NOTEX vs. NSGRX

Last updated Aug 1, 2026

NOTEX (Northern Tax Exempt Fund) and NSGRX (Northern Small Cap Core Fund) are both mutual funds - NOTEX is a Municipal Bonds fund managed by Northern Trust, while NSGRX is a Small Cap Blend Equities fund managed by Northern Trust. Over the past 10 years, NOTEX returned 1.32%/yr vs 10.79%/yr for NSGRX. Their -0.09 correlation means they have often moved in opposite directions in the past. NOTEX charges 0.45%/yr vs 0.62%/yr for NSGRX.

Performance

NOTEX vs. NSGRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern Tax Exempt Fund (NOTEX) 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, NOTEX achieves a 0.10% return, which is significantly lower than NSGRX's 21.27% return. Over the past 10 years, NOTEX has underperformed NSGRX with an annualized return of 1.32%, while NSGRX has yielded a comparatively higher 10.79% annualized return.

NOTEX

• 1D: -0.32%
• 1M: -1.70%
• 6M: -0.61%
• YTD: 0.10%
• 1Y: 4.88%
• 3Y*: 2.73%
• 5Y*: -0.54%
• 10Y*: 1.32%
• ALL TIME*: 3.84%

NSGRX

• 1D: 0.76%
• 1M: -0.98%
• 6M: 15.53%
• YTD: 21.27%
• 1Y: 34.89%
• 3Y*: 15.37%
• 5Y*: 8.53%
• 10Y*: 10.79%
• ALL TIME*: 8.29%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
NOTEX Northern Tax Exempt Fund	$0.00	$0.00	$0.00
NSGRX Northern Small Cap Core Fund	$0.00	$0.00	$0.00

NOTEX vs. NSGRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NOTEX Northern Tax Exempt Fund	0.10%	3.59%	2.21%	5.25%	-12.23%	0.84%	4.99%	7.88%	0.64%	5.13%
NSGRX Northern Small Cap Core Fund	21.27%	10.57%	10.44%	16.96%	-16.14%	19.99%	14.53%	23.30%	-10.22%	13.05%

Correlation

The correlation between NOTEX and NSGRX is 0.27, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.27
Correlation (3Y) Balances recent behavior with more history.	0.16
Correlation (5Y) Shows whether the relationship held over a longer period.	0.12
Correlation (10Y) Provides a long-term view across more market conditions.	0.01
Correlation (All Time) Calculated using the full available price history since Sep 30, 1999	-0.09

The correlation between NOTEX and NSGRX shifts across timeframes, from -0.09 (all time) to 0.27 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

NOTEX vs. NSGRX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

NOTEX

NOTEX Risk / Return Rank: 66
NOTEX Sharpe Ratio Rank: 78
NOTEX Sortino Ratio Rank: 81
NOTEX Omega Ratio Rank: 86
NOTEX Calmar Ratio Rank: 46
NOTEX Martin Ratio Rank: 36

NSGRX

NSGRX Risk / Return Rank: 83
NSGRX Sharpe Ratio Rank: 78
NSGRX Sortino Ratio Rank: 78
NSGRX Omega Ratio Rank: 74
NSGRX Calmar Ratio Rank: 93
NSGRX Martin Ratio Rank: 93

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

NOTEX vs. NSGRX - Risk-Adjusted Trends Comparison

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

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.

	NOTEX	NSGRX	Difference
Sharpe ratio: Return per unit of total volatility	1.88	1.84	+0.05
Sortino ratio: Return per unit of downside risk	2.89	2.70	+0.19
Omega ratio: Gain probability vs. loss probability	1.44	1.32	+0.12
Calmar ratio: Return relative to maximum drawdown	1.89	3.86	-1.97
Martin ratio: Return relative to average drawdown	5.59	13.73	-8.14

NOTEX vs. NSGRX - Sharpe Ratio Comparison

The current NOTEX Sharpe Ratio is 1.88, which is comparable to the NSGRX Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of NOTEX 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.

Drawdowns

NOTEX vs. NSGRX - Drawdown Comparison

The maximum NOTEX drawdown since its inception was -17.48%, smaller than the maximum NSGRX drawdown of -64.89%. Use the drawdown chart below to compare losses from any high point for NOTEX and NSGRX.

Drawdown Indicators

	NOTEX	NSGRX	Difference
Max Drawdown Largest peak-to-trough decline	-17.48%	-64.89%	+47.41%
Max Drawdown (1Y) Largest decline over 1 year	-2.68%	-8.66%	+5.98%
Max Drawdown (3Y) Largest decline over 3 years	-5.85%	-26.45%	+20.60%
Max Drawdown (5Y) Largest decline over 5 years	-17.40%	-32.31%	+14.91%
Max Drawdown (10Y) Largest decline over 10 years	-17.48%	-40.37%	+22.89%
Current Drawdown Current decline from peak	-2.76%	-1.38%	-1.38%
Average Drawdown Average peak-to-trough decline	-2.38%	-22.04%	+19.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.90%	2.43%	-1.53%

Volatility

NOTEX vs. NSGRX - Volatility Comparison

The current volatility for Northern Tax Exempt Fund (NOTEX) is 0.76%, while Northern Small Cap Core Fund (NSGRX) has a volatility of 3.26%. This indicates that NOTEX experiences smaller price fluctuations and is considered to be less risky than NSGRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NOTEX	NSGRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.76%	3.26%	-2.50%
Volatility (6M) Calculated over the trailing 6-month period	2.17%	12.76%	-10.59%
Volatility (1Y) Calculated over the trailing 1-year period	2.68%	18.18%	-15.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.35%	23.30%	-18.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.29%	23.34%	-19.05%

NOTEX vs. NSGRX - Expense Ratio Comparison

NOTEX has a 0.45% expense ratio, which is lower than NSGRX's 0.62% expense ratio.

Dividends

NOTEX vs. NSGRX - Dividend Comparison

NOTEX's dividend yield for the trailing twelve months is around 3.08%, less than NSGRX's 13.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NOTEX Northern Tax Exempt Fund	3.08%	3.25%	3.76%	2.88%	1.76%	1.93%	2.54%	3.40%	3.28%	3.37%	2.78%	3.24%
NSGRX Northern Small Cap Core Fund	13.07%	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 NOTEX and NSGRX in my portfolio?

NOTEX and NSGRX have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NOTEX or NSGRX?

NSGRX has higher volatility (3.26%) compared to NOTEX (0.76%). In terms of maximum drawdown, NOTEX dropped -17.48% vs NSGRX's -64.89%.

Which has better risk-adjusted returns?

NOTEX currently has the higher Sharpe Ratio (1.88 vs 1.84), 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.