NOFIX vs. GUGAX
NOFIX (Northern Fixed Income Fund) and GUGAX (GMO Multi-Sector Fixed Income Fund) are both Intermediate Core-Plus Bond funds. Over the past 10 years, NOFIX returned 1.48%/yr vs 1.51%/yr for GUGAX. A 0.75 correlation means they provide meaningful diversification when combined. Both charge a 0.45% expense ratio.
Performance
NOFIX vs. GUGAX - Performance Comparison
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Returns By Period
In the year-to-date period, NOFIX achieves a -0.30% return, which is significantly lower than GUGAX's 0.96% return. Both investments have delivered pretty close results over the past 10 years, with NOFIX having a 1.48% annualized return and GUGAX not far ahead at 1.51%.
NOFIX
- 1D
- -0.34%
- 1M
- 0.52%
- YTD
- -0.30%
- 6M
- -0.19%
- 1Y
- 4.11%
- 3Y*
- 3.45%
- 5Y*
- -0.57%
- 10Y*
- 1.48%
GUGAX
- 1D
- 0.00%
- 1M
- 0.00%
- YTD
- 0.96%
- 6M
- 1.07%
- 1Y
- 4.83%
- 3Y*
- 4.30%
- 5Y*
- -0.52%
- 10Y*
- 1.51%
NOFIX vs. GUGAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NOFIX Northern Fixed Income Fund | -0.30% | 6.39% | 1.44% | 5.32% | -14.91% | -0.36% | 7.85% | 10.76% | -2.15% | 4.42% |
GUGAX GMO Multi-Sector Fixed Income Fund | 0.96% | 7.29% | 0.96% | 6.02% | -14.52% | -3.17% | 4.91% | 9.66% | 2.13% | 4.44% |
Correlation
The correlation between NOFIX and GUGAX is 0.58, 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 | 0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.86 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.88 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.84 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 1998 | 0.75 |
The correlation between NOFIX and GUGAX shifts across timeframes, from 0.58 (1 year) to 0.88 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
NOFIX vs. GUGAX — Risk / Return Rank
NOFIX
GUGAX
NOFIX vs. GUGAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Northern Fixed Income Fund (NOFIX) and GMO Multi-Sector Fixed Income Fund (GUGAX). 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.
| NOFIX | GUGAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.88 | ||
| Sortino ratioReturn per unit of downside risk | -1.58 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.45 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | 1.44 | 4.82 | -3.38 |
| Martin ratioReturn relative to average drawdown | 3.88 | 14.23 | -10.36 |
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Drawdowns
NOFIX vs. GUGAX - Drawdown Comparison
The maximum NOFIX drawdown since its inception was -20.04%, smaller than the maximum GUGAX drawdown of -38.57%. Use the drawdown chart below to compare losses from any high point for NOFIX and GUGAX.
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Drawdown Indicators
| NOFIX | GUGAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.04% | -38.57% | +18.53% |
Max Drawdown (1Y)Largest decline over 1 year | -3.04% | -1.16% | -1.88% |
Max Drawdown (3Y)Largest decline over 3 years | -6.61% | -6.12% | -0.49% |
Max Drawdown (5Y)Largest decline over 5 years | -20.04% | -20.53% | +0.49% |
Max Drawdown (10Y)Largest decline over 10 years | -20.04% | -23.06% | +3.02% |
Current DrawdownCurrent decline from peak | -4.76% | -6.72% | +1.96% |
Average DrawdownAverage peak-to-trough decline | -2.55% | -11.26% | +8.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.13% | 0.39% | +0.74% |
Volatility
NOFIX vs. GUGAX - Volatility Comparison
Northern Fixed Income Fund (NOFIX) has a higher volatility of 1.18% compared to GMO Multi-Sector Fixed Income Fund (GUGAX) at 0.00%. This indicates that NOFIX's price experiences larger fluctuations and is considered to be riskier than GUGAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NOFIX | GUGAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.18% | 0.00% | +1.18% |
Volatility (6M)Calculated over the trailing 6-month period | 2.98% | 1.30% | +1.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.94% | 2.80% | +1.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.98% | 6.57% | -0.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.96% | 5.42% | -0.46% |
NOFIX vs. GUGAX - Expense Ratio Comparison
Both NOFIX and GUGAX have an expense ratio of 0.45%.
Dividends
NOFIX vs. GUGAX - Dividend Comparison
NOFIX's dividend yield for the trailing twelve months is around 4.19%, less than GUGAX's 4.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GUGAX GMO Multi-Sector Fixed Income Fund | 4.52% | 3.69% | 4.34% | 0.00% | 1.94% | 2.90% | 7.96% | 5.74% | 5.08% | 2.43% | 3.29% | 1.76% |
NOFIX Northern Fixed Income Fund | 4.19% | 3.24% | 3.93% | 3.11% | 1.91% | 2.17% | 2.77% | 3.03% | 3.64% | 3.33% | 2.53% | 3.02% |
Frequently Asked Questions
NOFIX and GUGAX have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NOFIX has higher volatility (1.18%) compared to GUGAX (0.00%). In terms of maximum drawdown, NOFIX dropped -20.04% vs GUGAX's -38.57%.
GUGAX currently has the higher Sharpe Ratio (2.00 vs 1.11), 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.
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