NSOIX vs. BRUFX

Last updated Jul 11, 2026

NSOIX (North Star Opportunity Fund) and BRUFX (Bruce Fund) are both Diversified Portfolio funds. Over the past 10 years, NSOIX returned 9.17%/yr vs 7.50%/yr for BRUFX. A 0.62 correlation means they provide meaningful diversification when combined. NSOIX charges 1.30%/yr vs 0.68%/yr for BRUFX.

Performance

NSOIX vs. BRUFX - Performance Comparison

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

Returns By Period

In the year-to-date period, NSOIX achieves a 9.76% return, which is significantly lower than BRUFX's 15.04% return. Over the past 10 years, NSOIX has outperformed BRUFX with an annualized return of 9.17%, while BRUFX has yielded a comparatively lower 7.50% annualized return.

NSOIX

• 1D: 0.66%
• 1M: 0.81%
• 6M: 8.16%
• YTD: 9.76%
• 1Y: 23.35%
• 3Y*: 13.55%
• 5Y*: 5.01%
• 10Y*: 9.17%

BRUFX

• 1D: 0.12%
• 1M: 3.18%
• 6M: 12.05%
• YTD: 15.04%
• 1Y: 26.15%
• 3Y*: 12.59%
• 5Y*: 5.79%
• 10Y*: 7.50%

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

NSOIX vs. BRUFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NSOIX North Star Opportunity Fund	9.76%	12.60%	10.84%	13.65%	-23.08%	20.83%	17.57%	26.61%	-10.18%	11.91%
BRUFX Bruce Fund	15.04%	14.89%	4.45%	-0.74%	-8.80%	17.35%	12.06%	22.42%	-3.99%	12.48%

Correlation

The correlation between NSOIX and BRUFX is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (10Y) Calculated over the trailing 10-year period	0.62
Correlation (All Time) Calculated using the full available price history since Dec 19, 2011	0.62

The correlation between NSOIX and BRUFX shifts across timeframes, from 0.47 (1 year) to 0.64 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

NSOIX vs. BRUFX — Risk / Return Rank

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

NSOIX

NSOIX Risk / Return Rank: 84
NSOIX Sharpe Ratio Rank: 86
NSOIX Sortino Ratio Rank: 84
NSOIX Omega Ratio Rank: 78
NSOIX Calmar Ratio Rank: 86
NSOIX Martin Ratio Rank: 85

BRUFX

BRUFX Risk / Return Rank: 88
BRUFX Sharpe Ratio Rank: 90
BRUFX Sortino Ratio Rank: 87
BRUFX Omega Ratio Rank: 83
BRUFX Calmar Ratio Rank: 88
BRUFX Martin Ratio Rank: 93

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.

NSOIX vs. BRUFX - Risk-Adjusted Trends Comparison

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

	NSOIX	BRUFX	Difference
Sharpe ratio: Return per unit of total volatility	2.27	2.45	-0.18
Sortino ratio: Return per unit of downside risk	3.22	3.49	-0.27
Omega ratio: Gain probability vs. loss probability	1.39	1.43	-0.04
Calmar ratio: Return relative to maximum drawdown	3.30	3.44	-0.14
Martin ratio: Return relative to average drawdown	12.22	15.21	-2.98

NSOIX vs. BRUFX - Sharpe Ratio Comparison

The current NSOIX Sharpe Ratio is 2.27, which is comparable to the BRUFX Sharpe Ratio of 2.45. The chart below compares the historical Sharpe Ratios of NSOIX and BRUFX, 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

NSOIX vs. BRUFX - Drawdown Comparison

The maximum NSOIX drawdown since its inception was -33.29%, smaller than the maximum BRUFX drawdown of -44.50%. Use the drawdown chart below to compare losses from any high point for NSOIX and BRUFX.

Drawdown Indicators

	NSOIX	BRUFX	Difference
Max Drawdown Largest peak-to-trough decline	-33.29%	-44.50%	+11.21%
Max Drawdown (1Y) Largest decline over 1 year	-7.38%	-7.67%	+0.29%
Max Drawdown (3Y) Largest decline over 3 years	-18.24%	-9.66%	-8.58%
Max Drawdown (5Y) Largest decline over 5 years	-27.89%	-17.91%	-9.98%
Max Drawdown (10Y) Largest decline over 10 years	-33.29%	-25.44%	-7.85%
Current Drawdown Current decline from peak	-0.25%	-1.10%	+0.85%
Average Drawdown Average peak-to-trough decline	-6.47%	-9.05%	+2.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.99%	1.73%	+0.26%

Volatility

NSOIX vs. BRUFX - Volatility Comparison

The current volatility for North Star Opportunity Fund (NSOIX) is 2.72%, while Bruce Fund (BRUFX) has a volatility of 3.21%. This indicates that NSOIX experiences smaller price fluctuations and is considered to be less risky than BRUFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NSOIX	BRUFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.72%	3.21%	-0.49%
Volatility (6M) Calculated over the trailing 6-month period	8.04%	8.43%	-0.39%
Volatility (1Y) Calculated over the trailing 1-year period	10.74%	10.79%	-0.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.60%	10.57%	+4.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.53%	11.64%	+3.89%

NSOIX vs. BRUFX - Expense Ratio Comparison

NSOIX has a 1.30% expense ratio, which is higher than BRUFX's 0.68% expense ratio.

Dividends

NSOIX vs. BRUFX - Dividend Comparison

NSOIX's dividend yield for the trailing twelve months is around 5.66%, more than BRUFX's 5.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BRUFX Bruce Fund	5.52%	6.35%	5.01%	6.46%	13.31%	9.25%	5.83%	2.03%	2.49%	4.11%	6.26%	4.63%
NSOIX North Star Opportunity Fund	5.66%	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 NSOIX and BRUFX in my portfolio?

NSOIX and BRUFX have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NSOIX or BRUFX?

BRUFX has higher volatility (3.21%) compared to NSOIX (2.72%). In terms of maximum drawdown, NSOIX dropped -33.29% vs BRUFX's -44.50%.

Which has better risk-adjusted returns?

BRUFX currently has the higher Sharpe Ratio (2.45 vs 2.27), 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.