NOSGX vs. SWMCX

Last updated Jun 3, 2026

NOSGX (Northern Small Cap Value Fund) and SWMCX (Schwab U.S. Mid-Cap Index Fund) are both mutual funds - NOSGX is a Small Cap Value Equities fund managed by Northern Funds, while SWMCX is a Mid Cap Blend Equities fund managed by Charles Schwab. Over the past 5 years, NOSGX returned 6.36%/yr vs 8.07%/yr for SWMCX. Their correlation of 0.87 suggests significant overlap in exposure. NOSGX charges 1.00%/yr vs 0.04%/yr for SWMCX.

Performance

NOSGX vs. SWMCX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern Small Cap Value Fund (NOSGX) and Schwab U.S. Mid-Cap Index Fund (SWMCX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NOSGX achieves a 15.02% return, which is significantly higher than SWMCX's 11.95% return.

NOSGX

• 1D: -0.09%
• 1M: 0.61%
• YTD: 15.02%
• 6M: 16.10%
• 1Y: 36.04%
• 3Y*: 14.39%
• 5Y*: 6.36%
• 10Y*: 8.40%

SWMCX

• 1D: 0.12%
• 1M: 3.20%
• YTD: 11.95%
• 6M: 12.64%
• 1Y: 22.41%
• 3Y*: 17.19%
• 5Y*: 8.07%
• 10Y*: —

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

NOSGX vs. SWMCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NOSGX Northern Small Cap Value Fund	15.02%	10.63%	2.60%	15.67%	-10.50%	26.17%	-2.29%	22.30%	-13.79%	-0.62%
SWMCX Schwab U.S. Mid-Cap Index Fund	11.95%	10.54%	15.28%	17.20%	-17.31%	22.55%	17.03%	30.46%	-9.16%	0.40%

Correlation

The correlation between NOSGX and SWMCX is 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (All Time) Calculated using the full available price history since Dec 20, 2017	0.87

The correlation between NOSGX and SWMCX has been stable across timeframes, ranging from 0.78 to 0.87 - a consistent structural relationship.

Return for Risk

NOSGX vs. SWMCX — Risk / Return Rank

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

NOSGX

NOSGX Risk / Return Rank: 62
NOSGX Sharpe Ratio Rank: 48
NOSGX Sortino Ratio Rank: 52
NOSGX Omega Ratio Rank: 46
NOSGX Calmar Ratio Rank: 86
NOSGX Martin Ratio Rank: 76

SWMCX

SWMCX Risk / Return Rank: 40
SWMCX Sharpe Ratio Rank: 33
SWMCX Sortino Ratio Rank: 33
SWMCX Omega Ratio Rank: 31
SWMCX Calmar Ratio Rank: 52
SWMCX Martin Ratio Rank: 52

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. SWMCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Small Cap Value Fund (NOSGX) and Schwab U.S. Mid-Cap Index Fund (SWMCX). 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	SWMCX	Difference
Sharpe ratio Return per unit of total volatility	2.05	1.69	+0.36
Sortino ratio Return per unit of downside risk	3.04	2.43	+0.62
Omega ratio Gain probability vs. loss probability	1.37	1.30	+0.07
Calmar ratio Return relative to maximum drawdown	4.14	2.79	+1.35
Martin ratio Return relative to average drawdown	14.38	10.74	+3.64
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. SWMCX - Sharpe Ratio Comparison

The current NOSGX Sharpe Ratio is 2.05, which is comparable to the SWMCX Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of NOSGX and SWMCX, 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	SWMCX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.05	1.69	+0.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.27	0.44	-0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.34	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.52	-0.12

Drawdowns

NOSGX vs. SWMCX - Drawdown Comparison

The maximum NOSGX drawdown since its inception was -56.92%, which is greater than SWMCX's maximum drawdown of -40.34%. Use the drawdown chart below to compare losses from any high point for NOSGX and SWMCX.

Drawdown Indicators

	NOSGX	SWMCX	Difference
Max Drawdown Largest peak-to-trough decline	-56.92%	-40.34%	-16.58%
Max Drawdown (1Y) Largest decline over 1 year	-9.07%	-8.15%	-0.92%
Max Drawdown (3Y) Largest decline over 3 years	-28.13%	-21.07%	-7.06%
Max Drawdown (5Y) Largest decline over 5 years	-28.34%	-26.09%	-2.25%
Max Drawdown (10Y) Largest decline over 10 years	-45.66%	—	—
Current Drawdown Current decline from peak	-1.28%	0.00%	-1.28%
Average Drawdown Average peak-to-trough decline	-9.05%	-6.64%	-2.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.61%	2.12%	+0.49%

Volatility

NOSGX vs. SWMCX - Volatility Comparison

Northern Small Cap Value Fund (NOSGX) has a higher volatility of 4.62% compared to Schwab U.S. Mid-Cap Index Fund (SWMCX) at 3.25%. This indicates that NOSGX's price experiences larger fluctuations and is considered to be riskier than SWMCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NOSGX	SWMCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.62%	3.25%	+1.37%
Volatility (6M) Calculated over the trailing 6-month period	11.87%	9.95%	+1.92%
Volatility (1Y) Calculated over the trailing 1-year period	17.80%	13.44%	+4.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.84%	18.25%	+5.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.56%	20.64%	+3.92%

NOSGX vs. SWMCX - Expense Ratio Comparison

NOSGX has a 1.00% expense ratio, which is higher than SWMCX's 0.04% expense ratio.

Dividends

NOSGX vs. SWMCX - Dividend Comparison

NOSGX's dividend yield for the trailing twelve months is around 38.24%, more than SWMCX's 1.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NOSGX Northern Small Cap Value Fund	38.24%	43.99%	57.55%	6.99%	5.84%	16.35%	1.96%	7.08%	11.90%	9.76%	2.26%	4.50%
SWMCX Schwab U.S. Mid-Cap Index Fund	1.90%	2.13%	2.60%	1.49%	1.59%	2.93%	1.45%	2.44%	1.41%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NOSGX and SWMCX in my portfolio?

NOSGX and SWMCX have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NOSGX or SWMCX?

NOSGX has higher volatility (4.62%) compared to SWMCX (3.25%). In terms of maximum drawdown, NOSGX dropped -56.92% vs SWMCX's -40.34%.

Which has better risk-adjusted returns?

NOSGX currently has the higher Sharpe Ratio (2.05 vs 1.69), 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.