XSHQ vs. NSIDX

Last updated Jun 4, 2026

XSHQ (Invesco S&P SmallCap Quality ETF) and NSIDX (Northern Small Cap Index Fund) are both funds - XSHQ is a Small Cap Growth Equities fund tracking the S&P SmallCap 600 Quality Index, while NSIDX is a Small Cap Blend Equities fund managed by Northern Funds. Over the past 5 years, XSHQ returned 5.96%/yr vs 6.47%/yr for NSIDX. Their correlation of 0.86 suggests significant overlap in exposure. XSHQ charges 0.29%/yr vs 0.10%/yr for NSIDX.

Performance

XSHQ vs. NSIDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P SmallCap Quality ETF (XSHQ) and Northern Small Cap Index Fund (NSIDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XSHQ achieves a 9.09% return, which is significantly lower than NSIDX's 18.68% return.

XSHQ

• 1D: -0.48%
• 1M: 1.37%
• YTD: 9.09%
• 6M: 8.27%
• 1Y: 15.18%
• 3Y*: 11.81%
• 5Y*: 5.96%
• 10Y*: —

NSIDX

• 1D: 0.93%
• 1M: 4.97%
• YTD: 18.68%
• 6M: 17.43%
• 1Y: 41.27%
• 3Y*: 18.61%
• 5Y*: 6.47%
• 10Y*: 10.98%

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

XSHQ vs. NSIDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XSHQ Invesco S&P SmallCap Quality ETF	9.09%	0.89%	7.49%	23.88%	-15.01%	23.99%	11.81%	17.37%	-6.11%	7.18%
NSIDX Northern Small Cap Index Fund	18.68%	12.88%	11.45%	16.87%	-20.63%	14.38%	19.59%	25.22%	-11.33%	12.32%

Correlation

The correlation between XSHQ and NSIDX is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (All Time) Calculated using the full available price history since Aug 25, 2017	0.86

The correlation between XSHQ and NSIDX shifts across timeframes, from 0.75 (1 year) to 0.88 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

XSHQ vs. NSIDX — Risk / Return Rank

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

XSHQ

XSHQ Risk / Return Rank: 26
XSHQ Sharpe Ratio Rank: 24
XSHQ Sortino Ratio Rank: 26
XSHQ Omega Ratio Rank: 23
XSHQ Calmar Ratio Rank: 30
XSHQ Martin Ratio Rank: 28

NSIDX

NSIDX Risk / Return Rank: 65
NSIDX Sharpe Ratio Rank: 58
NSIDX Sortino Ratio Rank: 56
NSIDX Omega Ratio Rank: 49
NSIDX Calmar Ratio Rank: 85
NSIDX Martin Ratio Rank: 75

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.

XSHQ vs. NSIDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P SmallCap Quality ETF (XSHQ) and Northern Small Cap Index Fund (NSIDX). 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.

	XSHQ	NSIDX	Difference
Sharpe ratio: Return per unit of total volatility	0.88	2.25	-1.37
Sortino ratio: Return per unit of downside risk	1.42	3.15	-1.72
Omega ratio: Gain probability vs. loss probability	1.16	1.38	-0.22
Calmar ratio: Return relative to maximum drawdown	1.48	4.05	-2.56
Martin ratio: Return relative to average drawdown	4.06	14.27	-10.21
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XSHQ vs. NSIDX - Sharpe Ratio Comparison

The current XSHQ Sharpe Ratio is 0.88, which is lower than the NSIDX Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of XSHQ and NSIDX, 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

	XSHQ	NSIDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.88	2.25	-1.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	0.27	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.45	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.34	+0.03

Drawdowns

XSHQ vs. NSIDX - Drawdown Comparison

The maximum XSHQ drawdown since its inception was -38.33%, smaller than the maximum NSIDX drawdown of -59.02%. Use the drawdown chart below to compare losses from any high point for XSHQ and NSIDX.

Drawdown Indicators

	XSHQ	NSIDX	Difference
Max Drawdown Largest peak-to-trough decline	-38.33%	-59.02%	+20.69%
Max Drawdown (1Y) Largest decline over 1 year	-10.27%	-10.97%	+0.70%
Max Drawdown (3Y) Largest decline over 3 years	-27.34%	-27.71%	+0.37%
Max Drawdown (5Y) Largest decline over 5 years	-27.34%	-32.89%	+5.55%
Max Drawdown (10Y) Largest decline over 10 years	—	-42.09%	—
Current Drawdown Current decline from peak	-1.76%	-0.11%	-1.65%
Average Drawdown Average peak-to-trough decline	-9.35%	-12.06%	+2.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.75%	3.09%	+0.66%

Volatility

XSHQ vs. NSIDX - Volatility Comparison

The current volatility for Invesco S&P SmallCap Quality ETF (XSHQ) is 4.57%, while Northern Small Cap Index Fund (NSIDX) has a volatility of 5.61%. This indicates that XSHQ experiences smaller price fluctuations and is considered to be less risky than NSIDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XSHQ	NSIDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.57%	5.61%	-1.04%
Volatility (6M) Calculated over the trailing 6-month period	11.66%	13.67%	-2.01%
Volatility (1Y) Calculated over the trailing 1-year period	17.43%	19.77%	-2.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.23%	24.23%	-3.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.13%	24.26%	-1.13%

XSHQ vs. NSIDX - Expense Ratio Comparison

XSHQ has a 0.29% expense ratio, which is higher than NSIDX's 0.10% expense ratio.

Dividends

XSHQ vs. NSIDX - Dividend Comparison

XSHQ's dividend yield for the trailing twelve months is around 1.38%, more than NSIDX's 1.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NSIDX Northern Small Cap Index Fund	1.33%	1.57%	6.72%	2.01%	6.38%	12.15%	3.52%	1.78%	12.16%	6.55%	4.06%	6.68%
XSHQ Invesco S&P SmallCap Quality ETF	1.38%	1.48%	1.18%	1.15%	2.02%	1.25%	1.24%	1.11%	1.16%	0.60%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XSHQ and NSIDX in my portfolio?

XSHQ and NSIDX have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XSHQ or NSIDX?

NSIDX has higher volatility (5.61%) compared to XSHQ (4.57%). In terms of maximum drawdown, XSHQ dropped -38.33% vs NSIDX's -59.02%.

Which has better risk-adjusted returns?

NSIDX currently has the higher Sharpe Ratio (2.25 vs 0.88), 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.