JPIB vs. NOIEX

Last updated Jun 25, 2026

JPIB (JPMorgan International Bond Opportunities ETF) and NOIEX (Northern Income Equity Fund) are both funds - JPIB is a Global Bonds fund actively managed by JPMorgan, while NOIEX is a Large Cap Value Equities fund managed by Northern Funds. Over the past 5 years, JPIB returned 2.87%/yr vs 13.39%/yr for NOIEX. At a 0.34 correlation, their price movements are largely independent. JPIB charges 0.50%/yr vs 0.49%/yr for NOIEX.

Performance

JPIB vs. NOIEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan International Bond Opportunities ETF (JPIB) 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, JPIB achieves a 1.29% return, which is significantly lower than NOIEX's 9.23% return.

JPIB

• 1D: 0.19%
• 1M: 1.13%
• YTD: 1.29%
• 6M: 1.25%
• 1Y: 4.59%
• 3Y*: 6.02%
• 5Y*: 2.87%
• 10Y*: —

NOIEX

• 1D: -1.19%
• 1M: -1.86%
• YTD: 9.23%
• 6M: 7.94%
• 1Y: 24.99%
• 3Y*: 21.14%
• 5Y*: 13.39%
• 10Y*: 13.78%

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

JPIB vs. NOIEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JPIB JPMorgan International Bond Opportunities ETF	1.29%	8.19%	3.48%	8.68%	-6.38%	0.14%	7.14%	10.76%	-2.17%	2.61%
NOIEX Northern Income Equity Fund	9.23%	18.81%	24.28%	19.56%	-13.34%	27.96%	11.03%	27.04%	-6.62%	11.81%

Correlation

The correlation between JPIB and NOIEX is 0.53, 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	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.40
Correlation (All Time) Calculated using the full available price history since Jul 5, 2017	0.34

The correlation between JPIB and NOIEX shifts across timeframes, from 0.34 (all time) to 0.53 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

JPIB vs. NOIEX — Risk / Return Rank

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

JPIB

JPIB Risk / Return Rank: 36
JPIB Sharpe Ratio Rank: 41
JPIB Sortino Ratio Rank: 39
JPIB Omega Ratio Rank: 43
JPIB Calmar Ratio Rank: 27
JPIB Martin Ratio Rank: 31

NOIEX

NOIEX Risk / Return Rank: 65
NOIEX Sharpe Ratio Rank: 61
NOIEX Sortino Ratio Rank: 58
NOIEX Omega Ratio Rank: 58
NOIEX Calmar Ratio Rank: 70
NOIEX Martin Ratio Rank: 77

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.

JPIB vs. NOIEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan International Bond Opportunities ETF (JPIB) 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.

	JPIB	NOIEX	Difference
Sharpe ratio: Return per unit of total volatility	1.30	2.09	-0.79
Sortino ratio: Return per unit of downside risk	1.84	2.90	-1.07
Omega ratio: Gain probability vs. loss probability	1.25	1.38	-0.13
Calmar ratio: Return relative to maximum drawdown	1.23	3.06	-1.84
Martin ratio: Return relative to average drawdown	4.18	13.41	-9.23

JPIB vs. NOIEX - Sharpe Ratio Comparison

The current JPIB Sharpe Ratio is 1.30, which is lower than the NOIEX Sharpe Ratio of 2.09. The chart below compares the historical Sharpe Ratios of JPIB 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.

Drawdowns

JPIB vs. NOIEX - Drawdown Comparison

The maximum JPIB drawdown since its inception was -13.13%, smaller than the maximum NOIEX drawdown of -45.66%. Use the drawdown chart below to compare losses from any high point for JPIB and NOIEX.

Drawdown Indicators

	JPIB	NOIEX	Difference
Max Drawdown Largest peak-to-trough decline	-13.13%	-45.66%	+32.53%
Max Drawdown (1Y) Largest decline over 1 year	-3.75%	-8.39%	+4.64%
Max Drawdown (3Y) Largest decline over 3 years	-3.75%	-18.06%	+14.31%
Max Drawdown (5Y) Largest decline over 5 years	-11.83%	-21.89%	+10.06%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.31%	—
Current Drawdown Current decline from peak	-0.58%	-3.16%	+2.58%
Average Drawdown Average peak-to-trough decline	-1.93%	-4.98%	+3.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.10%	1.90%	-0.80%

Volatility

JPIB vs. NOIEX - Volatility Comparison

The current volatility for JPMorgan International Bond Opportunities ETF (JPIB) is 1.07%, while Northern Income Equity Fund (NOIEX) has a volatility of 4.43%. This indicates that JPIB 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

	JPIB	NOIEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.07%	4.43%	-3.36%
Volatility (6M) Calculated over the trailing 6-month period	3.10%	9.55%	-6.45%
Volatility (1Y) Calculated over the trailing 1-year period	3.57%	12.30%	-8.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.12%	16.43%	-12.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.44%	17.99%	-13.55%

JPIB vs. NOIEX - Expense Ratio Comparison

JPIB has a 0.50% expense ratio, which is higher than NOIEX's 0.49% expense ratio.

Dividends

JPIB vs. NOIEX - Dividend Comparison

JPIB's dividend yield for the trailing twelve months is around 4.99%, less than NOIEX's 7.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JPIB JPMorgan International Bond Opportunities ETF	4.99%	4.85%	4.57%	4.35%	3.10%	2.59%	3.14%	4.66%	5.83%	1.81%	0.00%	0.00%
NOIEX Northern Income Equity Fund	7.21%	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 JPIB and NOIEX in my portfolio?

JPIB and NOIEX have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JPIB or NOIEX?

NOIEX has higher volatility (4.43%) compared to JPIB (1.07%). In terms of maximum drawdown, JPIB dropped -13.13% vs NOIEX's -45.66%.

Which has better risk-adjusted returns?

NOIEX currently has the higher Sharpe Ratio (2.09 vs 1.30), 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.