- ISIN
- US6651622028
- CUSIP
- 665162202
- Issuer
- Northern Funds
- Inception Date
- Mar 31, 1994
- Category
- Large Cap Value Equities
- Min. Investment
- $2,500
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Large-Cap
- Asset Class Style
- Value
Share Price Chart
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Performance
NOIEX Performance Chart
Northern Income Equity Fund (NOIEX) is up 11.0% since the beginning of the year. NOIEX is currently trading at $20 per share. Investors who bought $1,000 worth of NOIEX shares 5 years ago would now be looking at an investment worth $1,946.
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Returns By Period
Northern Income Equity Fund (NOIEX) has returned 10.99% so far this year and 27.92% over the past 12 months. Over the last ten years, NOIEX has had an annualized return of 13.83%, just under the S&P 500 Index benchmark’s 13.88%.
Northern Income Equity Fund
- 1D
- 1.00%
- 1M
- -0.28%
- YTD
- 10.99%
- 6M
- 10.63%
- 1Y
- 27.92%
- 3Y*
- 21.02%
- 5Y*
- 14.24%
- 10Y*
- 13.83%
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
NOIEX Monthly Returns History
Based on dividend-adjusted daily data since Mar 31, 1994, NOIEX's average daily return is +0.04%, while the average monthly return is +0.84%. At this rate, an investment would double in approximately 6.9 years.
Historically, 65% of months were positive and 35% were negative. The best month was Apr 2020 with a return of +12.7%, while the worst month was Oct 2008 at -17.7%. The longest winning streak lasted 13 consecutive months, and the longest losing streak was 5 months.
On a daily basis, NOIEX closed higher 52% of trading days. The best single day was Mar 13, 2020 with a return of +10.0%, while the worst single day was Mar 16, 2020 at -11.8%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 2.28% | 0.66% | -4.77% | 9.12% | 4.88% | -1.08% | 10.99% | ||||||
| 2025 | 2.59% | 0.11% | -5.19% | -2.08% | 6.41% | 5.14% | 2.73% | 2.43% | 2.86% | 1.85% | 0.64% | 0.40% | 18.81% |
| 2024 | 1.39% | 4.60% | 4.06% | -4.21% | 5.07% | 2.80% | 2.48% | 2.80% | 2.18% | -0.63% | 4.48% | -2.62% | 24.28% |
| 2023 | 5.42% | -3.11% | 2.05% | 1.35% | -1.19% | 6.56% | 3.68% | -1.26% | -4.89% | -2.14% | 7.95% | 4.50% | 19.56% |
| 2022 | -3.61% | -2.94% | 3.65% | -6.93% | 1.58% | -8.49% | 7.73% | -3.89% | -9.44% | 9.68% | 6.04% | -5.28% | -13.34% |
| 2021 | -0.66% | 2.25% | 5.26% | 4.19% | 1.53% | 1.70% | 2.02% | 2.59% | -4.57% | 5.09% | 0.15% | 5.83% | 27.96% |
Benchmark Metrics
Northern Income Equity Fund has an annualized alpha of 3.19%, beta of 0.68, and R2 of 0.80 versus S&P 500 Index. Calculated based on daily prices since March 31, 1994.
- This fund participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (81.69%) than losses (77.09%) - typical of diversified or defensive assets.
- This fund generated an annualized alpha of 3.19% versus S&P 500 Index - delivering returns beyond what market exposure alone would predict.
- Beta of 0.68 indicates this fund moves significantly less than S&P 500 Index - a genuinely defensive profile with reduced participation in both market rallies and downturns.
- Alpha
- 3.19%
- Beta
- 0.68
- R²
- 0.80
- Upside Capture
- 81.69%
- Downside Capture
- 77.09%
Expense Ratio
NOIEX has an expense ratio of 0.49%, placing it in the medium range.
Return for Risk
Risk / Return Rank
NOIEX ranks 77 for risk / return — better than 77% of mutual funds on our site. You're getting solid returns for the risk taken. A good sign, especially for investors who want growth without excessive volatility.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Northern Income Equity Fund (NOIEX) and compare them to S&P 500 Index.
