NOAZX vs. NOSGX

Last updated Jun 4, 2026

NOAZX (Northern Arizona Tax Exempt Fund) and NOSGX (Northern Small Cap Value Fund) are both mutual funds - NOAZX is a Municipal Bonds fund managed by Northern Funds, while NOSGX is a Small Cap Value Equities fund managed by Northern Funds. Over the past 10 years, NOAZX returned 1.46%/yr vs 8.52%/yr for NOSGX. At a correlation of -0.09, they often move in opposite directions. NOAZX charges 0.46%/yr vs 1.00%/yr for NOSGX.

Performance

NOAZX vs. NOSGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern Arizona Tax Exempt Fund (NOAZX) 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, NOAZX achieves a 1.23% return, which is significantly lower than NOSGX's 16.32% return. Over the past 10 years, NOAZX has underperformed NOSGX with an annualized return of 1.46%, while NOSGX has yielded a comparatively higher 8.52% annualized return.

NOAZX

• 1D: 0.10%
• 1M: 0.62%
• YTD: 1.23%
• 6M: 1.56%
• 1Y: 6.59%
• 3Y*: 3.16%
• 5Y*: 0.01%
• 10Y*: 1.46%

NOSGX

• 1D: 1.12%
• 1M: 2.72%
• YTD: 16.32%
• 6M: 15.39%
• 1Y: 35.68%
• 3Y*: 14.82%
• 5Y*: 6.67%
• 10Y*: 8.52%

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

NOAZX vs. NOSGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NOAZX Northern Arizona Tax Exempt Fund	1.23%	2.96%	1.95%	4.86%	-10.12%	0.08%	4.07%	6.97%	1.21%	5.13%
NOSGX Northern Small Cap Value Fund	16.32%	10.63%	2.60%	15.67%	-10.50%	26.17%	-2.29%	22.30%	-13.79%	6.47%

Correlation

The correlation between NOAZX and NOSGX is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.15
Correlation (5Y) Calculated over the trailing 5-year period	0.10
Correlation (10Y) Calculated over the trailing 10-year period	-0.01
Correlation (All Time) Calculated using the full available price history since Oct 1, 1999	-0.09

The correlation between NOAZX and NOSGX shifts across timeframes, from -0.09 (all time) to 0.23 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

NOAZX vs. NOSGX — Risk / Return Rank

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

NOAZX

NOAZX Risk / Return Rank: 66
NOAZX Sharpe Ratio Rank: 75
NOAZX Sortino Ratio Rank: 84
NOAZX Omega Ratio Rank: 91
NOAZX Calmar Ratio Rank: 42
NOAZX Martin Ratio Rank: 36

NOSGX

NOSGX Risk / Return Rank: 65
NOSGX Sharpe Ratio Rank: 53
NOSGX Sortino Ratio Rank: 57
NOSGX Omega Ratio Rank: 49
NOSGX Calmar Ratio Rank: 87
NOSGX Martin Ratio Rank: 78

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.

NOAZX vs. NOSGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Arizona Tax Exempt Fund (NOAZX) 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.

	NOAZX	NOSGX	Difference
Sharpe ratio: Return per unit of total volatility	2.53	2.15	+0.38
Sortino ratio: Return per unit of downside risk	4.00	3.18	+0.82
Omega ratio: Gain probability vs. loss probability	1.68	1.39	+0.30
Calmar ratio: Return relative to maximum drawdown	2.47	4.22	-1.75
Martin ratio: Return relative to average drawdown	8.01	14.59	-6.58
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NOAZX vs. NOSGX - Sharpe Ratio Comparison

The current NOAZX Sharpe Ratio is 2.53, which is comparable to the NOSGX Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of NOAZX 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

	NOAZX	NOSGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.53	2.15	+0.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.00	0.28	-0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.37	0.35	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.98	0.40	+0.57

Drawdowns

NOAZX vs. NOSGX - Drawdown Comparison

The maximum NOAZX drawdown since its inception was -15.15%, smaller than the maximum NOSGX drawdown of -56.92%. Use the drawdown chart below to compare losses from any high point for NOAZX and NOSGX.

Drawdown Indicators

	NOAZX	NOSGX	Difference
Max Drawdown Largest peak-to-trough decline	-15.15%	-56.92%	+41.77%
Max Drawdown (1Y) Largest decline over 1 year	-2.67%	-9.07%	+6.40%
Max Drawdown (3Y) Largest decline over 3 years	-5.73%	-28.13%	+22.40%
Max Drawdown (5Y) Largest decline over 5 years	-15.15%	-28.34%	+13.19%
Max Drawdown (10Y) Largest decline over 10 years	-15.15%	-45.66%	+30.51%
Current Drawdown Current decline from peak	-0.76%	-0.17%	-0.59%
Average Drawdown Average peak-to-trough decline	-2.18%	-9.05%	+6.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.82%	2.60%	-1.78%

Volatility

NOAZX vs. NOSGX - Volatility Comparison

The current volatility for Northern Arizona Tax Exempt Fund (NOAZX) is 1.11%, while Northern Small Cap Value Fund (NOSGX) has a volatility of 4.74%. This indicates that NOAZX experiences smaller price fluctuations and is considered to be less risky than NOSGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NOAZX	NOSGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.11%	4.74%	-3.63%
Volatility (6M) Calculated over the trailing 6-month period	2.07%	11.73%	-9.66%
Volatility (1Y) Calculated over the trailing 1-year period	2.62%	17.79%	-15.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.97%	23.84%	-19.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.98%	24.56%	-20.58%

NOAZX vs. NOSGX - Expense Ratio Comparison

NOAZX has a 0.46% expense ratio, which is lower than NOSGX's 1.00% expense ratio.

Dividends

NOAZX vs. NOSGX - Dividend Comparison

NOAZX's dividend yield for the trailing twelve months is around 3.17%, less than NOSGX's 37.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NOAZX Northern Arizona Tax Exempt Fund	3.17%	3.06%	3.60%	2.73%	1.71%	1.74%	2.40%	2.95%	3.08%	3.19%	3.97%	3.23%
NOSGX Northern Small Cap Value Fund	37.82%	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 NOAZX and NOSGX in my portfolio?

NOAZX and NOSGX have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NOAZX or NOSGX?

NOSGX has higher volatility (4.74%) compared to NOAZX (1.11%). In terms of maximum drawdown, NOAZX dropped -15.15% vs NOSGX's -56.92%.

Which has better risk-adjusted returns?

NOAZX currently has the higher Sharpe Ratio (2.53 vs 2.15), 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.