Northern Tax Exempt Fund (NOTEX)
The investment seeks to provide a high level of current income exempt from regular federal income tax. In seeking high current income exempt from regular federal income tax, the fund may invest in a broad range of municipal instruments. A municipal instrument is a fixed-income obligation issued by a state, territory or possession of the United States (including the District of Columbia) or a political subdivision, agency or instrumentality thereof. Except in extraordinary circumstances, at least 80% of the fund's net assets will be invested in debt instruments that pay interest that is exempt from regular federal income tax.
Fund Info
US6651628637
665162863
Mar 30, 1994
$2,500
Expense Ratio
NOTEX has an expense ratio of 0.45%, placing it in the medium range.
Share Price Chart
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Compare to other instruments
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Performance
Performance Chart
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Returns By Period
Northern Tax Exempt Fund (NOTEX) returned -1.13% year-to-date (YTD) and 2.04% over the past 12 months. Over the past 10 years, NOTEX returned 1.83% annually, underperforming the S&P 500 benchmark at 10.84%.
NOTEX
-1.13%
0.18%
-2.24%
2.04%
1.12%
-0.08%
1.83%
^GSPC (Benchmark)
0.52%
6.32%
-1.44%
12.25%
12.45%
14.20%
10.84%
Monthly Returns
The table below presents the monthly returns of NOTEX, with color gradation from worst to best to easily spot seasonal factors. Returns are adjusted for dividends.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 0.23% | 1.04% | -1.71% | -0.54% | -0.15% | -1.13% | |||||||
| 2024 | -0.08% | 0.00% | -0.15% | -0.96% | 0.07% | 1.59% | 0.82% | 0.83% | 0.89% | -1.37% | 1.67% | -1.32% | 1.96% |
| 2023 | 3.33% | -2.59% | 2.18% | 0.09% | -0.86% | 0.91% | 0.21% | -1.27% | -2.71% | -1.20% | 5.73% | 2.29% | 5.93% |
| 2022 | -2.61% | -0.55% | -3.72% | -3.64% | 2.10% | -2.67% | 3.02% | -3.04% | -4.11% | -1.33% | 5.70% | -0.52% | -11.26% |
| 2021 | 0.48% | -1.73% | 0.42% | 0.98% | 0.53% | 0.24% | 0.70% | -0.48% | -0.84% | -0.02% | 0.98% | 0.05% | 1.28% |
| 2020 | 2.00% | 1.58% | -3.72% | -1.75% | 3.36% | 0.84% | 1.56% | -0.44% | -0.09% | -0.27% | 1.63% | 0.51% | 5.13% |
| 2019 | 0.52% | 0.49% | 1.89% | 0.45% | 1.46% | 0.37% | 0.71% | 1.91% | -0.70% | -0.05% | 0.20% | 0.19% | 7.66% |
| 2018 | -1.21% | -0.42% | 0.48% | -0.41% | 1.14% | 0.00% | -0.02% | 0.17% | -0.67% | -0.78% | 1.10% | 1.29% | 0.64% |
| 2017 | 0.34% | 0.54% | 0.39% | 0.66% | 1.39% | -0.18% | 0.62% | 0.73% | -0.39% | 0.14% | -0.23% | 1.01% | 5.13% |
| 2016 | 1.09% | -0.01% | 0.52% | 0.74% | 0.32% | 1.60% | -0.11% | 0.22% | -0.57% | -0.98% | -3.52% | 1.31% | 0.50% |
| 2015 | 2.04% | -1.37% | 0.37% | -0.72% | -0.31% | -0.19% | 0.97% | 0.35% | 0.66% | 0.30% | 0.65% | 0.95% | 3.71% |
| 2014 | 2.53% | 1.08% | 0.43% | 1.48% | 1.25% | 0.02% | 0.31% | 1.34% | 0.18% | 0.79% | 0.12% | 0.70% | 10.69% |
Risk-Adjusted Performance
Risk-Adjusted Performance Rank
The current rank of NOTEX is 26, indicating average performance compared to other mutual funds on our website. Here’s a breakdown of how it compares using common performance measures.
Risk-Adjusted Performance Indicators
The charts below present risk-adjusted performance metrics for Northern Tax Exempt Fund (NOTEX) and compare them to a chosen benchmark (^GSPC). These indicators evaluate an investment's returns against its associated risks.
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Dividends
Dividend History
Northern Tax Exempt Fund provided a 3.59% dividend yield over the last twelve months, with an annual payout of $0.33 per share.
| Period | TTM | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.33 | $0.33 | $0.34 | $0.27 | $0.25 | $0.30 | $0.21 | $0.34 | $0.33 | $0.34 | $0.37 | $0.41 |
Dividend yield | 3.59% | 3.49% | 3.50% | 2.89% | 2.24% | 2.67% | 1.96% | 3.29% | 3.13% | 3.22% | 3.42% | 3.78% |
Monthly Dividends
The table displays the monthly dividend distributions for Northern Tax Exempt 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.14 | |||||||
| 2024 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.02 | $0.33 |
| 2023 | $0.04 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.34 |
| 2022 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.03 | $0.02 | $0.03 | $0.03 | $0.02 | $0.27 |
| 2021 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.05 | $0.25 |
| 2020 | $0.03 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.06 | $0.30 |
| 2019 | $0.03 | $0.03 | $0.03 | $0.03 | $0.02 | $0.03 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.03 | $0.21 |
| 2018 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.02 | $0.34 |
| 2017 | $0.04 | $0.03 | $0.05 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.00 | $0.03 | $0.03 | $0.03 | $0.33 |
| 2016 | $0.04 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.02 | $0.03 | $0.02 | $0.03 | $0.04 | $0.34 |
| 2015 | $0.04 | $0.03 | $0.03 | $0.03 | $0.04 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.02 | $0.37 |
| 2014 | $0.04 | $0.03 | $0.04 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.06 | $0.03 | $0.03 | $0.41 |
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 Tax Exempt 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 Tax Exempt Fund was 16.33%, occurring on Oct 25, 2022. The portfolio has not yet recovered.
The current Northern Tax Exempt Fund drawdown is 5.64%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -16.33% | Jul 28, 2021 | 315 | Oct 25, 2022 | — | — | — |
| -11.66% | Mar 10, 2020 | 9 | Mar 20, 2020 | 95 | Aug 5, 2020 | 104 |
| -11.45% | Jan 24, 2008 | 185 | Oct 16, 2008 | 60 | Jan 13, 2009 | 245 |
| -8.99% | Oct 12, 2010 | 67 | Jan 14, 2011 | 136 | Aug 1, 2011 | 203 |
| -8.67% | Dec 10, 2012 | 186 | Sep 5, 2013 | 163 | Apr 30, 2014 | 349 |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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