NMIEX vs. NOSGX

Last updated Jun 3, 2026

NMIEX (Northern Active M International Equity Fund) and NOSGX (Northern Small Cap Value Fund) are both mutual funds - NMIEX is a Foreign Large Cap Equities fund managed by Northern Funds, while NOSGX is a Small Cap Value Equities fund managed by Northern Funds. Over the past 10 years, NMIEX returned 10.37%/yr vs 8.40%/yr for NOSGX. A 0.72 correlation means they provide meaningful diversification when combined. NMIEX charges 0.84%/yr vs 1.00%/yr for NOSGX.

Performance

NMIEX vs. NOSGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern Active M International Equity Fund (NMIEX) and Northern Small Cap Value Fund (NOSGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NMIEX achieves a 10.36% return, which is significantly lower than NOSGX's 15.02% return. Over the past 10 years, NMIEX has outperformed NOSGX with an annualized return of 10.37%, while NOSGX has yielded a comparatively lower 8.40% annualized return.

NMIEX

• 1D: -0.35%
• 1M: 3.18%
• YTD: 10.36%
• 6M: 13.68%
• 1Y: 23.37%
• 3Y*: 18.72%
• 5Y*: 9.42%
• 10Y*: 10.37%

NOSGX

• 1D: -0.09%
• 1M: 0.61%
• YTD: 15.02%
• 6M: 16.10%
• 1Y: 36.04%
• 3Y*: 14.39%
• 5Y*: 6.36%
• 10Y*: 8.40%

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

NMIEX vs. NOSGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NMIEX Northern Active M International Equity Fund	10.36%	34.98%	4.43%	20.82%	-17.17%	14.41%	11.70%	22.93%	-13.76%	29.06%
NOSGX Northern Small Cap Value Fund	15.02%	10.63%	2.60%	15.67%	-10.50%	26.17%	-2.29%	22.30%	-13.79%	6.47%

Correlation

The correlation between NMIEX and NOSGX is 0.63, 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	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Jun 27, 2006	0.72

The correlation between NMIEX and NOSGX has been stable across timeframes, ranging from 0.63 to 0.72 - a consistent structural relationship.

Return for Risk

NMIEX vs. NOSGX — Risk / Return Rank

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

NMIEX

NMIEX Risk / Return Rank: 36
NMIEX Sharpe Ratio Rank: 35
NMIEX Sortino Ratio Rank: 34
NMIEX Omega Ratio Rank: 36
NMIEX Calmar Ratio Rank: 34
NMIEX Martin Ratio Rank: 39

NOSGX

NOSGX Risk / Return Rank: 62
NOSGX Sharpe Ratio Rank: 48
NOSGX Sortino Ratio Rank: 52
NOSGX Omega Ratio Rank: 46
NOSGX Calmar Ratio Rank: 86
NOSGX Martin Ratio Rank: 76

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. NOSGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Active M International Equity Fund (NMIEX) and Northern Small Cap Value Fund (NOSGX). 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	NOSGX	Difference
Sharpe ratio Return per unit of total volatility	1.70	2.05	-0.34
Sortino ratio Return per unit of downside risk	2.45	3.04	-0.60
Omega ratio Gain probability vs. loss probability	1.32	1.37	-0.05
Calmar ratio Return relative to maximum drawdown	2.21	4.14	-1.92
Martin ratio Return relative to average drawdown	8.50	14.38	-5.88
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. NOSGX - Sharpe Ratio Comparison

The current NMIEX Sharpe Ratio is 1.70, which is comparable to the NOSGX Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of NMIEX and NOSGX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	NMIEX	NOSGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.70	2.05	-0.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.58	0.27	+0.31
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	0.34	+0.27
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.40	-0.10

Drawdowns

NMIEX vs. NOSGX - Drawdown Comparison

The maximum NMIEX drawdown since its inception was -55.92%, roughly equal to the maximum NOSGX drawdown of -56.92%. Use the drawdown chart below to compare losses from any high point for NMIEX and NOSGX.

Drawdown Indicators

	NMIEX	NOSGX	Difference
Max Drawdown Largest peak-to-trough decline	-55.92%	-56.92%	+1.00%
Max Drawdown (1Y) Largest decline over 1 year	-12.08%	-9.07%	-3.01%
Max Drawdown (3Y) Largest decline over 3 years	-14.58%	-28.13%	+13.55%
Max Drawdown (5Y) Largest decline over 5 years	-31.54%	-28.34%	-3.20%
Max Drawdown (10Y) Largest decline over 10 years	-36.63%	-45.66%	+9.03%
Current Drawdown Current decline from peak	-0.63%	-1.28%	+0.65%
Average Drawdown Average peak-to-trough decline	-12.89%	-9.05%	-3.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.15%	2.61%	+0.54%

Volatility

NMIEX vs. NOSGX - Volatility Comparison

Northern Active M International Equity Fund (NMIEX) and Northern Small Cap Value Fund (NOSGX) have volatilities of 4.61% and 4.62%, 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.

Volatility by Period

	NMIEX	NOSGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.61%	4.62%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	12.73%	11.87%	+0.86%
Volatility (1Y) Calculated over the trailing 1-year period	14.93%	17.80%	-2.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.35%	23.84%	-7.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.95%	24.56%	-7.61%

NMIEX vs. NOSGX - Expense Ratio Comparison

NMIEX has a 0.84% expense ratio, which is lower than NOSGX's 1.00% expense ratio.

Dividends

NMIEX vs. NOSGX - Dividend Comparison

NMIEX's dividend yield for the trailing twelve months is around 9.46%, less than NOSGX's 38.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NMIEX Northern Active M International Equity Fund	9.46%	10.43%	14.92%	6.95%	1.53%	10.42%	0.80%	5.83%	6.65%	1.34%	1.73%	0.75%
NOSGX Northern Small Cap Value Fund	38.24%	43.99%	57.55%	6.99%	5.84%	16.35%	1.96%	7.08%	11.90%	9.76%	2.26%	4.50%

Frequently Asked Questions

Can I hold both NMIEX and NOSGX in my portfolio?

NMIEX and NOSGX have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NMIEX or NOSGX?

NOSGX has higher volatility (4.62%) compared to NMIEX (4.61%). In terms of maximum drawdown, NMIEX dropped -55.92% vs NOSGX's -56.92%.

Which has better risk-adjusted returns?

NOSGX currently has the higher Sharpe Ratio (2.05 vs 1.70), 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.