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.
| NOIEX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.30 | ||
| Sortino ratioReturn per unit of downside risk | +0.46 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.37 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 3.40 | 2.78 | +0.62 |
| Martin ratioReturn relative to average drawdown | 14.99 | 12.44 | +2.55 |
Dividends
Dividend History
Northern Income Equity Fund provided a 7.27% dividend yield over the last twelve months, with an annual payout of $1.47 per share. The fund has been increasing its distributions for 3 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $1.47 | $1.45 | $1.02 | $1.00 | $0.70 | $2.22 | $1.07 | $1.16 | $1.83 | $1.09 | $0.39 | $0.67 |
Dividend yield | 7.27% | 7.92% | 6.11% | 7.03% | 5.44% | 14.26% | 7.67% | 8.58% | 15.73% | 7.56% | 3.02% | 5.57% |
Monthly Dividends
The table displays the monthly dividend distributions for Northern Income Equity Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.01 | $0.02 | $0.02 | $0.02 | $0.04 | $0.00 | $0.11 | ||||||
| 2025 | $0.00 | $0.02 | $0.02 | $0.01 | $0.04 | $0.04 | $0.02 | $0.02 | $0.03 | $0.02 | $0.02 | $1.21 | $1.45 |
| 2024 | $0.02 | $0.02 | $0.02 | $0.01 | $0.03 | $0.03 | $0.02 | $0.02 | $0.03 | $0.02 | $0.02 | $0.77 | $1.02 |
| 2023 | $0.02 | $0.03 | $0.03 | $0.01 | $0.04 | $0.03 | $0.02 | $0.03 | $0.03 | $0.02 | $0.03 | $0.73 | $1.00 |
| 2022 | $0.01 | $0.00 | $0.00 | $0.01 | $0.03 | $0.02 | $0.01 | $0.03 | $0.03 | $0.02 | $0.03 | $0.51 | $0.70 |
| 2021 | $0.06 | $0.02 | $0.00 | $0.01 | $0.02 | $0.02 | $0.01 | $0.02 | $0.01 | $0.02 | $0.02 | $2.01 | $2.22 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Northern Income Equity Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Northern Income Equity Fund was 45.66%, occurring on Mar 9, 2009. Recovery took 452 trading sessions.
The current Northern Income Equity Fund drawdown is 1.60%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Financial crisis2007–2009 | -45.66%Mar 2009 | 1y 7mo | 1y 9mo | 3y 5moJul 2007 - Dec 2010 |
COVID crash2020 | -35.31%Mar 2020 | 1mo 9d | 5mo 8d | 6mo 17dFeb 2020 - Aug 2020 |
Bear market2022 | -21.89%Sep 2022 | 8mo 28d | 1y 2mo | 1y 11moJan 2022 - Dec 2023 |
Dot-com crash2000–2002 | -19.88%Oct 2002 | 2y 1mo | 1y 25d | 3y 1moSep 2000 - Nov 2003 |
Rate-hike selloffLate 2018 | -19.39%Dec 2018 | 2mo 21d | 4mo 7d | 6mo 28dOct 2018 - Apr 2019 |
Drawdown Indicators
| NOIEX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.66% | -56.78% | +11.12% |
Max Drawdown (1Y)Largest decline over 1 year | -8.39% | -9.10% | +0.71% |
Max Drawdown (3Y)Largest decline over 3 years | -18.06% | -18.90% | +0.84% |
Max Drawdown (5Y)Largest decline over 5 years | -21.89% | -25.43% | +3.54% |
Max Drawdown (10Y)Largest decline over 10 years | -35.31% | -33.92% | -1.39% |
Current DrawdownCurrent decline from peak | -1.60% | -1.80% | +0.20% |
Average DrawdownAverage peak-to-trough decline | -4.98% | -10.71% | +5.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.89% | 2.03% | -0.14% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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