NMMEX vs. TEQLX

Last updated Jun 4, 2026

NMMEX (Northern Active M Emerging Market Equity Fund) and TEQLX (TIAA-CREF Emerging Markets Equity Index Fund) are both Emerging Markets Diversified funds. Over the past 10 years, NMMEX returned 10.85%/yr vs 10.64%/yr for TEQLX. With a 0.96 correlation, they move nearly in lockstep. NMMEX charges 1.10%/yr vs 0.19%/yr for TEQLX.

Performance

NMMEX vs. TEQLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern Active M Emerging Market Equity Fund (NMMEX) and TIAA-CREF Emerging Markets Equity Index Fund (TEQLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NMMEX achieves a 33.21% return, which is significantly higher than TEQLX's 30.13% return. Both investments have delivered pretty close results over the past 10 years, with NMMEX having a 10.85% annualized return and TEQLX not far behind at 10.64%.

NMMEX

• 1D: 0.97%
• 1M: 10.94%
• YTD: 33.21%
• 6M: 36.58%
• 1Y: 63.79%
• 3Y*: 27.00%
• 5Y*: 9.06%
• 10Y*: 10.85%

TEQLX

• 1D: 1.22%
• 1M: 10.66%
• YTD: 30.13%
• 6M: 33.10%
• 1Y: 59.14%
• 3Y*: 24.95%
• 5Y*: 7.91%
• 10Y*: 10.64%

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

NMMEX vs. TEQLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NMMEX Northern Active M Emerging Market Equity Fund	33.21%	34.16%	6.63%	12.12%	-22.33%	-1.22%	18.85%	16.26%	-14.90%	35.41%
TEQLX TIAA-CREF Emerging Markets Equity Index Fund	30.13%	34.10%	6.71%	9.23%	-20.22%	-3.07%	17.67%	18.59%	-14.60%	37.47%

Correlation

The correlation between NMMEX and TEQLX is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Sep 1, 2010	0.96

The correlation between NMMEX and TEQLX shifts across timeframes, from 0.82 (1 year) to 0.96 (all time), reflecting how their relationship changes across market environments.

Return for Risk

NMMEX vs. TEQLX — Risk / Return Rank

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

NMMEX

NMMEX Risk / Return Rank: 92
NMMEX Sharpe Ratio Rank: 97
NMMEX Sortino Ratio Rank: 91
NMMEX Omega Ratio Rank: 92
NMMEX Calmar Ratio Rank: 90
NMMEX Martin Ratio Rank: 90

TEQLX

TEQLX Risk / Return Rank: 90
TEQLX Sharpe Ratio Rank: 95
TEQLX Sortino Ratio Rank: 87
TEQLX Omega Ratio Rank: 88
TEQLX Calmar Ratio Rank: 89
TEQLX Martin Ratio Rank: 89

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.

NMMEX vs. TEQLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Active M Emerging Market Equity Fund (NMMEX) and TIAA-CREF Emerging Markets Equity Index Fund (TEQLX). 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.

	NMMEX	TEQLX	Difference
Sharpe ratio: Return per unit of total volatility	3.73	3.33	+0.40
Sortino ratio: Return per unit of downside risk	4.55	4.18	+0.37
Omega ratio: Gain probability vs. loss probability	1.70	1.62	+0.08
Calmar ratio: Return relative to maximum drawdown	4.62	4.50	+0.13
Martin ratio: Return relative to average drawdown	18.28	17.79	+0.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NMMEX vs. TEQLX - Sharpe Ratio Comparison

The current NMMEX Sharpe Ratio is 3.73, which is comparable to the TEQLX Sharpe Ratio of 3.33. The chart below compares the historical Sharpe Ratios of NMMEX and TEQLX, 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

	NMMEX	TEQLX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.73	3.33	+0.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.39	0.47	-0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	0.60	-0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.35	+0.13

Drawdowns

NMMEX vs. TEQLX - Drawdown Comparison

The maximum NMMEX drawdown since its inception was -44.64%, which is greater than TEQLX's maximum drawdown of -39.33%. Use the drawdown chart below to compare losses from any high point for NMMEX and TEQLX.

Drawdown Indicators

	NMMEX	TEQLX	Difference
Max Drawdown Largest peak-to-trough decline	-44.64%	-39.33%	-5.31%
Max Drawdown (1Y) Largest decline over 1 year	-14.25%	-13.32%	-0.93%
Max Drawdown (3Y) Largest decline over 3 years	-16.13%	-15.97%	-0.16%
Max Drawdown (5Y) Largest decline over 5 years	-44.64%	-37.05%	-7.59%
Max Drawdown (10Y) Largest decline over 10 years	-44.64%	-39.33%	-5.31%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-15.02%	-14.61%	-0.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.56%	3.35%	+0.21%

Volatility

NMMEX vs. TEQLX - Volatility Comparison

Northern Active M Emerging Market Equity Fund (NMMEX) and TIAA-CREF Emerging Markets Equity Index Fund (TEQLX) have volatilities of 7.50% and 7.75%, 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

	NMMEX	TEQLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.50%	7.75%	-0.25%
Volatility (6M) Calculated over the trailing 6-month period	15.55%	15.43%	+0.12%
Volatility (1Y) Calculated over the trailing 1-year period	17.69%	17.98%	-0.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.63%	16.99%	+6.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.50%	17.68%	+3.82%

NMMEX vs. TEQLX - Expense Ratio Comparison

NMMEX has a 1.10% expense ratio, which is higher than TEQLX's 0.19% expense ratio.

Dividends

NMMEX vs. TEQLX - Dividend Comparison

NMMEX's dividend yield for the trailing twelve months is around 1.45%, less than TEQLX's 2.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NMMEX Northern Active M Emerging Market Equity Fund	1.45%	1.93%	0.80%	1.82%	0.89%	29.82%	6.99%	8.34%	0.99%	0.00%	1.90%	4.46%
TEQLX TIAA-CREF Emerging Markets Equity Index Fund	2.17%	2.83%	2.93%	3.08%	2.51%	2.27%	2.04%	2.77%	2.43%	1.98%	1.88%	2.40%

Frequently Asked Questions

Can I hold both NMMEX and TEQLX in my portfolio?

NMMEX and TEQLX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NMMEX or TEQLX?

TEQLX has higher volatility (7.75%) compared to NMMEX (7.50%). In terms of maximum drawdown, NMMEX dropped -44.64% vs TEQLX's -39.33%.

Which has better risk-adjusted returns?

NMMEX currently has the higher Sharpe Ratio (3.73 vs 3.33), 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.