LSAF vs. NOIEX

Last updated Aug 2, 2026

LSAF (LeaderShares AlphaFactor US Core Equity ETF) and NOIEX (Northern Income Equity Fund) are both funds - LSAF is a Mid Cap Blend Equities fund tracking the AlphaFactor US Core Equity Index, while NOIEX is a Large Cap Value Equities fund actively managed by Northern Trust. LSAF is passively managed, while NOIEX is actively managed. Over the past 5 years, LSAF returned 10.90%/yr vs 13.37%/yr for NOIEX. Their correlation of 0.85 means they have usually moved in the same direction. LSAF charges 0.75%/yr vs 0.49%/yr for NOIEX.

Performance

LSAF vs. NOIEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in LeaderShares AlphaFactor US Core Equity ETF (LSAF) 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, LSAF achieves a 19.96% return, which is significantly higher than NOIEX's 12.25% return.

LSAF

• 1D: -0.55%
• 1M: 2.49%
• 6M: 17.23%
• YTD: 19.96%
• 1Y: 30.03%
• 3Y*: 18.58%
• 5Y*: 10.90%
• 10Y*: —
• ALL TIME*: 11.02%

NOIEX

• 1D: 1.19%
• 1M: 0.87%
• 6M: 9.75%
• YTD: 12.25%
• 1Y: 21.97%
• 3Y*: 19.78%
• 5Y*: 13.37%
• 10Y*: 13.53%
• ALL TIME*: 9.73%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
LSAF LeaderShares AlphaFactor US Core Equity ETF	$265.84K	$205.64K	$201.86K
NOIEX Northern Income Equity Fund	$0.00	$0.00	$0.00

LSAF vs. NOIEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
LSAF LeaderShares AlphaFactor US Core Equity ETF	19.96%	12.01%	18.09%	15.48%	-13.12%	22.75%	6.92%	28.35%	-15.47%
NOIEX Northern Income Equity Fund	12.25%	18.81%	24.28%	19.56%	-13.34%	27.96%	11.03%	27.04%	-13.81%

Correlation

The correlation between LSAF and NOIEX is 0.65, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.65
Correlation (3Y) Balances recent behavior with more history.	0.75
Correlation (5Y) Shows whether the relationship held over a longer period.	0.81
Correlation (All Time) Calculated using the full available price history since Oct 2, 2018	0.85

Over the past year, the correlation between LSAF and NOIEX has dropped to 0.65 - well below their long-term average of 0.85, suggesting their price drivers have been diverging.

Return for Risk

LSAF vs. NOIEX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

LSAF

LSAF Risk / Return Rank: 88
LSAF Sharpe Ratio Rank: 85
LSAF Sortino Ratio Rank: 87
LSAF Omega Ratio Rank: 82
LSAF Calmar Ratio Rank: 93
LSAF Martin Ratio Rank: 91

NOIEX

NOIEX Risk / Return Rank: 78
NOIEX Sharpe Ratio Rank: 75
NOIEX Sortino Ratio Rank: 73
NOIEX Omega Ratio Rank: 73
NOIEX Calmar Ratio Rank: 79
NOIEX Martin Ratio Rank: 87

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

LSAF vs. NOIEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for LeaderShares AlphaFactor US Core Equity ETF (LSAF) 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.

	LSAF	NOIEX	Difference
Sharpe ratio: Return per unit of total volatility	2.03	1.72	+0.30
Sortino ratio: Return per unit of downside risk	2.98	2.42	+0.56
Omega ratio: Gain probability vs. loss probability	1.35	1.31	+0.04
Calmar ratio: Return relative to maximum drawdown	4.41	2.56	+1.85
Martin ratio: Return relative to average drawdown	14.86	10.96	+3.90

LSAF vs. NOIEX - Sharpe Ratio Comparison

The current LSAF Sharpe Ratio is 2.03, which is comparable to the NOIEX Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of LSAF 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

LSAF vs. NOIEX - Drawdown Comparison

The maximum LSAF drawdown since its inception was -41.67%, smaller than the maximum NOIEX drawdown of -45.66%. Use the drawdown chart below to compare losses from any high point for LSAF and NOIEX.

Drawdown Indicators

	LSAF	NOIEX	Difference
Max Drawdown Largest peak-to-trough decline	-41.67%	-45.66%	+3.99%
Max Drawdown (1Y) Largest decline over 1 year	-6.58%	-8.39%	+1.81%
Max Drawdown (3Y) Largest decline over 3 years	-20.26%	-18.06%	-2.20%
Max Drawdown (5Y) Largest decline over 5 years	-24.94%	-21.89%	-3.05%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.31%	—
Current Drawdown Current decline from peak	-1.48%	-0.75%	-0.73%
Average Drawdown Average peak-to-trough decline	-6.21%	-4.97%	-1.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.95%	1.96%	-0.01%

Volatility

LSAF vs. NOIEX - Volatility Comparison

LeaderShares AlphaFactor US Core Equity ETF (LSAF) has a higher volatility of 4.21% compared to Northern Income Equity Fund (NOIEX) at 3.11%. This indicates that LSAF'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

	LSAF	NOIEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.21%	3.11%	+1.10%
Volatility (6M) Calculated over the trailing 6-month period	10.49%	9.48%	+1.01%
Volatility (1Y) Calculated over the trailing 1-year period	14.36%	12.49%	+1.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.38%	16.43%	+1.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.73%	17.99%	+3.74%

LSAF vs. NOIEX - Expense Ratio Comparison

LSAF has a 0.75% expense ratio, which is higher than NOIEX's 0.49% expense ratio.

Dividends

LSAF vs. NOIEX - Dividend Comparison

LSAF's dividend yield for the trailing twelve months is around 0.57%, less than NOIEX's 7.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LSAF LeaderShares AlphaFactor US Core Equity ETF	0.57%	0.69%	0.42%	0.84%	0.96%	0.37%	0.53%	0.71%	0.20%	0.00%	0.00%	0.00%
NOIEX Northern Income Equity Fund	7.22%	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 LSAF and NOIEX in my portfolio?

LSAF and NOIEX have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LSAF or NOIEX?

LSAF has higher volatility (4.21%) compared to NOIEX (3.11%). In terms of maximum drawdown, LSAF dropped -41.67% vs NOIEX's -45.66%.

Which has better risk-adjusted returns?

LSAF currently has the higher Sharpe Ratio (2.03 vs 1.72), 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.