NOUGX vs. PRGMX

Last updated Aug 1, 2026

NOUGX (Northern U.S. Government Fund) and PRGMX (T. Rowe Price GNMA Fund) are both Government Bonds funds. Over the past 10 years, NOUGX returned 0.58%/yr vs 1.15%/yr for PRGMX. Their 0.74 correlation means they have sometimes moved together and sometimes differently. NOUGX charges 0.42%/yr vs 0.58%/yr for PRGMX.

Performance

NOUGX vs. PRGMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern U.S. Government Fund (NOUGX) and T. Rowe Price GNMA Fund (PRGMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NOUGX achieves a -1.28% return, which is significantly lower than PRGMX's 0.01% return. Over the past 10 years, NOUGX has underperformed PRGMX with an annualized return of 0.58%, while PRGMX has yielded a comparatively higher 1.15% annualized return.

NOUGX

• 1D: 0.12%
• 1M: -0.74%
• 6M: -1.20%
• YTD: -1.28%
• 1Y: 1.27%
• 3Y*: 2.44%
• 5Y*: -0.50%
• 10Y*: 0.58%
• ALL TIME*: 3.00%

PRGMX

• 1D: 0.12%
• 1M: -1.10%
• 6M: -0.54%
• YTD: 0.01%
• 1Y: 4.08%
• 3Y*: 4.55%
• 5Y*: 0.49%
• 10Y*: 1.15%
• ALL TIME*: 3.85%

*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)
NOUGX Northern U.S. Government Fund	$0.00	$0.00	$0.00
PRGMX T. Rowe Price GNMA Fund	$0.00	$0.00	$0.00

NOUGX vs. PRGMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NOUGX Northern U.S. Government Fund	-1.28%	5.12%	0.89%	3.56%	-8.38%	-2.48%	5.30%	5.43%	0.53%	0.81%
PRGMX T. Rowe Price GNMA Fund	0.01%	8.72%	1.86%	5.62%	-11.45%	-2.18%	4.21%	5.18%	0.58%	1.23%

Correlation

The correlation between NOUGX and PRGMX is 0.75, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.75
Correlation (3Y) Balances recent behavior with more history.	0.86
Correlation (5Y) Shows whether the relationship held over a longer period.	0.87
Correlation (10Y) Provides a long-term view across more market conditions.	0.78
Correlation (All Time) Calculated using the full available price history since Mar 31, 1994	0.74

The correlation between NOUGX and PRGMX shifts across timeframes, from 0.74 (all time) to 0.87 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

NOUGX vs. PRGMX — Risk / Return Rank

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

NOUGX

NOUGX Risk / Return Rank: 7
NOUGX Sharpe Ratio Rank: 8
NOUGX Sortino Ratio Rank: 7
NOUGX Omega Ratio Rank: 7
NOUGX Calmar Ratio Rank: 8
NOUGX Martin Ratio Rank: 7

PRGMX

PRGMX Risk / Return Rank: 42
PRGMX Sharpe Ratio Rank: 44
PRGMX Sortino Ratio Rank: 47
PRGMX Omega Ratio Rank: 42
PRGMX Calmar Ratio Rank: 45
PRGMX Martin Ratio Rank: 34

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.

NOUGX vs. PRGMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern U.S. Government Fund (NOUGX) and T. Rowe Price GNMA Fund (PRGMX). 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.

	NOUGX	PRGMX	Difference
Sharpe ratio: Return per unit of total volatility	0.30	1.27	-0.97
Sortino ratio: Return per unit of downside risk	0.47	1.88	-1.41
Omega ratio: Gain probability vs. loss probability	1.06	1.23	-0.17
Calmar ratio: Return relative to maximum drawdown	0.33	1.78	-1.45
Martin ratio: Return relative to average drawdown	0.75	4.96	-4.20

NOUGX vs. PRGMX - Sharpe Ratio Comparison

The current NOUGX Sharpe Ratio is 0.30, which is lower than the PRGMX Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of NOUGX and PRGMX, 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

NOUGX vs. PRGMX - Drawdown Comparison

The maximum NOUGX drawdown since its inception was -13.21%, smaller than the maximum PRGMX drawdown of -18.22%. Use the drawdown chart below to compare losses from any high point for NOUGX and PRGMX.

Drawdown Indicators

	NOUGX	PRGMX	Difference
Max Drawdown Largest peak-to-trough decline	-13.21%	-18.22%	+5.01%
Max Drawdown (1Y) Largest decline over 1 year	-3.50%	-3.00%	-0.50%
Max Drawdown (3Y) Largest decline over 3 years	-5.07%	-6.22%	+1.15%
Max Drawdown (5Y) Largest decline over 5 years	-12.05%	-17.28%	+5.23%
Max Drawdown (10Y) Largest decline over 10 years	-13.21%	-18.22%	+5.01%
Current Drawdown Current decline from peak	-3.83%	-2.15%	-1.68%
Average Drawdown Average peak-to-trough decline	-2.03%	-2.23%	+0.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.54%	1.07%	+0.47%

Volatility

NOUGX vs. PRGMX - Volatility Comparison

The current volatility for Northern U.S. Government Fund (NOUGX) is 0.96%, while T. Rowe Price GNMA Fund (PRGMX) has a volatility of 1.17%. This indicates that NOUGX experiences smaller price fluctuations and is considered to be less risky than PRGMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NOUGX	PRGMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.96%	1.17%	-0.21%
Volatility (6M) Calculated over the trailing 6-month period	3.10%	3.37%	-0.27%
Volatility (1Y) Calculated over the trailing 1-year period	3.88%	4.22%	-0.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.61%	6.43%	-1.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.72%	4.79%	-1.07%

NOUGX vs. PRGMX - Expense Ratio Comparison

NOUGX has a 0.42% expense ratio, which is lower than PRGMX's 0.58% expense ratio.

Dividends

NOUGX vs. PRGMX - Dividend Comparison

NOUGX's dividend yield for the trailing twelve months is around 3.05%, less than PRGMX's 4.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NOUGX Northern U.S. Government Fund	3.05%	2.57%	2.86%	2.45%	1.06%	0.25%	3.38%	1.81%	2.31%	1.44%	1.28%	0.83%
PRGMX T. Rowe Price GNMA Fund	4.43%	4.96%	4.47%	3.54%	1.38%	0.59%	1.44%	2.39%	2.78%	2.98%	2.88%	3.12%

Frequently Asked Questions

Can I hold both NOUGX and PRGMX in my portfolio?

NOUGX and PRGMX have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NOUGX or PRGMX?

PRGMX has higher volatility (1.17%) compared to NOUGX (0.96%). In terms of maximum drawdown, NOUGX dropped -13.21% vs PRGMX's -18.22%.

Which has better risk-adjusted returns?

PRGMX currently has the higher Sharpe Ratio (1.27 vs 0.30), 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.