FSCS vs. NOIEX

Last updated Apr 1, 2026

Compare and contrast key facts about First Trust SMID Capital Strength ETF (FSCS) and Northern Income Equity Fund (NOIEX).

FSCS is a passively managed fund by First Trust that tracks the performance of the SMID Capital Strength Index. It was launched on Jun 20, 2017. NOIEX is managed by Northern Funds. It was launched on Mar 31, 1994.

Performance

FSCS vs. NOIEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust SMID Capital Strength ETF (FSCS) and Northern Income Equity Fund (NOIEX). The values are adjusted to include any dividend payments, if applicable.

FSCS vs. NOIEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSCS First Trust SMID Capital Strength ETF	-1.33%	1.77%	14.98%	16.81%	-9.11%	26.08%	5.71%	28.00%	-12.85%	10.74%
NOIEX Northern Income Equity Fund	-4.59%	18.81%	24.28%	19.56%	-13.34%	27.96%	11.03%	27.04%	-6.62%	11.47%

Returns By Period

In the year-to-date period, FSCS achieves a -1.33% return, which is significantly higher than NOIEX's -4.59% return.

FSCS

• 1D: 1.22%
• 1M: -5.61%
• YTD: -1.33%
• 6M: -3.50%
• 1Y: 2.82%
• 3Y*: 9.68%
• 5Y*: 5.99%
• 10Y*: —

NOIEX

• 1D: -0.29%
• 1M: -7.32%
• YTD: -4.59%
• 6M: -1.82%
• 1Y: 16.41%
• 3Y*: 17.35%
• 5Y*: 11.80%
• 10Y*: 12.25%

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

FSCS vs. NOIEX - Expense Ratio Comparison

FSCS has a 0.60% expense ratio, which is higher than NOIEX's 0.49% expense ratio.

FSCS

First Trust SMID Capital Strength ETF

NOIEX

Northern Income Equity Fund

Return for Risk

FSCS vs. NOIEX — Risk / Return Rank

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

FSCS

FSCS Risk / Return Rank: 16
FSCS Sharpe Ratio Rank: 15
FSCS Sortino Ratio Rank: 15
FSCS Omega Ratio Rank: 15
FSCS Calmar Ratio Rank: 17
FSCS Martin Ratio Rank: 18

NOIEX

NOIEX Risk / Return Rank: 50
NOIEX Sharpe Ratio Rank: 48
NOIEX Sortino Ratio Rank: 55
NOIEX Omega Ratio Rank: 59
NOIEX Calmar Ratio Rank: 41
NOIEX Martin Ratio Rank: 50

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.

FSCS vs. NOIEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust SMID Capital Strength ETF (FSCS) 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.

	FSCS	NOIEX	Difference
Sharpe ratio Return per unit of total volatility	0.16	0.92	-0.76
Sortino ratio Return per unit of downside risk	0.37	1.45	-1.08
Omega ratio Gain probability vs. loss probability	1.05	1.22	-0.18
Calmar ratio Return relative to maximum drawdown	0.25	1.05	-0.79
Martin ratio Return relative to average drawdown	0.87	4.85	-3.98
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FSCS vs. NOIEX - Sharpe Ratio Comparison

The current FSCS Sharpe Ratio is 0.16, which is lower than the NOIEX Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of FSCS and NOIEX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FSCS	NOIEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.16	0.92	-0.76
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.33	0.73	-0.40
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.69	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.65	-0.26

Correlation

The correlation between FSCS and NOIEX is 0.75, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

FSCS vs. NOIEX - Dividend Comparison

FSCS's dividend yield for the trailing twelve months is around 0.91%, less than NOIEX's 8.37% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSCS First Trust SMID Capital Strength ETF	0.91%	0.75%	1.12%	1.47%	1.71%	1.21%	1.33%	1.68%	1.67%	0.67%	0.00%	0.00%
NOIEX Northern Income Equity Fund	8.37%	7.92%	6.11%	7.03%	5.44%	14.26%	7.67%	8.58%	15.73%	7.56%	3.02%	5.57%

Drawdowns

FSCS vs. NOIEX - Drawdown Comparison

The maximum FSCS drawdown since its inception was -43.57%, roughly equal to the maximum NOIEX drawdown of -45.66%. Use the drawdown chart below to compare losses from any high point for FSCS and NOIEX.

Drawdown Indicators

	FSCS	NOIEX	Difference
Max Drawdown Largest peak-to-trough decline	-43.57%	-45.66%	+2.09%
Max Drawdown (1Y) Largest decline over 1 year	-12.56%	-12.41%	-0.15%
Max Drawdown (5Y) Largest decline over 5 years	-21.25%	-21.89%	+0.64%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.31%	—
Current Drawdown Current decline from peak	-7.13%	-8.39%	+1.26%
Average Drawdown Average peak-to-trough decline	-6.00%	-5.01%	-0.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.63%	2.89%	+0.74%

Volatility

FSCS vs. NOIEX - Volatility Comparison

The current volatility for First Trust SMID Capital Strength ETF (FSCS) is 3.53%, while Northern Income Equity Fund (NOIEX) has a volatility of 4.02%. This indicates that FSCS experiences smaller price fluctuations and is considered to be less risky than NOIEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSCS	NOIEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.53%	4.02%	-0.49%
Volatility (6M) Calculated over the trailing 6-month period	8.76%	9.01%	-0.25%
Volatility (1Y) Calculated over the trailing 1-year period	17.50%	19.09%	-1.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.15%	16.32%	+1.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.35%	17.92%	+3.43%