Max Drawdown (10Y) Largest decline over 10 years	-41.06%	-2.95%	-38.11%
Current Drawdown Current decline from peak	-2.40%	0.00%	-2.40%
Average Drawdown Average peak-to-trough decline	-15.86%	-0.20%	-15.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.80%	0.21%	+2.59%

Volatility

NGREX vs. NTAUX - Volatility Comparison

Northern Global Real Estate Index Fund (NGREX) has a higher volatility of 3.80% compared to Northern Tax-Advantaged U-S Fixed Income (NTAUX) at 0.38%. This indicates that NGREX's price experiences larger fluctuations and is considered to be riskier than NTAUX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NGREX	NTAUX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.80%	0.38%	+3.42%
Volatility (6M) Calculated over the trailing 6-month period	11.55%	0.80%	+10.75%
Volatility (1Y) Calculated over the trailing 1-year period	13.89%	1.11%	+12.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.00%	1.08%	+14.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.12%	0.97%	+16.15%

NGREX vs. NTAUX - Expense Ratio Comparison

NGREX has a 0.47% expense ratio, which is higher than NTAUX's 0.25% expense ratio.

Dividends

NGREX vs. NTAUX - Dividend Comparison

NGREX's dividend yield for the trailing twelve months is around 3.48%, more than NTAUX's 2.78% 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%
NTAUX Northern Tax-Advantaged U-S Fixed Income	2.78%	2.27%	3.15%	1.96%	0.68%	0.46%	1.09%	1.69%	1.38%	0.93%	0.81%	0.61%

Frequently Asked Questions

Can I hold both NGREX and NTAUX in my portfolio?

NGREX and NTAUX have a correlation of 0.24, 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 NTAUX?

NGREX has higher volatility (3.80%) compared to NTAUX (0.38%). In terms of maximum drawdown, NGREX dropped -72.37% vs NTAUX's -2.95%.

Which has better risk-adjusted returns?

NTAUX currently has the higher Sharpe Ratio (2.61 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.