NSMVX vs. NSOIX

Last updated Jun 3, 2026

NSMVX (North Star Micro Cap Fund) and NSOIX (North Star Opportunity Fund) are both mutual funds - NSMVX is a Small Cap Blend Equities fund managed by North Star, while NSOIX is a Diversified Portfolio fund managed by North Star. Over the past 10 years, NSMVX returned 9.45%/yr vs 9.30%/yr for NSOIX. A 0.78 correlation means they provide meaningful diversification when combined. Both charge a 1.30% expense ratio.

Performance

NSMVX vs. NSOIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in North Star Micro Cap Fund (NSMVX) and North Star Opportunity Fund (NSOIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NSMVX achieves a 11.85% return, which is significantly higher than NSOIX's 9.26% return. Both investments have delivered pretty close results over the past 10 years, with NSMVX having a 9.45% annualized return and NSOIX not far behind at 9.30%.

NSMVX

• 1D: 0.47%
• 1M: 1.69%
• YTD: 11.85%
• 6M: 13.59%
• 1Y: 21.49%
• 3Y*: 13.34%
• 5Y*: 0.87%
• 10Y*: 9.45%

NSOIX

• 1D: -0.55%
• 1M: 3.67%
• YTD: 9.26%
• 6M: 10.95%
• 1Y: 29.36%
• 3Y*: 14.02%
• 5Y*: 5.17%
• 10Y*: 9.30%

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

NSMVX vs. NSOIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NSMVX North Star Micro Cap Fund	11.85%	-0.97%	15.30%	22.31%	-24.84%	14.12%	37.19%	19.52%	-13.50%	4.84%
NSOIX North Star Opportunity Fund	9.26%	12.60%	10.84%	13.65%	-23.08%	20.83%	17.57%	26.61%	-10.18%	11.91%

Correlation

The correlation between NSMVX and NSOIX is 0.73, 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	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Jun 3, 2013	0.78

The correlation between NSMVX and NSOIX has been stable across timeframes, ranging from 0.73 to 0.80 - a consistent structural relationship.

Return for Risk

NSMVX vs. NSOIX — Risk / Return Rank

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

NSMVX

NSMVX Risk / Return Rank: 16
NSMVX Sharpe Ratio Rank: 15
NSMVX Sortino Ratio Rank: 17
NSMVX Omega Ratio Rank: 15
NSMVX Calmar Ratio Rank: 17
NSMVX Martin Ratio Rank: 15

NSOIX

NSOIX Risk / Return Rank: 82
NSOIX Sharpe Ratio Rank: 87
NSOIX Sortino Ratio Rank: 84
NSOIX Omega Ratio Rank: 75
NSOIX Calmar Ratio Rank: 84
NSOIX Martin Ratio Rank: 80

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.

NSMVX vs. NSOIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for North Star Micro Cap Fund (NSMVX) and North Star Opportunity Fund (NSOIX). 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.

	NSMVX	NSOIX	Difference
Sharpe ratio Return per unit of total volatility	1.12	2.82	-1.71
Sortino ratio Return per unit of downside risk	1.77	3.97	-2.21
Omega ratio Gain probability vs. loss probability	1.20	1.49	-0.29
Calmar ratio Return relative to maximum drawdown	1.49	3.99	-2.50
Martin ratio Return relative to average drawdown	4.27	15.05	-10.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NSMVX vs. NSOIX - Sharpe Ratio Comparison

The current NSMVX Sharpe Ratio is 1.12, which is lower than the NSOIX Sharpe Ratio of 2.82. The chart below compares the historical Sharpe Ratios of NSMVX and NSOIX, 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

	NSMVX	NSOIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.12	2.82	-1.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.04	0.36	-0.31
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	0.60	-0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.63	-0.18

Drawdowns

NSMVX vs. NSOIX - Drawdown Comparison

The maximum NSMVX drawdown since its inception was -41.32%, which is greater than NSOIX's maximum drawdown of -33.29%. Use the drawdown chart below to compare losses from any high point for NSMVX and NSOIX.

Drawdown Indicators

	NSMVX	NSOIX	Difference
Max Drawdown Largest peak-to-trough decline	-41.32%	-33.29%	-8.03%
Max Drawdown (1Y) Largest decline over 1 year	-12.98%	-7.38%	-5.60%
Max Drawdown (3Y) Largest decline over 3 years	-22.82%	-18.24%	-4.58%
Max Drawdown (5Y) Largest decline over 5 years	-40.82%	-27.89%	-12.93%
Max Drawdown (10Y) Largest decline over 10 years	-41.32%	-33.29%	-8.03%
Current Drawdown Current decline from peak	-0.36%	-0.55%	+0.19%
Average Drawdown Average peak-to-trough decline	-10.44%	-6.52%	-3.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.54%	1.96%	+2.58%

Volatility

NSMVX vs. NSOIX - Volatility Comparison

North Star Micro Cap Fund (NSMVX) has a higher volatility of 5.08% compared to North Star Opportunity Fund (NSOIX) at 3.31%. This indicates that NSMVX's price experiences larger fluctuations and is considered to be riskier than NSOIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NSMVX	NSOIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.08%	3.31%	+1.77%
Volatility (6M) Calculated over the trailing 6-month period	11.83%	7.56%	+4.27%
Volatility (1Y) Calculated over the trailing 1-year period	18.06%	10.56%	+7.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.77%	14.55%	+5.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.12%	15.61%	+4.51%

NSMVX vs. NSOIX - Expense Ratio Comparison

Both NSMVX and NSOIX have an expense ratio of 1.30%.

Dividends

NSMVX vs. NSOIX - Dividend Comparison

NSMVX's dividend yield for the trailing twelve months is around 3.32%, less than NSOIX's 5.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NSMVX North Star Micro Cap Fund	3.32%	3.72%	2.98%	0.72%	0.26%	3.30%	0.01%	0.94%	7.51%	3.22%	3.34%	5.11%
NSOIX North Star Opportunity Fund	5.69%	6.13%	4.08%	2.66%	4.68%	2.38%	0.52%	1.36%	6.81%	1.62%	1.03%	2.53%

Frequently Asked Questions

Can I hold both NSMVX and NSOIX in my portfolio?

NSMVX and NSOIX have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NSMVX or NSOIX?

NSMVX has higher volatility (5.08%) compared to NSOIX (3.31%). In terms of maximum drawdown, NSMVX dropped -41.32% vs NSOIX's -33.29%.

Which has better risk-adjusted returns?

NSOIX currently has the higher Sharpe Ratio (2.82 vs 1.12), 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.