NOINX vs. NSGRX

Last updated Jun 5, 2026

NOINX (Northern International Equity Index Fund) and NSGRX (Northern Small Cap Core Fund) are both mutual funds - NOINX is a Foreign Large Cap Equities fund managed by Northern Funds, while NSGRX is a Small Cap Blend Equities fund managed by Northern Funds. Over the past 10 years, NOINX returned 9.21%/yr vs 10.76%/yr for NSGRX. A 0.71 correlation means they provide meaningful diversification when combined. NOINX charges 0.10%/yr vs 0.62%/yr for NSGRX.

Performance

NOINX vs. NSGRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern International Equity Index Fund (NOINX) and Northern Small Cap Core Fund (NSGRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NOINX achieves a 8.88% return, which is significantly lower than NSGRX's 15.64% return. Over the past 10 years, NOINX has underperformed NSGRX with an annualized return of 9.21%, while NSGRX has yielded a comparatively higher 10.76% annualized return.

NOINX

• 1D: -0.73%
• 1M: 2.14%
• YTD: 8.88%
• 6M: 10.95%
• 1Y: 21.19%
• 3Y*: 16.94%
• 5Y*: 8.47%
• 10Y*: 9.21%

NSGRX

• 1D: -1.03%
• 1M: 0.40%
• YTD: 15.64%
• 6M: 14.72%
• 1Y: 34.73%
• 3Y*: 16.71%
• 5Y*: 7.18%
• 10Y*: 10.76%

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

NOINX vs. NSGRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NOINX Northern International Equity Index Fund	8.88%	31.86%	3.69%	18.08%	-14.24%	11.08%	7.92%	21.98%	-13.76%	25.28%
NSGRX Northern Small Cap Core Fund	15.64%	10.57%	10.44%	16.96%	-16.14%	19.99%	14.53%	23.30%	-10.22%	13.05%

Correlation

The correlation between NOINX and NSGRX is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (10Y) Calculated over the trailing 10-year period	0.69
Correlation (All Time) Calculated using the full available price history since Mar 24, 2005	0.71

The correlation between NOINX and NSGRX has been stable across timeframes, ranging from 0.66 to 0.71 - a consistent structural relationship.

Return for Risk

NOINX vs. NSGRX — Risk / Return Rank

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

NOINX

NOINX Risk / Return Rank: 27
NOINX Sharpe Ratio Rank: 25
NOINX Sortino Ratio Rank: 24
NOINX Omega Ratio Rank: 26
NOINX Calmar Ratio Rank: 29
NOINX Martin Ratio Rank: 33

NSGRX

NSGRX Risk / Return Rank: 58
NSGRX Sharpe Ratio Rank: 44
NSGRX Sortino Ratio Rank: 45
NSGRX Omega Ratio Rank: 41
NSGRX Calmar Ratio Rank: 85
NSGRX 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.

NOINX vs. NSGRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern International Equity Index Fund (NOINX) and Northern Small Cap Core Fund (NSGRX). 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.

	NOINX	NSGRX	Difference
Sharpe ratio: Return per unit of total volatility	1.42	1.93	-0.51
Sortino ratio: Return per unit of downside risk	2.04	2.79	-0.75
Omega ratio: Gain probability vs. loss probability	1.26	1.34	-0.08
Calmar ratio: Return relative to maximum drawdown	2.00	4.04	-2.04
Martin ratio: Return relative to average drawdown	7.33	14.12	-6.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NOINX vs. NSGRX - Sharpe Ratio Comparison

The current NOINX Sharpe Ratio is 1.42, which is comparable to the NSGRX Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of NOINX and NSGRX, 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

	NOINX	NSGRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.42	1.93	-0.51
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	0.31	+0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	0.46	+0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.34	-0.02

Drawdowns

NOINX vs. NSGRX - Drawdown Comparison

The maximum NOINX drawdown since its inception was -61.10%, smaller than the maximum NSGRX drawdown of -64.89%. Use the drawdown chart below to compare losses from any high point for NOINX and NSGRX.

Drawdown Indicators

	NOINX	NSGRX	Difference
Max Drawdown Largest peak-to-trough decline	-61.10%	-64.89%	+3.79%
Max Drawdown (1Y) Largest decline over 1 year	-11.12%	-8.66%	-2.46%
Max Drawdown (3Y) Largest decline over 3 years	-13.73%	-26.45%	+12.72%
Max Drawdown (5Y) Largest decline over 5 years	-29.34%	-32.31%	+2.97%
Max Drawdown (10Y) Largest decline over 10 years	-33.69%	-40.37%	+6.68%
Current Drawdown Current decline from peak	-1.09%	-1.24%	+0.15%
Average Drawdown Average peak-to-trough decline	-12.57%	-22.17%	+9.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.00%	2.45%	+0.55%

Volatility

NOINX vs. NSGRX - Volatility Comparison

Northern International Equity Index Fund (NOINX) and Northern Small Cap Core Fund (NSGRX) have volatilities of 4.78% and 5.01%, 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

	NOINX	NSGRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.78%	5.01%	-0.23%
Volatility (6M) Calculated over the trailing 6-month period	13.14%	12.47%	+0.67%
Volatility (1Y) Calculated over the trailing 1-year period	15.66%	18.16%	-2.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.02%	23.36%	-7.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.51%	23.38%	-6.87%

NOINX vs. NSGRX - Expense Ratio Comparison

NOINX has a 0.10% expense ratio, which is lower than NSGRX's 0.62% expense ratio.

Dividends

NOINX vs. NSGRX - Dividend Comparison

NOINX's dividend yield for the trailing twelve months is around 3.28%, less than NSGRX's 13.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NOINX Northern International Equity Index Fund	3.28%	3.57%	3.70%	3.37%	2.71%	3.19%	2.04%	3.08%	3.47%	2.45%	3.21%	2.74%
NSGRX Northern Small Cap Core Fund	13.71%	15.85%	17.77%	6.90%	0.55%	15.75%	5.00%	6.30%	1.26%	4.35%	0.67%	3.35%

Frequently Asked Questions

Can I hold both NOINX and NSGRX in my portfolio?

NOINX and NSGRX have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NOINX or NSGRX?

NSGRX has higher volatility (5.01%) compared to NOINX (4.78%). In terms of maximum drawdown, NOINX dropped -61.10% vs NSGRX's -64.89%.

Which has better risk-adjusted returns?

NSGRX currently has the higher Sharpe Ratio (1.93 vs 1.42), 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.