NSGRX vs. FNDX

Last updated Jun 24, 2026

NSGRX (Northern Small Cap Core Fund) and FNDX (Schwab Fundamental U.S. Large Company Index ETF) are both funds - NSGRX is a Small Cap Blend Equities fund managed by Northern Funds, while FNDX is a Large Cap Value Equities fund tracking the RAFI Fundamental High Liquidity US Large Index. Over the past 10 years, NSGRX returned 11.58%/yr vs 14.48%/yr for FNDX. Their correlation of 0.86 suggests significant overlap in exposure. NSGRX charges 0.62%/yr vs 0.25%/yr for FNDX.

Performance

NSGRX vs. FNDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern Small Cap Core Fund (NSGRX) and Schwab Fundamental U.S. Large Company Index ETF (FNDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NSGRX achieves a 20.56% return, which is significantly higher than FNDX's 14.31% return. Over the past 10 years, NSGRX has underperformed FNDX with an annualized return of 11.58%, while FNDX has yielded a comparatively higher 14.48% annualized return.

NSGRX

• 1D: 0.87%
• 1M: 4.82%
• YTD: 20.56%
• 6M: 18.41%
• 1Y: 38.28%
• 3Y*: 18.50%
• 5Y*: 8.06%
• 10Y*: 11.58%

FNDX

• 1D: -0.42%
• 1M: 0.52%
• YTD: 14.31%
• 6M: 13.73%
• 1Y: 30.33%
• 3Y*: 20.33%
• 5Y*: 13.24%
• 10Y*: 14.48%

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

NSGRX vs. FNDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NSGRX Northern Small Cap Core Fund	20.56%	10.57%	10.44%	16.96%	-16.14%	19.99%	14.53%	23.30%	-10.22%	13.05%
FNDX Schwab Fundamental U.S. Large Company Index ETF	14.31%	16.94%	16.77%	18.23%	-6.92%	31.73%	9.12%	28.65%	-7.30%	17.12%

Correlation

The correlation between NSGRX and FNDX is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Aug 15, 2013	0.86

The correlation between NSGRX and FNDX has been stable across timeframes, ranging from 0.76 to 0.86 - a consistent structural relationship.

Return for Risk

NSGRX vs. FNDX — Risk / Return Rank

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

NSGRX

NSGRX Risk / Return Rank: 74
NSGRX Sharpe Ratio Rank: 66
NSGRX Sortino Ratio Rank: 66
NSGRX Omega Ratio Rank: 56
NSGRX Calmar Ratio Rank: 92
NSGRX Martin Ratio Rank: 90

FNDX

FNDX Risk / Return Rank: 89
FNDX Sharpe Ratio Rank: 90
FNDX Sortino Ratio Rank: 91
FNDX Omega Ratio Rank: 89
FNDX Calmar Ratio Rank: 88
FNDX Martin Ratio Rank: 89

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.

NSGRX vs. FNDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Small Cap Core Fund (NSGRX) and Schwab Fundamental U.S. Large Company Index ETF (FNDX). 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.

	NSGRX	FNDX	Difference
Sharpe ratio: Return per unit of total volatility	2.19	2.92	-0.73
Sortino ratio: Return per unit of downside risk	3.09	4.05	-0.95
Omega ratio: Gain probability vs. loss probability	1.38	1.53	-0.15
Calmar ratio: Return relative to maximum drawdown	4.67	5.02	-0.35
Martin ratio: Return relative to average drawdown	16.35	19.42	-3.07

NSGRX vs. FNDX - Sharpe Ratio Comparison

The current NSGRX Sharpe Ratio is 2.19, which is comparable to the FNDX Sharpe Ratio of 2.92. The chart below compares the historical Sharpe Ratios of NSGRX and FNDX, 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

NSGRX vs. FNDX - Drawdown Comparison

The maximum NSGRX drawdown since its inception was -64.89%, which is greater than FNDX's maximum drawdown of -37.72%. Use the drawdown chart below to compare losses from any high point for NSGRX and FNDX.

Drawdown Indicators

	NSGRX	FNDX	Difference
Max Drawdown Largest peak-to-trough decline	-64.89%	-37.72%	-27.17%
Max Drawdown (1Y) Largest decline over 1 year	-8.66%	-6.06%	-2.60%
Max Drawdown (3Y) Largest decline over 3 years	-26.45%	-16.30%	-10.15%
Max Drawdown (5Y) Largest decline over 5 years	-32.31%	-19.06%	-13.25%
Max Drawdown (10Y) Largest decline over 10 years	-40.37%	-37.72%	-2.65%
Current Drawdown Current decline from peak	0.00%	-1.43%	+1.43%
Average Drawdown Average peak-to-trough decline	-22.13%	-3.55%	-18.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.46%	1.57%	+0.89%

Volatility

NSGRX vs. FNDX - Volatility Comparison

Northern Small Cap Core Fund (NSGRX) has a higher volatility of 5.51% compared to Schwab Fundamental U.S. Large Company Index ETF (FNDX) at 3.33%. This indicates that NSGRX's price experiences larger fluctuations and is considered to be riskier than FNDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NSGRX	FNDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.51%	3.33%	+2.18%
Volatility (6M) Calculated over the trailing 6-month period	13.07%	7.63%	+5.44%
Volatility (1Y) Calculated over the trailing 1-year period	18.56%	10.47%	+8.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.41%	15.18%	+8.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.42%	17.48%	+5.94%

NSGRX vs. FNDX - Expense Ratio Comparison

NSGRX has a 0.62% expense ratio, which is higher than FNDX's 0.25% expense ratio.

Dividends

NSGRX vs. FNDX - Dividend Comparison

NSGRX's dividend yield for the trailing twelve months is around 13.15%, more than FNDX's 1.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNDX Schwab Fundamental U.S. Large Company Index ETF	1.45%	1.63%	1.76%	1.82%	2.07%	1.64%	2.29%	2.23%	2.40%	1.86%	2.01%	2.01%
NSGRX Northern Small Cap Core Fund	13.15%	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 NSGRX and FNDX in my portfolio?

NSGRX and FNDX have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NSGRX or FNDX?

NSGRX has higher volatility (5.51%) compared to FNDX (3.33%). In terms of maximum drawdown, NSGRX dropped -64.89% vs FNDX's -37.72%.

Which has better risk-adjusted returns?

FNDX currently has the higher Sharpe Ratio (2.92 vs 2.19), 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.