NTAUX vs. NGREX

Last updated Jun 5, 2026

NTAUX (Northern Tax-Advantaged U-S Fixed Income) and NGREX (Northern Global Real Estate Index Fund) are both mutual funds - NTAUX is a Ultrashort Bond fund managed by Northern Funds, while NGREX is a REIT fund managed by Northern Funds. Over the past 10 years, NTAUX returned 1.59%/yr vs 3.85%/yr for NGREX. At a 0.07 correlation, their price movements are largely independent. NTAUX charges 0.25%/yr vs 0.47%/yr for NGREX.

Performance

NTAUX vs. NGREX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern Tax-Advantaged U-S Fixed Income (NTAUX) and Northern Global Real Estate Index Fund (NGREX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NTAUX achieves a 0.95% return, which is significantly lower than NGREX's 6.32% return. Over the past 10 years, NTAUX has underperformed NGREX with an annualized return of 1.59%, while NGREX has yielded a comparatively higher 3.85% annualized return.

NTAUX

• 1D: 0.00%
• 1M: 0.36%
• YTD: 0.95%
• 6M: 1.15%
• 1Y: 2.92%
• 3Y*: 3.19%
• 5Y*: 1.85%
• 10Y*: 1.59%

NGREX

• 1D: -0.46%
• 1M: -2.54%
• YTD: 6.32%
• 6M: 6.48%
• 1Y: 11.82%
• 3Y*: 9.74%
• 5Y*: 1.31%
• 10Y*: 3.85%

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

NTAUX vs. NGREX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NTAUX Northern Tax-Advantaged U-S Fixed Income	0.95%	2.60%	3.52%	4.06%	-1.59%	-0.03%	1.49%	2.52%	1.39%	0.83%
NGREX Northern Global Real Estate Index Fund	6.32%	10.42%	2.63%	9.98%	-24.31%	22.71%	-8.35%	23.17%	-6.70%	14.36%

Correlation

The correlation between NTAUX and NGREX is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.18
Correlation (5Y) Calculated over the trailing 5-year period	0.16
Correlation (10Y) Calculated over the trailing 10-year period	0.11
Correlation (All Time) Calculated using the full available price history since Jun 26, 2009	0.07

The correlation between NTAUX and NGREX shifts across timeframes, from 0.07 (all time) to 0.24 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

NTAUX vs. NGREX — Risk / Return Rank

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

NTAUX

NTAUX Risk / Return Rank: 89
NTAUX Sharpe Ratio Rank: 83
NTAUX Sortino Ratio Rank: 97
NTAUX Omega Ratio Rank: 98
NTAUX Calmar Ratio Rank: 89
NTAUX Martin Ratio Rank: 76

NGREX

NGREX Risk / Return Rank: 14
NGREX Sharpe Ratio Rank: 12
NGREX Sortino Ratio Rank: 12
NGREX Omega Ratio Rank: 14
NGREX Calmar Ratio Rank: 14
NGREX Martin Ratio Rank: 17

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.

NTAUX vs. NGREX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Tax-Advantaged U-S Fixed Income (NTAUX) and Northern Global Real Estate Index Fund (NGREX). 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.

	NTAUX	NGREX	Difference
Sharpe ratio: Return per unit of total volatility	2.69	0.90	+1.80
Sortino ratio: Return per unit of downside risk	5.95	1.34	+4.61
Omega ratio: Gain probability vs. loss probability	2.28	1.19	+1.10
Calmar ratio: Return relative to maximum drawdown	4.36	1.18	+3.18
Martin ratio: Return relative to average drawdown	14.09	4.40	+9.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NTAUX vs. NGREX - Sharpe Ratio Comparison

The current NTAUX Sharpe Ratio is 2.69, which is higher than the NGREX Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of NTAUX and NGREX, 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

	NTAUX	NGREX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.69	0.90	+1.80
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.73	0.08	+1.64
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.64	0.23	+1.42
Sharpe Ratio (All Time) Calculated using the full available price history	1.60	0.16	+1.44

Drawdowns

NTAUX vs. NGREX - Drawdown Comparison

The maximum NTAUX drawdown since its inception was -2.95%, smaller than the maximum NGREX drawdown of -72.37%. Use the drawdown chart below to compare losses from any high point for NTAUX and NGREX.

Drawdown Indicators

	NTAUX	NGREX	Difference
Max Drawdown Largest peak-to-trough decline	-2.95%	-72.37%	+69.42%
Max Drawdown (1Y) Largest decline over 1 year	-0.68%	-10.33%	+9.65%
Max Drawdown (3Y) Largest decline over 3 years	-0.88%	-17.07%	+16.19%
Max Drawdown (5Y) Largest decline over 5 years	-2.95%	-32.14%	+29.19%
Max Drawdown (10Y) Largest decline over 10 years	-2.95%	-41.06%	+38.11%
Current Drawdown Current decline from peak	0.00%	-4.19%	+4.19%
Average Drawdown Average peak-to-trough decline	-0.20%	-15.90%	+15.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.21%	2.74%	-2.53%

Volatility

NTAUX vs. NGREX - Volatility Comparison

The current volatility for Northern Tax-Advantaged U-S Fixed Income (NTAUX) is 0.41%, while Northern Global Real Estate Index Fund (NGREX) has a volatility of 3.66%. This indicates that NTAUX experiences smaller price fluctuations and is considered to be less risky than NGREX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NTAUX	NGREX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.41%	3.66%	-3.25%
Volatility (6M) Calculated over the trailing 6-month period	0.82%	11.28%	-10.46%
Volatility (1Y) Calculated over the trailing 1-year period	1.11%	13.63%	-12.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.08%	15.99%	-14.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.97%	17.11%	-16.14%

NTAUX vs. NGREX - Expense Ratio Comparison

NTAUX has a 0.25% expense ratio, which is lower than NGREX's 0.47% expense ratio.

Dividends

NTAUX vs. NGREX - Dividend Comparison

NTAUX's dividend yield for the trailing twelve months is around 2.78%, less than NGREX's 3.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NGREX Northern Global Real Estate Index Fund	3.54%	3.92%	3.71%	2.40%	1.85%	3.11%	2.09%	4.49%	3.91%	2.59%	4.36%	2.49%
NTAUX Northern Tax-Advantaged U-S Fixed Income	2.78%	2.27%	3.15%	1.96%	0.68%	0.46%	1.09%	1.69%	1.38%	0.93%	0.81%	0.61%

Frequently Asked Questions

Can I hold both NTAUX and NGREX in my portfolio?

NTAUX and NGREX have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NTAUX or NGREX?

NGREX has higher volatility (3.66%) compared to NTAUX (0.41%). In terms of maximum drawdown, NTAUX dropped -2.95% vs NGREX's -72.37%.

Which has better risk-adjusted returns?

NTAUX currently has the higher Sharpe Ratio (2.69 vs 0.90), 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.