NMFIX vs. SRV

Last updated Jun 25, 2026

NMFIX (Northern Multi-Manager Global Listed Infrastructure Fund) and SRV (NXG Cushing® Midstream Energy Fund) are both Energy Equities funds. Over the past 10 years, NMFIX returned 7.78%/yr vs 12.37%/yr for SRV. At a 0.38 correlation, their price movements are largely independent. NMFIX charges 0.96%/yr vs 1.00%/yr for SRV.

Performance

NMFIX vs. SRV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern Multi-Manager Global Listed Infrastructure Fund (NMFIX) and NXG Cushing® Midstream Energy Fund (SRV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NMFIX achieves a 9.00% return, which is significantly lower than SRV's 34.33% return. Over the past 10 years, NMFIX has underperformed SRV with an annualized return of 7.78%, while SRV has yielded a comparatively higher 12.37% annualized return.

NMFIX

• 1D: 0.14%
• 1M: -1.60%
• YTD: 9.00%
• 6M: 8.68%
• 1Y: 15.22%
• 3Y*: 12.43%
• 5Y*: 7.15%
• 10Y*: 7.78%

SRV

• 1D: 1.84%
• 1M: 1.24%
• YTD: 34.33%
• 6M: 37.01%
• 1Y: 43.63%
• 3Y*: 29.97%
• 5Y*: 26.54%
• 10Y*: 12.37%

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

NMFIX vs. SRV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NMFIX Northern Multi-Manager Global Listed Infrastructure Fund	9.00%	23.11%	1.74%	6.62%	-7.21%	13.68%	-2.59%	24.34%	-10.26%	22.17%
SRV NXG Cushing® Midstream Energy Fund	34.33%	5.05%	50.70%	19.88%	20.11%	50.45%	-41.65%	33.99%	-21.61%	-4.21%

Correlation

The correlation between NMFIX and SRV is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.23
Correlation (5Y) Calculated over the trailing 5-year period	0.33
Correlation (10Y) Calculated over the trailing 10-year period	0.35
Correlation (All Time) Calculated using the full available price history since Jan 3, 2013	0.38

The correlation between NMFIX and SRV shifts across timeframes, from 0.21 (1 year) to 0.38 (all time), reflecting how their relationship changes across market environments.

Return for Risk

NMFIX vs. SRV — Risk / Return Rank

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

NMFIX

NMFIX Risk / Return Rank: 34
NMFIX Sharpe Ratio Rank: 27
NMFIX Sortino Ratio Rank: 28
NMFIX Omega Ratio Rank: 36
NMFIX Calmar Ratio Rank: 44
NMFIX Martin Ratio Rank: 37

SRV

SRV Risk / Return Rank: 64
SRV Sharpe Ratio Rank: 72
SRV Sortino Ratio Rank: 57
SRV Omega Ratio Rank: 63
SRV Calmar Ratio Rank: 78
SRV Martin Ratio Rank: 49

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.

NMFIX vs. SRV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Multi-Manager Global Listed Infrastructure Fund (NMFIX) and NXG Cushing® Midstream Energy Fund (SRV). 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	SRV	Difference
Sharpe ratio: Return per unit of total volatility	1.30	2.27	-0.97
Sortino ratio: Return per unit of downside risk	1.95	2.88	-0.92
Omega ratio: Gain probability vs. loss probability	1.28	1.40	-0.12
Calmar ratio: Return relative to maximum drawdown	2.33	3.34	-1.01
Martin ratio: Return relative to average drawdown	7.38	9.49	-2.11

NMFIX vs. SRV - Sharpe Ratio Comparison

The current NMFIX Sharpe Ratio is 1.30, which is lower than the SRV Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of NMFIX and SRV, 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

NMFIX vs. SRV - Drawdown Comparison

The maximum NMFIX drawdown since its inception was -34.93%, smaller than the maximum SRV drawdown of -92.97%. Use the drawdown chart below to compare losses from any high point for NMFIX and SRV.

Drawdown Indicators

	NMFIX	SRV	Difference
Max Drawdown Largest peak-to-trough decline	-34.93%	-92.97%	+58.04%
Max Drawdown (1Y) Largest decline over 1 year	-7.20%	-13.13%	+5.93%
Max Drawdown (3Y) Largest decline over 3 years	-15.03%	-26.26%	+11.23%
Max Drawdown (5Y) Largest decline over 5 years	-22.76%	-26.26%	+3.50%
Max Drawdown (10Y) Largest decline over 10 years	-34.93%	-81.70%	+46.77%
Current Drawdown Current decline from peak	-3.80%	-6.29%	+2.49%
Average Drawdown Average peak-to-trough decline	-5.30%	-48.64%	+43.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.26%	4.61%	-2.35%

Volatility

NMFIX vs. SRV - Volatility Comparison

The current volatility for Northern Multi-Manager Global Listed Infrastructure Fund (NMFIX) is 2.74%, while NXG Cushing® Midstream Energy Fund (SRV) has a volatility of 7.60%. This indicates that NMFIX experiences smaller price fluctuations and is considered to be less risky than SRV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NMFIX	SRV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.74%	7.60%	-4.86%
Volatility (6M) Calculated over the trailing 6-month period	11.36%	15.83%	-4.47%
Volatility (1Y) Calculated over the trailing 1-year period	12.95%	19.35%	-6.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.84%	26.45%	-12.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.34%	38.30%	-22.96%

NMFIX vs. SRV - Expense Ratio Comparison

NMFIX has a 0.96% expense ratio, which is lower than SRV's 1.00% expense ratio.

Dividends

NMFIX vs. SRV - Dividend Comparison

NMFIX's dividend yield for the trailing twelve months is around 4.50%, less than SRV's 15.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NMFIX Northern Multi-Manager Global Listed Infrastructure Fund	4.50%	6.03%	3.82%	2.78%	3.98%	10.13%	2.11%	2.47%	10.33%	7.71%	2.53%	2.01%
SRV NXG Cushing® Midstream Energy Fund	15.38%	19.31%	12.85%	15.56%	8.85%	4.72%	12.05%	10.59%	12.73%	9.07%	7.95%	11.01%

Frequently Asked Questions

Can I hold both NMFIX and SRV in my portfolio?

NMFIX and SRV have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NMFIX or SRV?

SRV has higher volatility (7.60%) compared to NMFIX (2.74%). In terms of maximum drawdown, NMFIX dropped -34.93% vs SRV's -92.97%.

Which has better risk-adjusted returns?

SRV currently has the higher Sharpe Ratio (2.27 vs 1.30), 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.