NMIEX vs. ^SP500TR

Last updated Apr 2, 2026

Compare and contrast key facts about Northern Active M International Equity Fund (NMIEX) and S&P 500 Total Return (^SP500TR).

NMIEX is managed by Northern Funds. It was launched on Jun 22, 2006.

Performance

NMIEX vs. ^SP500TR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern Active M International Equity Fund (NMIEX) and S&P 500 Total Return (^SP500TR). The values are adjusted to include any dividend payments, if applicable.

NMIEX vs. ^SP500TR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NMIEX Northern Active M International Equity Fund	-0.08%	34.98%	4.43%	20.82%	-17.17%	14.41%	11.70%	22.93%	-13.76%	29.06%
^SP500TR S&P 500 Total Return	-3.64%	17.88%	25.02%	26.29%	-18.11%	28.71%	18.40%	31.49%	-4.38%	21.83%

Returns By Period

In the year-to-date period, NMIEX achieves a -0.08% return, which is significantly higher than ^SP500TR's -3.64% return. Over the past 10 years, NMIEX has underperformed ^SP500TR with an annualized return of 9.55%, while ^SP500TR has yielded a comparatively higher 14.17% annualized return.

NMIEX

• 1D: 2.62%
• 1M: -8.17%
• YTD: -0.08%
• 6M: 2.71%
• 1Y: 24.32%
• 3Y*: 15.62%
• 5Y*: 8.64%
• 10Y*: 9.55%

^SP500TR

• 1D: 0.72%
• 1M: -4.34%
• YTD: -3.64%
• 6M: -1.43%
• 1Y: 18.20%
• 3Y*: 18.60%
• 5Y*: 11.96%
• 10Y*: 14.17%

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

Return for Risk

NMIEX vs. ^SP500TR — Risk / Return Rank

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

NMIEX

NMIEX Risk / Return Rank: 70
NMIEX Sharpe Ratio Rank: 79
NMIEX Sortino Ratio Rank: 77
NMIEX Omega Ratio Rank: 77
NMIEX Calmar Ratio Rank: 58
NMIEX Martin Ratio Rank: 58

^SP500TR

^SP500TR Risk / Return Rank: 72
^SP500TR Sharpe Ratio Rank: 66
^SP500TR Sortino Ratio Rank: 69
^SP500TR Omega Ratio Rank: 74
^SP500TR Calmar Ratio Rank: 67
^SP500TR Martin Ratio Rank: 83

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.

NMIEX vs. ^SP500TR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Active M International Equity Fund (NMIEX) and S&P 500 Total Return (^SP500TR). 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.

	NMIEX	^SP500TR	Difference
Sharpe ratio Return per unit of total volatility	1.51	1.00	+0.52
Sortino ratio Return per unit of downside risk	2.05	1.52	+0.53
Omega ratio Gain probability vs. loss probability	1.31	1.23	+0.08
Calmar ratio Return relative to maximum drawdown	1.54	1.54	0.00
Martin ratio Return relative to average drawdown	6.18	7.32	-1.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NMIEX vs. ^SP500TR - Sharpe Ratio Comparison

The current NMIEX Sharpe Ratio is 1.51, which is higher than the ^SP500TR Sharpe Ratio of 1.00. The chart below compares the historical Sharpe Ratios of NMIEX and ^SP500TR, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	NMIEX	^SP500TR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.51	1.00	+0.52
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.71	-0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	0.79	-0.22
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.62	-0.35

Correlation

The correlation between NMIEX and ^SP500TR is 0.81, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Drawdowns

NMIEX vs. ^SP500TR - Drawdown Comparison

The maximum NMIEX drawdown since its inception was -55.92%, roughly equal to the maximum ^SP500TR drawdown of -55.25%. Use the drawdown chart below to compare losses from any high point for NMIEX and ^SP500TR.

Drawdown Indicators

	NMIEX	^SP500TR	Difference
Max Drawdown Largest peak-to-trough decline	-55.92%	-55.25%	-0.67%
Max Drawdown (1Y) Largest decline over 1 year	-12.08%	-12.12%	+0.04%
Max Drawdown (5Y) Largest decline over 5 years	-31.54%	-24.49%	-7.05%
Max Drawdown (10Y) Largest decline over 10 years	-36.63%	-33.79%	-2.84%
Current Drawdown Current decline from peak	-9.78%	-5.55%	-4.23%
Average Drawdown Average peak-to-trough decline	-12.97%	-8.20%	-4.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.38%	2.55%	+0.83%

Volatility

NMIEX vs. ^SP500TR - Volatility Comparison

Northern Active M International Equity Fund (NMIEX) has a higher volatility of 7.09% compared to S&P 500 Total Return (^SP500TR) at 5.38%. This indicates that NMIEX's price experiences larger fluctuations and is considered to be riskier than ^SP500TR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NMIEX	^SP500TR	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.09%	5.38%	+1.71%
Volatility (6M) Calculated over the trailing 6-month period	11.15%	9.55%	+1.60%
Volatility (1Y) Calculated over the trailing 1-year period	16.77%	18.32%	-1.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.15%	16.90%	-0.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.85%	18.05%	-1.20%