NSITX vs. NHFIX

Last updated Jun 4, 2026

NSITX (Northern Limited Term Tax-Exempt Fund) and NHFIX (Northern High Yield Fixed Income Fund) are both mutual funds - NSITX is a Municipal Bonds fund managed by Northern Funds, while NHFIX is a High Yield Bonds fund managed by Northern Funds. Over the past 10 years, NSITX returned 1.44%/yr vs 5.55%/yr for NHFIX. At a 0.16 correlation, their price movements are largely independent. NSITX charges 0.45%/yr vs 0.60%/yr for NHFIX.

Performance

NSITX vs. NHFIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern Limited Term Tax-Exempt Fund (NSITX) and Northern High Yield Fixed Income Fund (NHFIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NSITX achieves a 0.65% return, which is significantly lower than NHFIX's 1.87% return. Over the past 10 years, NSITX has underperformed NHFIX with an annualized return of 1.44%, while NHFIX has yielded a comparatively higher 5.55% annualized return.

NSITX

• 1D: 0.10%
• 1M: 0.34%
• YTD: 0.65%
• 6M: 0.92%
• 1Y: 3.60%
• 3Y*: 3.10%
• 5Y*: 1.11%
• 10Y*: 1.44%

NHFIX

• 1D: 0.00%
• 1M: 0.64%
• YTD: 1.87%
• 6M: 2.16%
• 1Y: 7.76%
• 3Y*: 9.25%
• 5Y*: 3.67%
• 10Y*: 5.55%

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

NSITX vs. NHFIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NSITX Northern Limited Term Tax-Exempt Fund	0.65%	4.01%	2.34%	2.73%	-3.74%	-0.23%	3.48%	4.08%	1.45%	1.25%
NHFIX Northern High Yield Fixed Income Fund	1.87%	8.79%	8.03%	13.96%	-13.74%	5.03%	6.04%	16.17%	-3.60%	8.35%

Correlation

The correlation between NSITX and NHFIX is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (10Y) Calculated over the trailing 10-year period	0.25
Correlation (All Time) Calculated using the full available price history since Aug 29, 2007	0.16

Over the past year, NSITX and NHFIX have become more correlated (0.43) than their long-term average of 0.16, meaning their price movements have been converging.

Return for Risk

NSITX vs. NHFIX — Risk / Return Rank

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

NSITX

NSITX Risk / Return Rank: 66
NSITX Sharpe Ratio Rank: 77
NSITX Sortino Ratio Rank: 87
NSITX Omega Ratio Rank: 96
NSITX Calmar Ratio Rank: 42
NSITX Martin Ratio Rank: 29

NHFIX

NHFIX Risk / Return Rank: 81
NHFIX Sharpe Ratio Rank: 67
NHFIX Sortino Ratio Rank: 86
NHFIX Omega Ratio Rank: 85
NHFIX Calmar Ratio Rank: 83
NHFIX Martin Ratio Rank: 84

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.

NSITX vs. NHFIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Limited Term Tax-Exempt Fund (NSITX) and Northern High Yield Fixed Income Fund (NHFIX). 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.

	NSITX	NHFIX	Difference
Sharpe ratio: Return per unit of total volatility	2.57	2.39	+0.18
Sortino ratio: Return per unit of downside risk	4.27	4.09	+0.18
Omega ratio: Gain probability vs. loss probability	1.83	1.57	+0.26
Calmar ratio: Return relative to maximum drawdown	2.47	3.85	-1.38
Martin ratio: Return relative to average drawdown	6.86	15.88	-9.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NSITX vs. NHFIX - Sharpe Ratio Comparison

The current NSITX Sharpe Ratio is 2.57, which is comparable to the NHFIX Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of NSITX and NHFIX, 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

	NSITX	NHFIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.57	2.39	+0.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	0.73	-0.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	0.94	-0.30
Sharpe Ratio (All Time) Calculated using the full available price history	0.97	1.06	-0.09

Drawdowns

NSITX vs. NHFIX - Drawdown Comparison

The maximum NSITX drawdown since its inception was -7.08%, smaller than the maximum NHFIX drawdown of -27.87%. Use the drawdown chart below to compare losses from any high point for NSITX and NHFIX.

Drawdown Indicators

	NSITX	NHFIX	Difference
Max Drawdown Largest peak-to-trough decline	-7.08%	-27.87%	+20.79%
Max Drawdown (1Y) Largest decline over 1 year	-1.48%	-2.10%	+0.62%
Max Drawdown (3Y) Largest decline over 3 years	-2.29%	-4.39%	+2.10%
Max Drawdown (5Y) Largest decline over 5 years	-6.44%	-17.47%	+11.03%
Max Drawdown (10Y) Largest decline over 10 years	-7.08%	-24.72%	+17.64%
Current Drawdown Current decline from peak	-0.73%	0.00%	-0.73%
Average Drawdown Average peak-to-trough decline	-0.82%	-2.78%	+1.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.53%	0.50%	+0.03%

Volatility

NSITX vs. NHFIX - Volatility Comparison

The current volatility for Northern Limited Term Tax-Exempt Fund (NSITX) is 0.58%, while Northern High Yield Fixed Income Fund (NHFIX) has a volatility of 1.21%. This indicates that NSITX experiences smaller price fluctuations and is considered to be less risky than NHFIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NSITX	NHFIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.58%	1.21%	-0.63%
Volatility (6M) Calculated over the trailing 6-month period	1.16%	2.59%	-1.43%
Volatility (1Y) Calculated over the trailing 1-year period	1.42%	3.37%	-1.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.30%	5.10%	-2.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.27%	5.95%	-3.68%

NSITX vs. NHFIX - Expense Ratio Comparison

NSITX has a 0.45% expense ratio, which is lower than NHFIX's 0.60% expense ratio.

Dividends

NSITX vs. NHFIX - Dividend Comparison

NSITX's dividend yield for the trailing twelve months is around 2.44%, less than NHFIX's 7.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NHFIX Northern High Yield Fixed Income Fund	7.00%	6.87%	6.67%	6.57%	3.84%	4.92%	5.41%	6.35%	6.85%	6.66%	5.57%	6.19%
NSITX Northern Limited Term Tax-Exempt Fund	2.44%	2.51%	2.51%	1.56%	0.85%	1.61%	2.76%	2.44%	1.43%	1.35%	1.31%	1.23%

Frequently Asked Questions

Can I hold both NSITX and NHFIX in my portfolio?

NSITX and NHFIX have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NSITX or NHFIX?

NHFIX has higher volatility (1.21%) compared to NSITX (0.58%). In terms of maximum drawdown, NSITX dropped -7.08% vs NHFIX's -27.87%.

Which has better risk-adjusted returns?

NSITX currently has the higher Sharpe Ratio (2.57 vs 2.39), 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.