NHFIX vs. ICMUX

Last updated Aug 1, 2026

NHFIX (Northern High Yield Fixed Income Fund) and ICMUX (Intrepid Income Fund) are both mutual funds - NHFIX is a High Yield Bonds fund managed by Northern Trust, while ICMUX is a Multisector Bonds fund actively managed by Intrepid. Over the past 10 years, NHFIX returned 5.28%/yr vs 5.73%/yr for ICMUX. Their 0.47 correlation means their historical movements had little consistent relationship. NHFIX charges 0.60%/yr vs 1.01%/yr for ICMUX.

Performance

NHFIX vs. ICMUX - Performance Comparison

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

Returns By Period

In the year-to-date period, NHFIX achieves a 2.00% return, which is significantly lower than ICMUX's 2.85% return. Over the past 10 years, NHFIX has underperformed ICMUX with an annualized return of 5.28%, while ICMUX has yielded a comparatively higher 5.73% annualized return.

NHFIX

• 1D: 0.17%
• 1M: -0.27%
• 6M: 1.26%
• YTD: 2.00%
• 1Y: 5.60%
• 3Y*: 8.39%
• 5Y*: 3.48%
• 10Y*: 5.28%
• ALL TIME*: 5.38%

ICMUX

• 1D: 0.11%
• 1M: 0.34%
• 6M: 2.35%
• YTD: 2.85%
• 1Y: 6.60%
• 3Y*: 8.93%
• 5Y*: 6.14%
• 10Y*: 5.73%
• ALL TIME*: 4.87%

*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)
ICMUX Intrepid Income Fund	$0.00	$0.00	$0.00
NHFIX Northern High Yield Fixed Income Fund	$0.00	$0.00	$0.00

NHFIX vs. ICMUX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NHFIX Northern High Yield Fixed Income Fund	2.00%	8.79%	8.03%	13.96%	-13.74%	5.03%	6.04%	16.17%	-3.60%	8.35%
ICMUX Intrepid Income Fund	2.85%	8.16%	10.43%	10.90%	-3.17%	10.02%	8.77%	4.65%	0.53%	3.79%

Correlation

The correlation between NHFIX and ICMUX is 0.56, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.56
Correlation (3Y) Balances recent behavior with more history.	0.59
Correlation (5Y) Shows whether the relationship held over a longer period.	0.57
Correlation (10Y) Provides a long-term view across more market conditions.	0.48
Correlation (All Time) Calculated using the full available price history since Aug 16, 2010	0.47

The correlation between NHFIX and ICMUX shifts across timeframes, from 0.47 (all time) to 0.59 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

NHFIX vs. ICMUX — Risk / Return Rank

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

NHFIX

NHFIX Risk / Return Rank: 80
NHFIX Sharpe Ratio Rank: 72
NHFIX Sortino Ratio Rank: 81
NHFIX Omega Ratio Rank: 81
NHFIX Calmar Ratio Rank: 82
NHFIX Martin Ratio Rank: 86

ICMUX

ICMUX Risk / Return Rank: 97
ICMUX Sharpe Ratio Rank: 99
ICMUX Sortino Ratio Rank: 98
ICMUX Omega Ratio Rank: 98
ICMUX Calmar Ratio Rank: 97
ICMUX Martin Ratio Rank: 96

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.

NHFIX vs. ICMUX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern High Yield Fixed Income Fund (NHFIX) and Intrepid Income Fund (ICMUX). 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.

	NHFIX	ICMUX	Difference
Sharpe ratio: Return per unit of total volatility	1.68	3.34	-1.66
Sortino ratio: Return per unit of downside risk	2.79	5.45	-2.66
Omega ratio: Gain probability vs. loss probability	1.37	1.79	-0.41
Calmar ratio: Return relative to maximum drawdown	2.70	4.83	-2.13
Martin ratio: Return relative to average drawdown	10.96	16.75	-5.79

NHFIX vs. ICMUX - Sharpe Ratio Comparison

The current NHFIX Sharpe Ratio is 1.68, which is lower than the ICMUX Sharpe Ratio of 3.34. The chart below compares the historical Sharpe Ratios of NHFIX and ICMUX, 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

NHFIX vs. ICMUX - Drawdown Comparison

The maximum NHFIX drawdown since its inception was -27.87%, which is greater than ICMUX's maximum drawdown of -8.77%. Use the drawdown chart below to compare losses from any high point for NHFIX and ICMUX.

Drawdown Indicators

	NHFIX	ICMUX	Difference
Max Drawdown Largest peak-to-trough decline	-27.87%	-8.77%	-19.10%
Max Drawdown (1Y) Largest decline over 1 year	-2.10%	-1.34%	-0.76%
Max Drawdown (3Y) Largest decline over 3 years	-4.39%	-3.11%	-1.28%
Max Drawdown (5Y) Largest decline over 5 years	-17.47%	-5.64%	-11.83%
Max Drawdown (10Y) Largest decline over 10 years	-24.72%	-8.77%	-15.95%
Current Drawdown Current decline from peak	-0.27%	-0.11%	-0.16%
Average Drawdown Average peak-to-trough decline	-2.76%	-0.73%	-2.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.51%	0.39%	+0.12%

Volatility

NHFIX vs. ICMUX - Volatility Comparison

Northern High Yield Fixed Income Fund (NHFIX) has a higher volatility of 0.58% compared to Intrepid Income Fund (ICMUX) at 0.48%. This indicates that NHFIX's price experiences larger fluctuations and is considered to be riskier than ICMUX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NHFIX	ICMUX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.58%	0.48%	+0.10%
Volatility (6M) Calculated over the trailing 6-month period	2.53%	1.45%	+1.08%
Volatility (1Y) Calculated over the trailing 1-year period	3.38%	1.94%	+1.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.10%	2.65%	+2.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.91%	2.57%	+3.34%

NHFIX vs. ICMUX - Expense Ratio Comparison

NHFIX has a 0.60% expense ratio, which is lower than ICMUX's 1.01% expense ratio.

Dividends

NHFIX vs. ICMUX - Dividend Comparison

NHFIX's dividend yield for the trailing twelve months is around 7.02%, more than ICMUX's 6.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ICMUX Intrepid Income Fund	6.89%	7.96%	7.85%	9.10%	8.17%	5.99%	5.56%	3.35%	3.07%	2.86%	3.01%	3.53%
NHFIX Northern High Yield Fixed Income Fund	7.02%	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 NHFIX and ICMUX in my portfolio?

NHFIX and ICMUX have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NHFIX or ICMUX?

NHFIX has higher volatility (0.58%) compared to ICMUX (0.48%). In terms of maximum drawdown, NHFIX dropped -27.87% vs ICMUX's -8.77%.

Which has better risk-adjusted returns?

ICMUX currently has the higher Sharpe Ratio (3.34 vs 1.68), 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.