NSGRX vs. NOAZX
NSGRX (Northern Small Cap Core Fund) and NOAZX (Northern Arizona Tax Exempt Fund) are both mutual funds - NSGRX is a Small Cap Blend Equities fund managed by Northern Funds, while NOAZX is a Municipal Bonds fund managed by Northern Funds. Over the past 10 years, NSGRX returned 11.58%/yr vs 1.33%/yr for NOAZX. At a correlation of -0.09, they often move in opposite directions. NSGRX charges 0.62%/yr vs 0.46%/yr for NOAZX.
Performance
NSGRX vs. NOAZX - Performance Comparison
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Returns By Period
In the year-to-date period, NSGRX achieves a 20.56% return, which is significantly higher than NOAZX's 1.23% return. Over the past 10 years, NSGRX has outperformed NOAZX with an annualized return of 11.58%, while NOAZX has yielded a comparatively lower 1.33% 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%
NOAZX
- 1D
- -0.10%
- 1M
- 1.37%
- YTD
- 1.23%
- 6M
- 1.23%
- 1Y
- 6.02%
- 3Y*
- 2.93%
- 5Y*
- 0.01%
- 10Y*
- 1.33%
NSGRX vs. NOAZX - 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% |
NOAZX Northern Arizona Tax Exempt Fund | 1.23% | 2.96% | 1.95% | 4.86% | -10.12% | 0.08% | 4.07% | 6.97% | 1.21% | 5.13% |
Correlation
The correlation between NSGRX and NOAZX is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Sep 30, 1999 | -0.09 |
The correlation between NSGRX and NOAZX shifts across timeframes, from -0.09 (all time) to 0.23 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
NSGRX vs. NOAZX — Risk / Return Rank
NSGRX
NOAZX
NSGRX vs. NOAZX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Northern Small Cap Core Fund (NSGRX) and Northern Arizona Tax Exempt Fund (NOAZX). 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 | NOAZX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.24 | ||
| Sortino ratioReturn per unit of downside risk | -0.75 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.66 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | 4.67 | 2.33 | +2.34 |
| Martin ratioReturn relative to average drawdown | 16.35 | 7.40 | +8.95 |
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Drawdowns
NSGRX vs. NOAZX - Drawdown Comparison
The maximum NSGRX drawdown since its inception was -64.89%, which is greater than NOAZX's maximum drawdown of -15.15%. Use the drawdown chart below to compare losses from any high point for NSGRX and NOAZX.
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Drawdown Indicators
| NSGRX | NOAZX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.89% | -15.15% | -49.74% |
Max Drawdown (1Y)Largest decline over 1 year | -8.66% | -2.67% | -5.99% |
Max Drawdown (3Y)Largest decline over 3 years | -26.45% | -5.73% | -20.72% |
Max Drawdown (5Y)Largest decline over 5 years | -32.31% | -15.15% | -17.16% |
Max Drawdown (10Y)Largest decline over 10 years | -40.37% | -15.15% | -25.22% |
Current DrawdownCurrent decline from peak | 0.00% | -0.76% | +0.76% |
Average DrawdownAverage peak-to-trough decline | -22.13% | -2.18% | -19.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.46% | 0.84% | +1.62% |
Volatility
NSGRX vs. NOAZX - Volatility Comparison
Northern Small Cap Core Fund (NSGRX) has a higher volatility of 5.51% compared to Northern Arizona Tax Exempt Fund (NOAZX) at 0.80%. This indicates that NSGRX's price experiences larger fluctuations and is considered to be riskier than NOAZX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NSGRX | NOAZX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.51% | 0.80% | +4.71% |
Volatility (6M)Calculated over the trailing 6-month period | 13.07% | 2.07% | +11.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.56% | 2.57% | +15.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.41% | 3.97% | +19.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.42% | 3.98% | +19.44% |
NSGRX vs. NOAZX - Expense Ratio Comparison
NSGRX has a 0.62% expense ratio, which is higher than NOAZX's 0.46% expense ratio.
Dividends
NSGRX vs. NOAZX - Dividend Comparison
NSGRX's dividend yield for the trailing twelve months is around 13.15%, more than NOAZX's 3.17% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NOAZX Northern Arizona Tax Exempt Fund | 2.86% | 3.06% | 3.60% | 2.73% | 1.71% | 1.74% | 2.40% | 2.95% | 3.08% | 3.19% | 3.97% | 3.23% |
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
NSGRX and NOAZX have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NSGRX has higher volatility (5.51%) compared to NOAZX (0.80%). In terms of maximum drawdown, NSGRX dropped -64.89% vs NOAZX's -15.15%.
NOAZX currently has the higher Sharpe Ratio (2.43 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.
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