WAVLX vs. NSBDX

Last updated Jun 4, 2026

WAVLX (Wavelength Interest Rate Neutral Fund) and NSBDX (North Star Bond Fund) are both Nontraditional Bonds funds. Over the past 10 years, WAVLX returned 4.23%/yr vs 2.35%/yr for NSBDX. At a 0.49 correlation, their price movements are largely independent. WAVLX charges 0.99%/yr vs 1.63%/yr for NSBDX.

Performance

WAVLX vs. NSBDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Wavelength Interest Rate Neutral Fund (WAVLX) and North Star Bond Fund (NSBDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WAVLX achieves a 3.43% return, which is significantly higher than NSBDX's 1.11% return. Over the past 10 years, WAVLX has outperformed NSBDX with an annualized return of 4.23%, while NSBDX has yielded a comparatively lower 2.35% annualized return.

WAVLX

• 1D: 0.10%
• 1M: 1.10%
• YTD: 3.43%
• 6M: 3.57%
• 1Y: 10.85%
• 3Y*: 7.86%
• 5Y*: 2.88%
• 10Y*: 4.23%

NSBDX

• 1D: 0.11%
• 1M: 0.14%
• YTD: 1.11%
• 6M: 1.27%
• 1Y: 3.96%
• 3Y*: 4.56%
• 5Y*: 1.73%
• 10Y*: 2.35%

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

WAVLX vs. NSBDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
WAVLX Wavelength Interest Rate Neutral Fund	3.43%	9.86%	5.21%	7.02%	-11.34%	1.72%	8.29%	13.07%	-1.46%	5.59%
NSBDX North Star Bond Fund	1.11%	3.67%	5.17%	6.07%	-7.23%	2.84%	0.71%	9.36%	-3.50%	3.03%

Correlation

The correlation between WAVLX and NSBDX is 0.56, 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	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (10Y) Calculated over the trailing 10-year period	0.51
Correlation (All Time) Calculated using the full available price history since Dec 23, 2014	0.49

The correlation between WAVLX and NSBDX shifts across timeframes, from 0.49 (all time) to 0.60 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

WAVLX vs. NSBDX — Risk / Return Rank

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

WAVLX

WAVLX Risk / Return Rank: 80
WAVLX Sharpe Ratio Rank: 79
WAVLX Sortino Ratio Rank: 81
WAVLX Omega Ratio Rank: 79
WAVLX Calmar Ratio Rank: 80
WAVLX Martin Ratio Rank: 84

NSBDX

NSBDX Risk / Return Rank: 42
NSBDX Sharpe Ratio Rank: 45
NSBDX Sortino Ratio Rank: 49
NSBDX Omega Ratio Rank: 57
NSBDX Calmar Ratio Rank: 25
NSBDX Martin Ratio Rank: 35

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.

WAVLX vs. NSBDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Wavelength Interest Rate Neutral Fund (WAVLX) and North Star Bond Fund (NSBDX). 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.

	WAVLX	NSBDX	Difference
Sharpe ratio: Return per unit of total volatility	2.61	1.98	+0.63
Sortino ratio: Return per unit of downside risk	3.85	2.94	+0.91
Omega ratio: Gain probability vs. loss probability	1.52	1.42	+0.10
Calmar ratio: Return relative to maximum drawdown	3.64	1.87	+1.77
Martin ratio: Return relative to average drawdown	15.83	7.84	+7.99
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WAVLX vs. NSBDX - Sharpe Ratio Comparison

The current WAVLX Sharpe Ratio is 2.61, which is higher than the NSBDX Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of WAVLX and NSBDX, 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

	WAVLX	NSBDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.61	1.98	+0.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	0.65	-0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.80	0.60	+0.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	0.59	+0.06

Drawdowns

WAVLX vs. NSBDX - Drawdown Comparison

The maximum WAVLX drawdown since its inception was -14.39%, smaller than the maximum NSBDX drawdown of -18.75%. Use the drawdown chart below to compare losses from any high point for WAVLX and NSBDX.

Drawdown Indicators

	WAVLX	NSBDX	Difference
Max Drawdown Largest peak-to-trough decline	-14.39%	-18.75%	+4.36%
Max Drawdown (1Y) Largest decline over 1 year	-3.03%	-2.12%	-0.91%
Max Drawdown (3Y) Largest decline over 3 years	-5.33%	-2.17%	-3.16%
Max Drawdown (5Y) Largest decline over 5 years	-14.39%	-8.88%	-5.51%
Max Drawdown (10Y) Largest decline over 10 years	-14.39%	-18.75%	+4.36%
Current Drawdown Current decline from peak	0.00%	-0.41%	+0.41%
Average Drawdown Average peak-to-trough decline	-2.98%	-1.75%	-1.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.69%	0.51%	+0.18%

Volatility

WAVLX vs. NSBDX - Volatility Comparison

Wavelength Interest Rate Neutral Fund (WAVLX) has a higher volatility of 1.41% compared to North Star Bond Fund (NSBDX) at 0.77%. This indicates that WAVLX's price experiences larger fluctuations and is considered to be riskier than NSBDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WAVLX	NSBDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.41%	0.77%	+0.64%
Volatility (6M) Calculated over the trailing 6-month period	3.17%	1.59%	+1.58%
Volatility (1Y) Calculated over the trailing 1-year period	4.23%	2.01%	+2.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.58%	2.69%	+2.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.30%	3.91%	+1.39%

WAVLX vs. NSBDX - Expense Ratio Comparison

WAVLX has a 0.99% expense ratio, which is lower than NSBDX's 1.63% expense ratio.

Dividends

WAVLX vs. NSBDX - Dividend Comparison

WAVLX's dividend yield for the trailing twelve months is around 4.32%, more than NSBDX's 4.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NSBDX North Star Bond Fund	4.14%	3.72%	4.48%	3.45%	2.49%	2.72%	3.23%	3.34%	3.50%	3.61%	2.98%	2.86%
WAVLX Wavelength Interest Rate Neutral Fund	4.32%	3.67%	4.41%	4.83%	3.63%	2.83%	2.21%	4.96%	2.65%	2.09%	2.13%	2.18%

Frequently Asked Questions

Can I hold both WAVLX and NSBDX in my portfolio?

WAVLX and NSBDX have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WAVLX or NSBDX?

WAVLX has higher volatility (1.41%) compared to NSBDX (0.77%). In terms of maximum drawdown, WAVLX dropped -14.39% vs NSBDX's -18.75%.

Which has better risk-adjusted returns?

WAVLX currently has the higher Sharpe Ratio (2.61 vs 1.98), 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.