NMFIX vs. DGRO
NMFIX (Northern Multi-Manager Global Listed Infrastructure Fund) and DGRO (iShares Core Dividend Growth ETF) are both funds - NMFIX is a Energy Equities fund managed by Northern Funds, while DGRO is a Large Cap Growth Equities fund tracking the Morningstar US Dividend Growth Index. Over the past 10 years, NMFIX returned 7.76%/yr vs 13.62%/yr for DGRO. A 0.71 correlation means they provide meaningful diversification when combined. NMFIX charges 0.96%/yr vs 0.08%/yr for DGRO.
Performance
NMFIX vs. DGRO - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with NMFIX having a 8.86% return and DGRO slightly higher at 9.19%. Over the past 10 years, NMFIX has underperformed DGRO with an annualized return of 7.76%, while DGRO has yielded a comparatively higher 13.62% annualized return.
NMFIX
- 1D
- 0.34%
- 1M
- -1.73%
- YTD
- 8.86%
- 6M
- 8.70%
- 1Y
- 16.43%
- 3Y*
- 12.38%
- 5Y*
- 7.26%
- 10Y*
- 7.76%
DGRO
- 1D
- 0.32%
- 1M
- 0.80%
- YTD
- 9.19%
- 6M
- 8.52%
- 1Y
- 22.22%
- 3Y*
- 16.92%
- 5Y*
- 11.00%
- 10Y*
- 13.62%
NMFIX vs. DGRO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NMFIX Northern Multi-Manager Global Listed Infrastructure Fund | 8.86% | 23.11% | 1.74% | 6.62% | -7.21% | 13.68% | -2.59% | 24.34% | -10.26% | 22.17% |
DGRO iShares Core Dividend Growth ETF | 9.19% | 15.69% | 16.62% | 10.47% | -7.91% | 26.64% | 9.50% | 29.87% | -2.38% | 23.00% |
Correlation
The correlation between NMFIX and DGRO is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.64 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.72 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.69 |
Correlation (All Time) Calculated using the full available price history since Jun 12, 2014 | 0.71 |
The correlation between NMFIX and DGRO shifts across timeframes, from 0.62 (1 year) to 0.72 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
NMFIX vs. DGRO — Risk / Return Rank
NMFIX
DGRO
NMFIX vs. DGRO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Northern Multi-Manager Global Listed Infrastructure Fund (NMFIX) and iShares Core Dividend Growth ETF (DGRO). 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.
| NMFIX | DGRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.99 | ||
| Sortino ratioReturn per unit of downside risk | -1.39 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.42 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 2.43 | 3.45 | -1.02 |
| Martin ratioReturn relative to average drawdown | 7.74 | 13.31 | -5.57 |
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Drawdowns
NMFIX vs. DGRO - Drawdown Comparison
The maximum NMFIX drawdown since its inception was -34.93%, roughly equal to the maximum DGRO drawdown of -35.10%. Use the drawdown chart below to compare losses from any high point for NMFIX and DGRO.
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Drawdown Indicators
| NMFIX | DGRO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.93% | -35.10% | +0.17% |
Max Drawdown (1Y)Largest decline over 1 year | -7.20% | -6.47% | -0.73% |
Max Drawdown (3Y)Largest decline over 3 years | -15.03% | -14.03% | -1.00% |
Max Drawdown (5Y)Largest decline over 5 years | -22.76% | -19.31% | -3.45% |
Max Drawdown (10Y)Largest decline over 10 years | -34.93% | -35.10% | +0.17% |
Current DrawdownCurrent decline from peak | -3.93% | -0.90% | -3.03% |
Average DrawdownAverage peak-to-trough decline | -5.30% | -3.43% | -1.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.25% | 1.67% | +0.58% |
Volatility
NMFIX vs. DGRO - Volatility Comparison
Northern Multi-Manager Global Listed Infrastructure Fund (NMFIX) and iShares Core Dividend Growth ETF (DGRO) have volatilities of 2.75% and 2.63%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NMFIX | DGRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.75% | 2.63% | +0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 11.40% | 6.94% | +4.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.98% | 9.53% | +3.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.84% | 13.80% | +0.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.44% | 16.60% | -1.16% |
NMFIX vs. DGRO - Expense Ratio Comparison
NMFIX has a 0.96% expense ratio, which is higher than DGRO's 0.08% expense ratio.
Dividends
NMFIX vs. DGRO - Dividend Comparison
NMFIX's dividend yield for the trailing twelve months is around 5.58%, more than DGRO's 1.97% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DGRO iShares Core Dividend Growth ETF | 1.97% | 2.09% | 2.26% | 2.45% | 2.34% | 1.93% | 2.30% | 2.21% | 2.44% | 2.03% | 2.27% | 2.52% |
NMFIX Northern Multi-Manager Global Listed Infrastructure Fund | 5.58% | 6.03% | 3.82% | 2.78% | 3.98% | 10.13% | 2.11% | 2.47% | 10.33% | 7.71% | 2.53% | 2.01% |
Frequently Asked Questions
NMFIX and DGRO have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NMFIX has higher volatility (2.75%) compared to DGRO (2.63%). In terms of maximum drawdown, NMFIX dropped -34.93% vs DGRO's -35.10%.
DGRO currently has the higher Sharpe Ratio (2.35 vs 1.35), 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.
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