NOSGX vs. NSGRX

Last updated Jun 4, 2026

NOSGX (Northern Small Cap Value Fund) and NSGRX (Northern Small Cap Core Fund) are both mutual funds - NOSGX is a Small Cap Value Equities fund managed by Northern Funds, while NSGRX is a Small Cap Blend Equities fund managed by Northern Funds. Over the past 10 years, NOSGX returned 8.52%/yr vs 10.87%/yr for NSGRX. Their correlation of 0.94 suggests significant overlap in exposure. NOSGX charges 1.00%/yr vs 0.62%/yr for NSGRX.

Performance

NOSGX vs. NSGRX - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with NOSGX having a 16.32% return and NSGRX slightly higher at 16.84%. Over the past 10 years, NOSGX has underperformed NSGRX with an annualized return of 8.52%, while NSGRX has yielded a comparatively higher 10.87% annualized return.

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%

NSGRX

• 1D: 0.71%
• 1M: 3.25%
• YTD: 16.84%
• 6M: 16.28%
• 1Y: 35.57%
• 3Y*: 17.12%
• 5Y*: 7.48%
• 10Y*: 10.87%

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

NOSGX vs. NSGRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
NSGRX Northern Small Cap Core Fund	16.84%	10.57%	10.44%	16.96%	-16.14%	19.99%	14.53%	23.30%	-10.22%	13.05%

Correlation

The correlation between NOSGX and NSGRX is 0.95, 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	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Oct 1, 1999	0.94

The correlation between NOSGX and NSGRX has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

Return for Risk

NOSGX vs. NSGRX — Risk / Return Rank

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

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

NSGRX

NSGRX Risk / Return Rank: 64
NSGRX Sharpe Ratio Rank: 52
NSGRX Sortino Ratio Rank: 52
NSGRX Omega Ratio Rank: 46
NSGRX Calmar Ratio Rank: 89
NSGRX Martin Ratio Rank: 82

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.

NOSGX vs. NSGRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Small Cap Value Fund (NOSGX) 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.

	NOSGX	NSGRX	Difference
Sharpe ratio: Return per unit of total volatility	2.15	2.12	+0.03
Sortino ratio: Return per unit of downside risk	3.18	3.03	+0.14
Omega ratio: Gain probability vs. loss probability	1.39	1.37	+0.01
Calmar ratio: Return relative to maximum drawdown	4.22	4.45	-0.22
Martin ratio: Return relative to average drawdown	14.59	15.55	-0.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NOSGX vs. NSGRX - Sharpe Ratio Comparison

The current NOSGX Sharpe Ratio is 2.15, which is comparable to the NSGRX Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of NOSGX 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

	NOSGX	NSGRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.15	2.12	+0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	0.32	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.35	0.47	-0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.34	+0.06

Drawdowns

NOSGX vs. NSGRX - Drawdown Comparison

The maximum NOSGX drawdown since its inception was -56.92%, smaller than the maximum NSGRX drawdown of -64.89%. Use the drawdown chart below to compare losses from any high point for NOSGX and NSGRX.

Drawdown Indicators

	NOSGX	NSGRX	Difference
Max Drawdown Largest peak-to-trough decline	-56.92%	-64.89%	+7.97%
Max Drawdown (1Y) Largest decline over 1 year	-9.07%	-8.66%	-0.41%
Max Drawdown (3Y) Largest decline over 3 years	-28.13%	-26.45%	-1.68%
Max Drawdown (5Y) Largest decline over 5 years	-28.34%	-32.31%	+3.97%
Max Drawdown (10Y) Largest decline over 10 years	-45.66%	-40.37%	-5.29%
Current Drawdown Current decline from peak	-0.17%	-0.21%	+0.04%
Average Drawdown Average peak-to-trough decline	-9.05%	-22.17%	+13.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.60%	2.45%	+0.15%

Volatility

NOSGX vs. NSGRX - Volatility Comparison

Northern Small Cap Value Fund (NOSGX) and Northern Small Cap Core Fund (NSGRX) have volatilities of 4.74% and 4.93%, 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

	NOSGX	NSGRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.74%	4.93%	-0.19%
Volatility (6M) Calculated over the trailing 6-month period	11.73%	12.43%	-0.70%
Volatility (1Y) Calculated over the trailing 1-year period	17.79%	18.13%	-0.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.84%	23.36%	+0.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.56%	23.38%	+1.18%

NOSGX vs. NSGRX - Expense Ratio Comparison

NOSGX has a 1.00% expense ratio, which is higher than NSGRX's 0.62% expense ratio.

Dividends

NOSGX vs. NSGRX - Dividend Comparison

NOSGX's dividend yield for the trailing twelve months is around 37.82%, more than NSGRX's 13.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
NSGRX Northern Small Cap Core Fund	13.57%	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 NOSGX and NSGRX in my portfolio?

With a correlation of 0.95, NOSGX and NSGRX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, NOSGX or NSGRX?

NSGRX has higher volatility (4.93%) compared to NOSGX (4.74%). In terms of maximum drawdown, NOSGX dropped -56.92% vs NSGRX's -64.89%.

Which has better risk-adjusted returns?

NOSGX currently has the higher Sharpe Ratio (2.15 vs 2.12), 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.