FMUEX vs. NOIEX
FMUEX (RBB Free Market U.S. Equity Fund) and NOIEX (Northern Income Equity Fund) are both mutual funds - FMUEX is a Mid Cap Value Equities fund managed by RBB Funds, while NOIEX is a Large Cap Value Equities fund managed by Northern Funds. Over the past 10 years, FMUEX returned 12.02%/yr vs 13.92%/yr for NOIEX. Their correlation of 0.88 suggests significant overlap in exposure. FMUEX charges 0.78%/yr vs 0.49%/yr for NOIEX.
Performance
FMUEX vs. NOIEX - Performance Comparison
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Returns By Period
In the year-to-date period, FMUEX achieves a 18.38% return, which is significantly higher than NOIEX's 10.55% return. Over the past 10 years, FMUEX has underperformed NOIEX with an annualized return of 12.02%, while NOIEX has yielded a comparatively higher 13.92% annualized return.
FMUEX
- 1D
- 0.42%
- 1M
- 3.19%
- YTD
- 18.38%
- 6M
- 16.91%
- 1Y
- 35.05%
- 3Y*
- 17.87%
- 5Y*
- 10.18%
- 10Y*
- 12.02%
NOIEX
- 1D
- -0.40%
- 1M
- -0.67%
- YTD
- 10.55%
- 6M
- 9.65%
- 1Y
- 26.75%
- 3Y*
- 21.63%
- 5Y*
- 13.80%
- 10Y*
- 13.92%
FMUEX vs. NOIEX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FMUEX RBB Free Market U.S. Equity Fund | 18.38% | 12.79% | 8.09% | 17.10% | -10.47% | 31.75% | 5.65% | 22.44% | -11.62% | 13.44% |
NOIEX Northern Income Equity Fund | 10.55% | 18.81% | 24.28% | 19.56% | -13.34% | 27.96% | 11.03% | 27.04% | -6.62% | 20.22% |
Correlation
The correlation between FMUEX and NOIEX is 0.73, 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 | 0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.86 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.84 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2008 | 0.88 |
The correlation between FMUEX and NOIEX shifts across timeframes, from 0.73 (1 year) to 0.88 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FMUEX vs. NOIEX — Risk / Return Rank
FMUEX
NOIEX
FMUEX vs. NOIEX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for RBB Free Market U.S. Equity Fund (FMUEX) 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.
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.
| FMUEX | NOIEX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.24 | ||
| Sortino ratioReturn per unit of downside risk | +0.38 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.42 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 4.80 | 3.33 | +1.47 |
| Martin ratioReturn relative to average drawdown | 17.31 | 14.64 | +2.66 |
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Drawdowns
FMUEX vs. NOIEX - Drawdown Comparison
The maximum FMUEX drawdown since its inception was -58.03%, which is greater than NOIEX's maximum drawdown of -45.66%. Use the drawdown chart below to compare losses from any high point for FMUEX and NOIEX.
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Drawdown Indicators
| FMUEX | NOIEX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.03% | -45.66% | -12.37% |
Max Drawdown (1Y)Largest decline over 1 year | -7.61% | -8.39% | +0.78% |
Max Drawdown (3Y)Largest decline over 3 years | -25.49% | -18.06% | -7.43% |
Max Drawdown (5Y)Largest decline over 5 years | -25.49% | -21.89% | -3.60% |
Max Drawdown (10Y)Largest decline over 10 years | -42.31% | -35.31% | -7.00% |
Current DrawdownCurrent decline from peak | -0.35% | -1.99% | +1.64% |
Average DrawdownAverage peak-to-trough decline | -8.04% | -4.98% | -3.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.10% | 1.89% | +0.21% |
Volatility
FMUEX vs. NOIEX - Volatility Comparison
RBB Free Market U.S. Equity Fund (FMUEX) and Northern Income Equity Fund (NOIEX) have volatilities of 4.20% and 4.28%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FMUEX | NOIEX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.20% | 4.28% | -0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 10.23% | 9.48% | +0.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.49% | 12.25% | +2.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.39% | 16.42% | +1.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.76% | 18.00% | +1.76% |
FMUEX vs. NOIEX - Expense Ratio Comparison
FMUEX has a 0.78% expense ratio, which is higher than NOIEX's 0.49% expense ratio.
Dividends
FMUEX vs. NOIEX - Dividend Comparison
FMUEX's dividend yield for the trailing twelve months is around 1.58%, less than NOIEX's 7.30% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FMUEX RBB Free Market U.S. Equity Fund | 1.58% | 1.87% | 0.00% | 4.12% | 8.26% | 4.38% | 1.61% | 5.57% | 5.88% | 3.80% | 4.80% | 8.51% |
NOIEX Northern Income Equity Fund | 7.30% | 7.92% | 6.11% | 7.03% | 5.44% | 14.26% | 7.67% | 8.58% | 15.73% | 7.56% | 3.02% | 5.57% |
Frequently Asked Questions
FMUEX and NOIEX have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NOIEX has higher volatility (4.28%) compared to FMUEX (4.20%). In terms of maximum drawdown, FMUEX dropped -58.03% vs NOIEX's -45.66%.
FMUEX currently has the higher Sharpe Ratio (2.52 vs 2.28), 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.
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