NSITX vs. NSIDX

Last updated Aug 1, 2026

NSITX (Northern Limited Term Tax-Exempt Fund) and NSIDX (Northern Small Cap Index Fund) are both mutual funds - NSITX is a Municipal Bonds fund managed by Northern Trust, while NSIDX is a Small Cap Blend Equities fund managed by Northern Trust. Over the past 10 years, NSITX returned 1.33%/yr vs 10.52%/yr for NSIDX. Their -0.05 correlation means they have often moved in opposite directions in the past. NSITX charges 0.45%/yr vs 0.10%/yr for NSIDX.

Performance

NSITX vs. NSIDX - Performance Comparison

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

Returns By Period

In the year-to-date period, NSITX achieves a 0.26% return, which is significantly lower than NSIDX's 19.46% return. Over the past 10 years, NSITX has underperformed NSIDX with an annualized return of 1.33%, while NSIDX has yielded a comparatively higher 10.52% annualized return.

NSITX

• 1D: 0.00%
• 1M: -0.48%
• 6M: -0.51%
• YTD: 0.26%
• 1Y: 2.03%
• 3Y*: 2.78%
• 5Y*: 0.98%
• 10Y*: 1.33%
• ALL TIME*: 1.79%

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%

*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)
NSIDX Northern Small Cap Index Fund	$0.00	$0.00	$0.00
NSITX Northern Limited Term Tax-Exempt Fund	$0.00	$0.00	$0.00

NSITX vs. NSIDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NSITX Northern Limited Term Tax-Exempt Fund	0.26%	4.01%	2.34%	2.73%	-3.74%	-0.23%	3.48%	4.08%	1.45%	1.25%
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%

Correlation

The correlation between NSITX and NSIDX is 0.18, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.18
Correlation (3Y) Balances recent behavior with more history.	0.17
Correlation (5Y) Shows whether the relationship held over a longer period.	0.12
Correlation (10Y) Provides a long-term view across more market conditions.	0.04
Correlation (All Time) Calculated using the full available price history since Aug 28, 2007	-0.05

The correlation between NSITX and NSIDX shifts across timeframes, from -0.05 (all time) to 0.18 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

NSITX vs. NSIDX — Risk / Return Rank

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

NSITX

NSITX Risk / Return Rank: 55
NSITX Sharpe Ratio Rank: 60
NSITX Sortino Ratio Rank: 71
NSITX Omega Ratio Rank: 88
NSITX Calmar Ratio Rank: 31
NSITX Martin Ratio Rank: 23

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

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.

NSITX vs. NSIDX - Risk-Adjusted Trends Comparison

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

	NSITX	NSIDX	Difference
Sharpe ratio: Return per unit of total volatility	1.56	1.67	-0.11
Sortino ratio: Return per unit of downside risk	2.50	2.45	+0.05
Omega ratio: Gain probability vs. loss probability	1.46	1.29	+0.17
Calmar ratio: Return relative to maximum drawdown	1.46	3.05	-1.59
Martin ratio: Return relative to average drawdown	3.41	10.75	-7.33

NSITX vs. NSIDX - Sharpe Ratio Comparison

The current NSITX Sharpe Ratio is 1.56, which is comparable to the NSIDX Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of NSITX and NSIDX, 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

NSITX vs. NSIDX - Drawdown Comparison

The maximum NSITX drawdown since its inception was -7.08%, smaller than the maximum NSIDX drawdown of -59.02%. Use the drawdown chart below to compare losses from any high point for NSITX and NSIDX.

Drawdown Indicators

	NSITX	NSIDX	Difference
Max Drawdown Largest peak-to-trough decline	-7.08%	-59.02%	+51.94%
Max Drawdown (1Y) Largest decline over 1 year	-1.48%	-10.97%	+9.49%
Max Drawdown (3Y) Largest decline over 3 years	-2.29%	-27.71%	+25.42%
Max Drawdown (5Y) Largest decline over 5 years	-6.44%	-32.89%	+26.45%
Max Drawdown (10Y) Largest decline over 10 years	-7.08%	-42.09%	+35.01%
Current Drawdown Current decline from peak	-1.10%	-2.53%	+1.43%
Average Drawdown Average peak-to-trough decline	-0.82%	-12.00%	+11.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.63%	3.11%	-2.48%

Volatility

NSITX vs. NSIDX - Volatility Comparison

The current volatility for Northern Limited Term Tax-Exempt Fund (NSITX) is 0.32%, while Northern Small Cap Index Fund (NSIDX) has a volatility of 3.79%. This indicates that NSITX experiences smaller price fluctuations and is considered to be less risky than NSIDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NSITX	NSIDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.32%	3.79%	-3.47%
Volatility (6M) Calculated over the trailing 6-month period	1.12%	14.14%	-13.02%
Volatility (1Y) Calculated over the trailing 1-year period	1.38%	20.05%	-18.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.30%	24.20%	-21.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.27%	24.23%	-21.96%

NSITX vs. NSIDX - Expense Ratio Comparison

NSITX has a 0.45% expense ratio, which is higher than NSIDX's 0.10% expense ratio.

Dividends

NSITX vs. NSIDX - Dividend Comparison

NSITX's dividend yield for the trailing twelve months is around 2.22%, more than NSIDX's 1.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
NSITX Northern Limited Term Tax-Exempt Fund	2.22%	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 NSIDX in my portfolio?

NSITX and NSIDX have a correlation of 0.18, 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 NSIDX?

NSIDX has higher volatility (3.79%) compared to NSITX (0.32%). In terms of maximum drawdown, NSITX dropped -7.08% vs NSIDX's -59.02%.

Which has better risk-adjusted returns?

NSIDX currently has the higher Sharpe Ratio (1.67 vs 1.56), 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.