OUSM vs. NOIEX

Last updated Apr 1, 2026

Compare and contrast key facts about OShares U.S. Small-Cap Quality Dividend ETF (OUSM) and Northern Income Equity Fund (NOIEX).

OUSM is a passively managed fund by O'Shares Investments that tracks the performance of the O'Shares US Small-Cap Quality Dividend Index. It was launched on Dec 30, 2016. NOIEX is managed by Northern Funds. It was launched on Mar 31, 1994.

Performance

OUSM vs. NOIEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in OShares U.S. Small-Cap Quality Dividend ETF (OUSM) and Northern Income Equity Fund (NOIEX). The values are adjusted to include any dividend payments, if applicable.

OUSM vs. NOIEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
OUSM OShares U.S. Small-Cap Quality Dividend ETF	0.48%	2.17%	13.45%	18.82%	-7.89%	21.45%	7.64%	28.04%	-10.60%	10.85%
NOIEX Northern Income Equity Fund	-4.59%	18.81%	24.28%	19.56%	-13.34%	27.96%	11.03%	27.04%	-6.62%	20.22%

Returns By Period

In the year-to-date period, OUSM achieves a 0.48% return, which is significantly higher than NOIEX's -4.59% return.

OUSM

• 1D: 1.77%
• 1M: -5.83%
• YTD: 0.48%
• 6M: -1.18%
• 1Y: 6.34%
• 3Y*: 9.43%
• 5Y*: 6.87%
• 10Y*: —

NOIEX

• 1D: -0.29%
• 1M: -7.32%
• YTD: -4.59%
• 6M: -1.82%
• 1Y: 16.41%
• 3Y*: 17.35%
• 5Y*: 11.80%
• 10Y*: 12.25%

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

OUSM vs. NOIEX - Expense Ratio Comparison

OUSM has a 0.48% expense ratio, which is lower than NOIEX's 0.49% expense ratio.

NOIEX

Northern Income Equity Fund

OUSM

OShares U.S. Small-Cap Quality Dividend ETF

Return for Risk

OUSM vs. NOIEX — Risk / Return Rank

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

OUSM

OUSM Risk / Return Rank: 24
OUSM Sharpe Ratio Rank: 24
OUSM Sortino Ratio Rank: 25
OUSM Omega Ratio Rank: 23
OUSM Calmar Ratio Rank: 26
OUSM Martin Ratio Rank: 25

NOIEX

NOIEX Risk / Return Rank: 50
NOIEX Sharpe Ratio Rank: 48
NOIEX Sortino Ratio Rank: 55
NOIEX Omega Ratio Rank: 59
NOIEX Calmar Ratio Rank: 41
NOIEX Martin Ratio Rank: 50

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.

OUSM vs. NOIEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for OShares U.S. Small-Cap Quality Dividend ETF (OUSM) and Northern Income Equity Fund (NOIEX). 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.

	OUSM	NOIEX	Difference
Sharpe ratio Return per unit of total volatility	0.38	0.92	-0.54
Sortino ratio Return per unit of downside risk	0.68	1.45	-0.77
Omega ratio Gain probability vs. loss probability	1.08	1.22	-0.14
Calmar ratio Return relative to maximum drawdown	0.57	1.05	-0.48
Martin ratio Return relative to average drawdown	1.89	4.85	-2.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OUSM vs. NOIEX - Sharpe Ratio Comparison

The current OUSM Sharpe Ratio is 0.38, which is lower than the NOIEX Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of OUSM and NOIEX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	OUSM	NOIEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.38	0.92	-0.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.42	0.73	-0.30
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.69	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.65	-0.21

Correlation

The correlation between OUSM and NOIEX is 0.82, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

OUSM vs. NOIEX - Dividend Comparison

OUSM's dividend yield for the trailing twelve months is around 2.14%, less than NOIEX's 8.37% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
OUSM OShares U.S. Small-Cap Quality Dividend ETF	2.14%	2.09%	1.62%	1.64%	1.98%	1.55%	2.02%	1.99%	2.63%	2.17%	0.00%	0.00%
NOIEX Northern Income Equity Fund	8.37%	7.92%	6.11%	7.03%	5.44%	14.26%	7.67%	8.58%	15.73%	7.56%	3.02%	5.57%

Drawdowns

OUSM vs. NOIEX - Drawdown Comparison

The maximum OUSM drawdown since its inception was -39.84%, smaller than the maximum NOIEX drawdown of -45.66%. Use the drawdown chart below to compare losses from any high point for OUSM and NOIEX.

Drawdown Indicators

	OUSM	NOIEX	Difference
Max Drawdown Largest peak-to-trough decline	-39.84%	-45.66%	+5.82%
Max Drawdown (1Y) Largest decline over 1 year	-11.68%	-12.41%	+0.73%
Max Drawdown (5Y) Largest decline over 5 years	-19.44%	-21.89%	+2.45%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.31%	—
Current Drawdown Current decline from peak	-7.49%	-8.39%	+0.90%
Average Drawdown Average peak-to-trough decline	-5.27%	-5.01%	-0.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.52%	2.89%	+0.63%

Volatility

OUSM vs. NOIEX - Volatility Comparison

OShares U.S. Small-Cap Quality Dividend ETF (OUSM) has a higher volatility of 4.29% compared to Northern Income Equity Fund (NOIEX) at 4.02%. This indicates that OUSM's price experiences larger fluctuations and is considered to be riskier than NOIEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OUSM	NOIEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.29%	4.02%	+0.27%
Volatility (6M) Calculated over the trailing 6-month period	9.31%	9.01%	+0.30%
Volatility (1Y) Calculated over the trailing 1-year period	16.95%	19.09%	-2.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.30%	16.32%	-0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.04%	17.92%	+1.12%