NUSFX vs. NTAUX

Last updated Aug 4, 2026

NUSFX (Northern Ultra-Short Fixed Income Fund) and NTAUX (Northern Tax-Advantaged U-S Fixed Income) are both Ultrashort Bond funds from Northern Trust. Over the past 10 years, NUSFX returned 2.33%/yr vs 1.55%/yr for NTAUX. Their 0.40 correlation means their historical movements had little consistent relationship. NUSFX charges 0.28%/yr vs 0.25%/yr for NTAUX.

Performance

NUSFX vs. NTAUX - Performance Comparison

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

Returns By Period

In the year-to-date period, NUSFX achieves a 1.47% return, which is significantly higher than NTAUX's 0.89% return. Over the past 10 years, NUSFX has outperformed NTAUX with an annualized return of 2.33%, while NTAUX has yielded a comparatively lower 1.55% annualized return.

NUSFX

• 1D: 0.00%
• 1M: 0.33%
• 6M: 1.01%
• YTD: 1.47%
• 1Y: 3.57%
• 3Y*: 4.31%
• 5Y*: 2.80%
• 10Y*: 2.33%
• ALL TIME*: 1.90%

NTAUX

• 1D: -0.10%
• 1M: -0.07%
• 6M: 0.28%
• YTD: 0.89%
• 1Y: 2.01%
• 3Y*: 2.92%
• 5Y*: 1.83%
• 10Y*: 1.55%
• ALL TIME*: 1.32%

*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)
NTAUX Northern Tax-Advantaged U-S Fixed Income	$0.00	$0.00	$0.00
NUSFX Northern Ultra-Short Fixed Income Fund	$0.00	$0.00	$0.00

NUSFX vs. NTAUX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NUSFX Northern Ultra-Short Fixed Income Fund	1.47%	4.27%	5.22%	5.21%	-1.59%	-0.17%	2.34%	3.68%	1.51%	1.53%
NTAUX Northern Tax-Advantaged U-S Fixed Income	0.89%	2.60%	3.52%	4.06%	-1.59%	-0.03%	1.49%	2.52%	1.39%	0.83%

Correlation

The correlation between NUSFX and NTAUX is 0.40, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.40
Correlation (3Y) Balances recent behavior with more history.	0.43
Correlation (5Y) Shows whether the relationship held over a longer period.	0.42
Correlation (10Y) Provides a long-term view across more market conditions.	0.41
Correlation (All Time) Calculated using the full available price history since Jun 25, 2009	0.40

Return for Risk

NUSFX vs. NTAUX — Risk / Return Rank

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

NUSFX

NUSFX Risk / Return Rank: 99
NUSFX Sharpe Ratio Rank: 97
NUSFX Sortino Ratio Rank: 99
NUSFX Omega Ratio Rank: 99
NUSFX Calmar Ratio Rank: 99
NUSFX Martin Ratio Rank: 99

NTAUX

NTAUX Risk / Return Rank: 86
NTAUX Sharpe Ratio Rank: 79
NTAUX Sortino Ratio Rank: 95
NTAUX Omega Ratio Rank: 98
NTAUX Calmar Ratio Rank: 84
NTAUX Martin Ratio Rank: 73

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.

NUSFX vs. NTAUX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Ultra-Short Fixed Income Fund (NUSFX) and Northern Tax-Advantaged U-S Fixed Income (NTAUX). 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.

	NUSFX	NTAUX	Difference
Sharpe ratio: Return per unit of total volatility	2.81	1.93	+0.88
Sortino ratio: Return per unit of downside risk	8.60	3.89	+4.72
Omega ratio: Gain probability vs. loss probability	3.02	1.78	+1.23
Calmar ratio: Return relative to maximum drawdown	9.33	3.00	+6.33
Martin ratio: Return relative to average drawdown	33.09	9.55	+23.54

NUSFX vs. NTAUX - Sharpe Ratio Comparison

The current NUSFX Sharpe Ratio is 2.81, which is higher than the NTAUX Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of NUSFX and NTAUX, 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

NUSFX vs. NTAUX - Drawdown Comparison

The maximum NUSFX drawdown since its inception was -3.88%, which is greater than NTAUX's maximum drawdown of -2.95%. Use the drawdown chart below to compare losses from any high point for NUSFX and NTAUX.

Drawdown Indicators

	NUSFX	NTAUX	Difference
Max Drawdown Largest peak-to-trough decline	-3.88%	-2.95%	-0.93%
Max Drawdown (1Y) Largest decline over 1 year	-0.39%	-0.68%	+0.29%
Max Drawdown (3Y) Largest decline over 3 years	-0.87%	-0.88%	+0.01%
Max Drawdown (5Y) Largest decline over 5 years	-3.35%	-2.94%	-0.41%
Max Drawdown (10Y) Largest decline over 10 years	-3.88%	-2.95%	-0.93%
Current Drawdown Current decline from peak	0.00%	-0.16%	+0.16%
Average Drawdown Average peak-to-trough decline	-0.24%	-0.20%	-0.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.11%	0.21%	-0.10%

Volatility

NUSFX vs. NTAUX - Volatility Comparison

The current volatility for Northern Ultra-Short Fixed Income Fund (NUSFX) is 0.25%, while Northern Tax-Advantaged U-S Fixed Income (NTAUX) has a volatility of 0.28%. This indicates that NUSFX experiences smaller price fluctuations and is considered to be less risky than NTAUX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NUSFX	NTAUX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.25%	0.28%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	0.85%	0.75%	+0.10%
Volatility (1Y) Calculated over the trailing 1-year period	1.28%	1.06%	+0.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.33%	1.09%	+0.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.22%	0.97%	+0.25%

NUSFX vs. NTAUX - Expense Ratio Comparison

NUSFX has a 0.28% expense ratio, which is higher than NTAUX's 0.25% expense ratio.

Dividends

NUSFX vs. NTAUX - Dividend Comparison

NUSFX's dividend yield for the trailing twelve months is around 3.70%, more than NTAUX's 2.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NTAUX Northern Tax-Advantaged U-S Fixed Income	2.49%	2.27%	3.15%	1.96%	0.68%	0.46%	1.09%	1.69%	1.38%	0.93%	0.81%	0.61%
NUSFX Northern Ultra-Short Fixed Income Fund	3.70%	3.78%	4.09%	2.86%	0.97%	0.71%	1.52%	2.42%	2.09%	1.42%	1.07%	0.85%

Frequently Asked Questions

Can I hold both NUSFX and NTAUX in my portfolio?

NUSFX and NTAUX have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NUSFX or NTAUX?

NTAUX has higher volatility (0.28%) compared to NUSFX (0.25%). In terms of maximum drawdown, NUSFX dropped -3.88% vs NTAUX's -2.95%.

Which has better risk-adjusted returns?

NUSFX currently has the higher Sharpe Ratio (2.81 vs 1.93), 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.