NSGRX vs. NOIGX

Last updated Aug 5, 2026

NSGRX (Northern Small Cap Core Fund) and NOIGX (Northern International Equity Fund) are both mutual funds - NSGRX is a Small Cap Blend Equities fund managed by Northern Trust, while NOIGX is a Foreign Large Cap Equities fund managed by Northern Trust. Over the past 10 years, NSGRX returned 10.83%/yr vs 9.44%/yr for NOIGX. Their 0.65 correlation means they have sometimes moved together and sometimes differently. NSGRX charges 0.62%/yr vs 0.51%/yr for NOIGX.

Performance

NSGRX vs. NOIGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern Small Cap Core Fund (NSGRX) and Northern International Equity Fund (NOIGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NSGRX achieves a 22.59% return, which is significantly higher than NOIGX's 13.86% return. Over the past 10 years, NSGRX has outperformed NOIGX with an annualized return of 10.83%, while NOIGX has yielded a comparatively lower 9.44% annualized return.

NSGRX

• 1D: 1.54%
• 1M: 0.10%
• 6M: 15.34%
• YTD: 22.59%
• 1Y: 38.95%
• 3Y*: 16.40%
• 5Y*: 9.01%
• 10Y*: 10.83%
• ALL TIME*: 8.33%

NOIGX

• 1D: 0.46%
• 1M: 3.03%
• 6M: 7.76%
• YTD: 13.86%
• 1Y: 29.75%
• 3Y*: 20.53%
• 5Y*: 11.76%
• 10Y*: 9.44%
• ALL TIME*: 5.79%

*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)
NOIGX Northern International Equity Fund	$0.00	$0.00	$0.00
NSGRX Northern Small Cap Core Fund	$0.00	$0.00	$0.00

NSGRX vs. NOIGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NSGRX Northern Small Cap Core Fund	22.59%	10.57%	10.44%	16.96%	-16.14%	19.99%	14.53%	23.30%	-10.22%	13.05%
NOIGX Northern International Equity Fund	13.86%	37.46%	4.73%	19.04%	-11.87%	15.14%	1.69%	16.60%	-15.11%	22.90%

Correlation

The correlation between NSGRX and NOIGX is 0.68, 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.	0.68
Correlation (3Y) Balances recent behavior with more history.	0.68
Correlation (5Y) Shows whether the relationship held over a longer period.	0.72
Correlation (10Y) Provides a long-term view across more market conditions.	0.70
Correlation (All Time) Calculated using the full available price history since Sep 30, 1999	0.65

The correlation between NSGRX and NOIGX has been stable across timeframes, ranging from 0.65 to 0.72 - a consistent structural relationship.

Return for Risk

NSGRX vs. NOIGX — Risk / Return Rank

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

NSGRX

NSGRX Risk / Return Rank: 85
NSGRX Sharpe Ratio Rank: 81
NSGRX Sortino Ratio Rank: 82
NSGRX Omega Ratio Rank: 75
NSGRX Calmar Ratio Rank: 94
NSGRX Martin Ratio Rank: 93

NOIGX

NOIGX Risk / Return Rank: 78
NOIGX Sharpe Ratio Rank: 77
NOIGX Sortino Ratio Rank: 74
NOIGX Omega Ratio Rank: 73
NOIGX Calmar Ratio Rank: 82
NOIGX Martin Ratio Rank: 85

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.

NSGRX vs. NOIGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Small Cap Core Fund (NSGRX) and Northern International Equity Fund (NOIGX). 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	NOIGX	Difference
Sharpe ratio: Return per unit of total volatility	2.03	1.94	+0.09
Sortino ratio: Return per unit of downside risk	2.94	2.69	+0.25
Omega ratio: Gain probability vs. loss probability	1.35	1.35	0.00
Calmar ratio: Return relative to maximum drawdown	4.26	3.01	+1.24
Martin ratio: Return relative to average drawdown	15.21	11.88	+3.34

NSGRX vs. NOIGX - Sharpe Ratio Comparison

The current NSGRX Sharpe Ratio is 2.03, which is comparable to the NOIGX Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of NSGRX and NOIGX, 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. NOIGX - Drawdown Comparison

The maximum NSGRX drawdown since its inception was -64.89%, which is greater than NOIGX's maximum drawdown of -57.92%. Use the drawdown chart below to compare losses from any high point for NSGRX and NOIGX.

Drawdown Indicators

	NSGRX	NOIGX	Difference
Max Drawdown Largest peak-to-trough decline	-64.89%	-57.92%	-6.97%
Max Drawdown (1Y) Largest decline over 1 year	-8.66%	-10.02%	+1.36%
Max Drawdown (3Y) Largest decline over 3 years	-26.45%	-12.93%	-13.52%
Max Drawdown (5Y) Largest decline over 5 years	-32.31%	-27.48%	-4.83%
Max Drawdown (10Y) Largest decline over 10 years	-40.37%	-40.06%	-0.31%
Current Drawdown Current decline from peak	-0.30%	-0.20%	-0.10%
Average Drawdown Average peak-to-trough decline	-22.04%	-13.70%	-8.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.43%	2.53%	-0.10%

Volatility

NSGRX vs. NOIGX - Volatility Comparison

The current volatility for Northern Small Cap Core Fund (NSGRX) is 3.64%, while Northern International Equity Fund (NOIGX) has a volatility of 4.14%. This indicates that NSGRX experiences smaller price fluctuations and is considered to be less risky than NOIGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NSGRX	NOIGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.64%	4.14%	-0.50%
Volatility (6M) Calculated over the trailing 6-month period	12.83%	13.54%	-0.71%
Volatility (1Y) Calculated over the trailing 1-year period	18.23%	15.62%	+2.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.31%	15.73%	+7.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.35%	16.23%	+7.12%

NSGRX vs. NOIGX - Expense Ratio Comparison

NSGRX has a 0.62% expense ratio, which is higher than NOIGX's 0.51% expense ratio.

Dividends

NSGRX vs. NOIGX - Dividend Comparison

NSGRX's dividend yield for the trailing twelve months is around 12.93%, more than NOIGX's 0.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NOIGX Northern International Equity Fund	0.68%	0.78%	4.50%	5.79%	2.94%	3.20%	5.86%	3.83%	2.71%	1.21%	1.57%	2.02%
NSGRX Northern Small Cap Core Fund	12.93%	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 NOIGX in my portfolio?

NSGRX and NOIGX have a correlation of 0.68, 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 NOIGX?

NOIGX has higher volatility (4.14%) compared to NSGRX (3.64%). In terms of maximum drawdown, NSGRX dropped -64.89% vs NOIGX's -57.92%.

Which has better risk-adjusted returns?

NSGRX currently has the higher Sharpe Ratio (2.03 vs 1.94), 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.