FSCS vs. NOIEX

Last updated Jun 4, 2026

FSCS (First Trust SMID Capital Strength ETF) and NOIEX (Northern Income Equity Fund) are both funds - FSCS is a Mid Cap Blend Equities fund tracking the SMID Capital Strength Index, while NOIEX is a Large Cap Value Equities fund managed by Northern Funds. Over the past 5 years, FSCS returned 4.93%/yr vs 14.24%/yr for NOIEX. A 0.75 correlation means they provide meaningful diversification when combined. FSCS charges 0.60%/yr vs 0.49%/yr for NOIEX.

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.

Returns By Period

In the year-to-date period, FSCS achieves a -1.53% return, which is significantly lower than NOIEX's 12.80% return.

FSCS

• 1D: -0.01%
• 1M: -1.54%
• YTD: -1.53%
• 6M: -1.11%
• 1Y: -1.10%
• 3Y*: 9.79%
• 5Y*: 4.93%
• 10Y*: —

NOIEX

• 1D: 0.39%
• 1M: 6.04%
• YTD: 12.80%
• 6M: 13.13%
• 1Y: 30.77%
• 3Y*: 22.92%
• 5Y*: 14.24%
• 10Y*: 14.02%

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

FSCS vs. NOIEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSCS First Trust SMID Capital Strength ETF	-1.53%	1.77%	14.98%	16.81%	-9.11%	26.08%	5.71%	28.00%	-12.85%	10.74%
NOIEX Northern Income Equity Fund	12.80%	18.81%	24.28%	19.56%	-13.34%	27.96%	11.03%	27.04%	-6.62%	11.47%

Correlation

The correlation between FSCS and NOIEX is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (All Time) Calculated using the full available price history since Jun 23, 2017	0.75

Over the past year, the correlation between FSCS and NOIEX has dropped to 0.55 - well below their long-term average of 0.75, suggesting their price drivers have been diverging.

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: 8
FSCS Sharpe Ratio Rank: 8
FSCS Sortino Ratio Rank: 7
FSCS Omega Ratio Rank: 8
FSCS Calmar Ratio Rank: 8
FSCS Martin Ratio Rank: 8

NOIEX

NOIEX Risk / Return Rank: 83
NOIEX Sharpe Ratio Rank: 85
NOIEX Sortino Ratio Rank: 80
NOIEX Omega Ratio Rank: 78
NOIEX Calmar Ratio Rank: 83
NOIEX Martin Ratio Rank: 89

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	-0.09	2.74	-2.83
Sortino ratio: Return per unit of downside risk	-0.04	3.79	-3.83
Omega ratio: Gain probability vs. loss probability	1.00	1.51	-0.51
Calmar ratio: Return relative to maximum drawdown	-0.14	3.85	-3.99
Martin ratio: Return relative to average drawdown	-0.31	17.52	-17.82
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 -0.09, which is lower than the NOIEX Sharpe Ratio of 2.74. The chart below compares the historical Sharpe Ratios of FSCS and NOIEX, 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

	FSCS	NOIEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.09	2.74	-2.83
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.27	0.88	-0.60
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.78	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.69	-0.30

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	-7.81%	-8.39%	+0.58%
Max Drawdown (3Y) Largest decline over 3 years	-19.55%	-18.06%	-1.49%
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	-7.32%	0.00%	-7.32%
Average Drawdown Average peak-to-trough decline	-5.99%	-4.99%	-1.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.60%	1.82%	+1.78%

Volatility

FSCS vs. NOIEX - Volatility Comparison

First Trust SMID Capital Strength ETF (FSCS) has a higher volatility of 3.07% compared to Northern Income Equity Fund (NOIEX) at 2.73%. This indicates that FSCS's price experiences larger fluctuations and is considered to be riskier 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	3.07%	2.73%	+0.34%
Volatility (6M) Calculated over the trailing 6-month period	8.22%	8.71%	-0.49%
Volatility (1Y) Calculated over the trailing 1-year period	12.70%	11.78%	+0.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.09%	16.36%	+1.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.20%	17.96%	+3.24%

FSCS vs. NOIEX - Expense Ratio Comparison

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

Dividends

FSCS vs. NOIEX - Dividend Comparison

FSCS's dividend yield for the trailing twelve months is around 0.91%, less than NOIEX's 7.15% yield.

Position	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	7.15%	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

Can I hold both FSCS and NOIEX in my portfolio?

FSCS and NOIEX have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSCS or NOIEX?

FSCS has higher volatility (3.07%) compared to NOIEX (2.73%). In terms of maximum drawdown, FSCS dropped -43.57% vs NOIEX's -45.66%.

Which has better risk-adjusted returns?

NOIEX currently has the higher Sharpe Ratio (2.74 vs -0.09), 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.