NHFIX vs. NMIEX

Last updated Aug 1, 2026

NHFIX (Northern High Yield Fixed Income Fund) and NMIEX (Northern Active M International Equity Fund) are both mutual funds - NHFIX is a High Yield Bonds fund managed by Northern Trust, while NMIEX is a Foreign Large Cap Equities fund managed by Northern Trust. Over the past 10 years, NHFIX returned 5.28%/yr vs 10.67%/yr for NMIEX. Their 0.43 correlation means their historical movements had little consistent relationship. NHFIX charges 0.60%/yr vs 0.84%/yr for NMIEX.

Performance

NHFIX vs. NMIEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern High Yield Fixed Income Fund (NHFIX) and Northern Active M International Equity Fund (NMIEX). 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 NMIEX's 13.53% return. Over the past 10 years, NHFIX has underperformed NMIEX with an annualized return of 5.28%, while NMIEX has yielded a comparatively higher 10.67% 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%

NMIEX

• 1D: 2.44%
• 1M: 1.73%
• 6M: 7.31%
• YTD: 13.53%
• 1Y: 24.96%
• 3Y*: 18.04%
• 5Y*: 10.31%
• 10Y*: 10.67%
• ALL TIME*: 5.84%

*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)
NHFIX Northern High Yield Fixed Income Fund	$0.00	$0.00	$0.00
NMIEX Northern Active M International Equity Fund	$0.00	$0.00	$0.00

NHFIX vs. NMIEX - 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%
NMIEX Northern Active M International Equity Fund	13.53%	34.98%	4.43%	20.82%	-17.17%	14.41%	11.70%	22.93%	-13.76%	29.06%

Correlation

The correlation between NHFIX and NMIEX is 0.58, 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.	0.58
Correlation (3Y) Balances recent behavior with more history.	0.53
Correlation (5Y) Shows whether the relationship held over a longer period.	0.57
Correlation (10Y) Provides a long-term view across more market conditions.	0.52
Correlation (All Time) Calculated using the full available price history since Jun 26, 2006	0.43

The correlation between NHFIX and NMIEX shifts across timeframes, from 0.43 (all time) to 0.58 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

NHFIX vs. NMIEX — 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

NMIEX

NMIEX Risk / Return Rank: 55
NMIEX Sharpe Ratio Rank: 58
NMIEX Sortino Ratio Rank: 58
NMIEX Omega Ratio Rank: 58
NMIEX Calmar Ratio Rank: 51
NMIEX Martin Ratio Rank: 52

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. NMIEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern High Yield Fixed Income Fund (NHFIX) and Northern Active M International Equity Fund (NMIEX). 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	NMIEX	Difference
Sharpe ratio: Return per unit of total volatility	1.68	1.49	+0.19
Sortino ratio: Return per unit of downside risk	2.79	2.15	+0.64
Omega ratio: Gain probability vs. loss probability	1.37	1.28	+0.10
Calmar ratio: Return relative to maximum drawdown	2.70	1.94	+0.76
Martin ratio: Return relative to average drawdown	10.96	7.33	+3.63

NHFIX vs. NMIEX - Sharpe Ratio Comparison

The current NHFIX Sharpe Ratio is 1.68, which is comparable to the NMIEX Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of NHFIX and NMIEX, 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. NMIEX - Drawdown Comparison

The maximum NHFIX drawdown since its inception was -27.87%, smaller than the maximum NMIEX drawdown of -55.92%. Use the drawdown chart below to compare losses from any high point for NHFIX and NMIEX.

Drawdown Indicators

	NHFIX	NMIEX	Difference
Max Drawdown Largest peak-to-trough decline	-27.87%	-55.92%	+28.05%
Max Drawdown (1Y) Largest decline over 1 year	-2.10%	-12.08%	+9.98%
Max Drawdown (3Y) Largest decline over 3 years	-4.39%	-14.58%	+10.19%
Max Drawdown (5Y) Largest decline over 5 years	-17.47%	-31.54%	+14.07%
Max Drawdown (10Y) Largest decline over 10 years	-24.72%	-36.63%	+11.91%
Current Drawdown Current decline from peak	-0.27%	0.00%	-0.27%
Average Drawdown Average peak-to-trough decline	-2.76%	-12.79%	+10.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.51%	3.20%	-2.69%

Volatility

NHFIX vs. NMIEX - Volatility Comparison

The current volatility for Northern High Yield Fixed Income Fund (NHFIX) is 0.58%, while Northern Active M International Equity Fund (NMIEX) has a volatility of 4.38%. This indicates that NHFIX experiences smaller price fluctuations and is considered to be less risky than NMIEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NHFIX	NMIEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.58%	4.38%	-3.80%
Volatility (6M) Calculated over the trailing 6-month period	2.53%	13.81%	-11.28%
Volatility (1Y) Calculated over the trailing 1-year period	3.38%	15.76%	-12.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.10%	16.48%	-11.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.91%	16.74%	-10.83%

NHFIX vs. NMIEX - Expense Ratio Comparison

NHFIX has a 0.60% expense ratio, which is lower than NMIEX's 0.84% expense ratio.

Dividends

NHFIX vs. NMIEX - Dividend Comparison

NHFIX's dividend yield for the trailing twelve months is around 7.02%, less than NMIEX's 9.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
NMIEX Northern Active M International Equity Fund	9.19%	10.43%	14.92%	6.95%	1.53%	10.42%	0.80%	5.83%	6.65%	1.34%	1.73%	0.75%

Frequently Asked Questions

Can I hold both NHFIX and NMIEX in my portfolio?

NHFIX and NMIEX have a correlation of 0.58, 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 NMIEX?

NMIEX has higher volatility (4.38%) compared to NHFIX (0.58%). In terms of maximum drawdown, NHFIX dropped -27.87% vs NMIEX's -55.92%.

Which has better risk-adjusted returns?

NHFIX currently has the higher Sharpe Ratio (1.68 vs 1.49), 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.