NSIDX vs. NOITX

Last updated Aug 1, 2026

NSIDX (Northern Small Cap Index Fund) and NOITX (Northern Intermediate Tax Exempt Fund) are both mutual funds - NSIDX is a Small Cap Blend Equities fund managed by Northern Trust, while NOITX is a Municipal Bonds fund managed by Northern Trust. Over the past 10 years, NSIDX returned 10.52%/yr vs 1.59%/yr for NOITX. Their -0.08 correlation means they have often moved in opposite directions in the past. NSIDX charges 0.10%/yr vs 0.45%/yr for NOITX.

Performance

NSIDX vs. NOITX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern Small Cap Index Fund (NSIDX) and Northern Intermediate Tax Exempt Fund (NOITX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NSIDX achieves a 19.46% return, which is significantly higher than NOITX's 0.39% return. Over the past 10 years, NSIDX has outperformed NOITX with an annualized return of 10.52%, while NOITX has yielded a comparatively lower 1.59% annualized return.

NSIDX

• 1D: 1.37%
• 1M: -1.60%
• 6M: 13.37%
• YTD: 19.46%
• 1Y: 34.94%
• 3Y*: 15.26%
• 5Y*: 7.09%
• 10Y*: 10.52%
• ALL TIME*: 8.30%

NOITX

• 1D: -0.10%
• 1M: -1.26%
• 6M: -0.56%
• YTD: 0.39%
• 1Y: 4.31%
• 3Y*: 3.47%
• 5Y*: 0.50%
• 10Y*: 1.59%
• ALL TIME*: 3.46%

*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)
NOITX Northern Intermediate Tax Exempt Fund	$0.00	$0.00	$0.00
NSIDX Northern Small Cap Index Fund	$0.00	$0.00	$0.00

NSIDX vs. NOITX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NSIDX Northern Small Cap Index Fund	19.46%	12.88%	11.45%	16.87%	-20.63%	14.38%	19.59%	25.22%	-11.33%	14.62%
NOITX Northern Intermediate Tax Exempt Fund	0.39%	5.38%	2.24%	5.06%	-9.17%	0.41%	4.56%	6.73%	0.78%	4.15%

Correlation

The correlation between NSIDX and NOITX is 0.26, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.26
Correlation (3Y) Balances recent behavior with more history.	0.19
Correlation (5Y) Shows whether the relationship held over a longer period.	0.15
Correlation (10Y) Provides a long-term view across more market conditions.	0.03
Correlation (All Time) Calculated using the full available price history since Sep 3, 1999	-0.08

The correlation between NSIDX and NOITX shifts across timeframes, from -0.08 (all time) to 0.26 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

NSIDX vs. NOITX — Risk / Return Rank

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

NSIDX

NSIDX Risk / Return Rank: 76
NSIDX Sharpe Ratio Rank: 71
NSIDX Sortino Ratio Rank: 72
NSIDX Omega Ratio Rank: 65
NSIDX Calmar Ratio Rank: 86
NSIDX Martin Ratio Rank: 85

NOITX

NOITX Risk / Return Rank: 66
NOITX Sharpe Ratio Rank: 80
NOITX Sortino Ratio Rank: 84
NOITX Omega Ratio Rank: 90
NOITX Calmar Ratio Rank: 44
NOITX Martin Ratio Rank: 32

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.

NSIDX vs. NOITX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Small Cap Index Fund (NSIDX) and Northern Intermediate Tax Exempt Fund (NOITX). 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.

	NSIDX	NOITX	Difference
Sharpe ratio: Return per unit of total volatility	1.67	1.94	-0.27
Sortino ratio: Return per unit of downside risk	2.45	3.00	-0.56
Omega ratio: Gain probability vs. loss probability	1.29	1.49	-0.20
Calmar ratio: Return relative to maximum drawdown	3.05	1.83	+1.22
Martin ratio: Return relative to average drawdown	10.75	5.14	+5.60

NSIDX vs. NOITX - Sharpe Ratio Comparison

The current NSIDX Sharpe Ratio is 1.67, which is comparable to the NOITX Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of NSIDX and NOITX, 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

NSIDX vs. NOITX - Drawdown Comparison

The maximum NSIDX drawdown since its inception was -59.02%, which is greater than NOITX's maximum drawdown of -13.73%. Use the drawdown chart below to compare losses from any high point for NSIDX and NOITX.

Drawdown Indicators

	NSIDX	NOITX	Difference
Max Drawdown Largest peak-to-trough decline	-59.02%	-13.73%	-45.29%
Max Drawdown (1Y) Largest decline over 1 year	-10.97%	-2.45%	-8.52%
Max Drawdown (3Y) Largest decline over 3 years	-27.71%	-3.73%	-23.98%
Max Drawdown (5Y) Largest decline over 5 years	-32.89%	-13.66%	-19.23%
Max Drawdown (10Y) Largest decline over 10 years	-42.09%	-13.73%	-28.36%
Current Drawdown Current decline from peak	-2.53%	-1.70%	-0.83%
Average Drawdown Average peak-to-trough decline	-12.00%	-1.62%	-10.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.11%	0.86%	+2.25%

Volatility

NSIDX vs. NOITX - Volatility Comparison

Northern Small Cap Index Fund (NSIDX) has a higher volatility of 3.79% compared to Northern Intermediate Tax Exempt Fund (NOITX) at 0.58%. This indicates that NSIDX's price experiences larger fluctuations and is considered to be riskier than NOITX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NSIDX	NOITX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.79%	0.58%	+3.21%
Volatility (6M) Calculated over the trailing 6-month period	14.14%	1.94%	+12.20%
Volatility (1Y) Calculated over the trailing 1-year period	20.05%	2.30%	+17.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.20%	3.52%	+20.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.23%	3.46%	+20.77%

NSIDX vs. NOITX - Expense Ratio Comparison

NSIDX has a 0.10% expense ratio, which is lower than NOITX's 0.45% expense ratio.

Dividends

NSIDX vs. NOITX - Dividend Comparison

NSIDX's dividend yield for the trailing twelve months is around 1.32%, less than NOITX's 3.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NOITX Northern Intermediate Tax Exempt Fund	3.23%	3.64%	3.45%	2.84%	1.44%	1.89%	2.50%	2.90%	2.30%	2.23%	3.59%	2.34%
NSIDX Northern Small Cap Index Fund	1.32%	1.57%	6.72%	2.01%	6.38%	12.15%	3.52%	1.78%	12.16%	6.55%	4.06%	6.68%

Frequently Asked Questions

Can I hold both NSIDX and NOITX in my portfolio?

NSIDX and NOITX have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NSIDX or NOITX?

NSIDX has higher volatility (3.79%) compared to NOITX (0.58%). In terms of maximum drawdown, NSIDX dropped -59.02% vs NOITX's -13.73%.

Which has better risk-adjusted returns?

NOITX currently has the higher Sharpe Ratio (1.94 vs 1.67), 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.