NSIDX vs. XSHQ

Last updated Jun 3, 2026

NSIDX (Northern Small Cap Index Fund) and XSHQ (Invesco S&P SmallCap Quality ETF) are both funds - NSIDX is a Small Cap Blend Equities fund managed by Northern Funds, while XSHQ is a Small Cap Growth Equities fund tracking the S&P SmallCap 600 Quality Index. Over the past 5 years, NSIDX returned 6.10%/yr vs 5.96%/yr for XSHQ. Their correlation of 0.86 suggests significant overlap in exposure. NSIDX charges 0.10%/yr vs 0.29%/yr for XSHQ.

Performance

NSIDX vs. XSHQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern Small Cap Index Fund (NSIDX) and Invesco S&P SmallCap Quality ETF (XSHQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NSIDX achieves a 17.58% return, which is significantly higher than XSHQ's 9.09% return.

NSIDX

• 1D: -0.44%
• 1M: 3.41%
• YTD: 17.58%
• 6M: 18.58%
• 1Y: 42.23%
• 3Y*: 18.25%
• 5Y*: 6.10%
• 10Y*: 10.87%

XSHQ

• 1D: -0.48%
• 1M: 1.37%
• YTD: 9.09%
• 6M: 8.27%
• 1Y: 15.18%
• 3Y*: 11.81%
• 5Y*: 5.96%
• 10Y*: —

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

NSIDX vs. XSHQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NSIDX Northern Small Cap Index Fund	17.58%	12.88%	11.45%	16.87%	-20.63%	14.38%	19.59%	25.22%	-11.33%	12.32%
XSHQ Invesco S&P SmallCap Quality ETF	9.09%	0.89%	7.49%	23.88%	-15.01%	23.99%	11.81%	17.37%	-6.11%	7.18%

Correlation

The correlation between NSIDX and XSHQ is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (All Time) Calculated using the full available price history since Aug 25, 2017	0.86

The correlation between NSIDX and XSHQ shifts across timeframes, from 0.75 (1 year) to 0.88 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

NSIDX vs. XSHQ — Risk / Return Rank

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

NSIDX

NSIDX Risk / Return Rank: 63
NSIDX Sharpe Ratio Rank: 55
NSIDX Sortino Ratio Rank: 54
NSIDX Omega Ratio Rank: 47
NSIDX Calmar Ratio Rank: 85
NSIDX Martin Ratio Rank: 76

XSHQ

XSHQ Risk / Return Rank: 26
XSHQ Sharpe Ratio Rank: 24
XSHQ Sortino Ratio Rank: 26
XSHQ Omega Ratio Rank: 23
XSHQ Calmar Ratio Rank: 30
XSHQ Martin Ratio Rank: 28

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.

NSIDX vs. XSHQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Small Cap Index Fund (NSIDX) and Invesco S&P SmallCap Quality ETF (XSHQ). 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.

	NSIDX	XSHQ	Difference
Sharpe ratio Return per unit of total volatility	2.19	0.88	+1.31
Sortino ratio Return per unit of downside risk	3.08	1.42	+1.66
Omega ratio Gain probability vs. loss probability	1.37	1.16	+0.21
Calmar ratio Return relative to maximum drawdown	4.04	1.48	+2.56
Martin ratio Return relative to average drawdown	14.35	4.06	+10.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NSIDX vs. XSHQ - Sharpe Ratio Comparison

The current NSIDX Sharpe Ratio is 2.19, which is higher than the XSHQ Sharpe Ratio of 0.88. The chart below compares the historical Sharpe Ratios of NSIDX and XSHQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	NSIDX	XSHQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.19	0.88	+1.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.25	0.28	-0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.37	-0.03

Drawdowns

NSIDX vs. XSHQ - Drawdown Comparison

The maximum NSIDX drawdown since its inception was -59.02%, which is greater than XSHQ's maximum drawdown of -38.33%. Use the drawdown chart below to compare losses from any high point for NSIDX and XSHQ.

Drawdown Indicators

	NSIDX	XSHQ	Difference
Max Drawdown Largest peak-to-trough decline	-59.02%	-38.33%	-20.69%
Max Drawdown (1Y) Largest decline over 1 year	-10.97%	-10.27%	-0.70%
Max Drawdown (3Y) Largest decline over 3 years	-27.71%	-27.34%	-0.37%
Max Drawdown (5Y) Largest decline over 5 years	-32.89%	-27.34%	-5.55%
Max Drawdown (10Y) Largest decline over 10 years	-42.09%	—	—
Current Drawdown Current decline from peak	-1.03%	-1.76%	+0.73%
Average Drawdown Average peak-to-trough decline	-12.06%	-9.35%	-2.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.09%	3.75%	-0.66%

Volatility

NSIDX vs. XSHQ - Volatility Comparison

Northern Small Cap Index Fund (NSIDX) has a higher volatility of 5.56% compared to Invesco S&P SmallCap Quality ETF (XSHQ) at 4.57%. This indicates that NSIDX's price experiences larger fluctuations and is considered to be riskier than XSHQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NSIDX	XSHQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.56%	4.57%	+0.99%
Volatility (6M) Calculated over the trailing 6-month period	13.78%	11.66%	+2.12%
Volatility (1Y) Calculated over the trailing 1-year period	19.80%	17.43%	+2.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.22%	21.23%	+2.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.26%	23.13%	+1.13%

NSIDX vs. XSHQ - Expense Ratio Comparison

NSIDX has a 0.10% expense ratio, which is lower than XSHQ's 0.29% expense ratio.

Dividends

NSIDX vs. XSHQ - Dividend Comparison

NSIDX's dividend yield for the trailing twelve months is around 1.34%, less than XSHQ's 1.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NSIDX Northern Small Cap Index Fund	1.34%	1.57%	6.72%	2.01%	6.38%	12.15%	3.52%	1.78%	12.16%	6.55%	4.06%	6.68%
XSHQ Invesco S&P SmallCap Quality ETF	1.38%	1.48%	1.18%	1.15%	2.02%	1.25%	1.24%	1.11%	1.16%	0.60%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NSIDX and XSHQ in my portfolio?

NSIDX and XSHQ 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, NSIDX or XSHQ?

NSIDX has higher volatility (5.56%) compared to XSHQ (4.57%). In terms of maximum drawdown, NSIDX dropped -59.02% vs XSHQ's -38.33%.

Which has better risk-adjusted returns?

NSIDX currently has the higher Sharpe Ratio (2.19 vs 0.88), 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.