LSVQX vs. NOIEX

Last updated Aug 1, 2026

LSVQX (LSV Small Cap Value Fund) and NOIEX (Northern Income Equity Fund) are both mutual funds - LSVQX is a Small Cap Value Equities fund managed by LSV, while NOIEX is a Large Cap Value Equities fund actively managed by Northern Trust. Over the past 10 years, LSVQX returned 9.14%/yr vs 13.53%/yr for NOIEX. Their 0.78 correlation means they have sometimes moved together and sometimes differently. LSVQX charges 0.83%/yr vs 0.49%/yr for NOIEX.

Performance

LSVQX vs. NOIEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in LSV Small Cap Value Fund (LSVQX) 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, LSVQX achieves a 21.19% return, which is significantly higher than NOIEX's 12.25% return. Over the past 10 years, LSVQX has underperformed NOIEX with an annualized return of 9.14%, while NOIEX has yielded a comparatively higher 13.53% annualized return.

LSVQX

• 1D: -0.58%
• 1M: 2.52%
• 6M: 16.34%
• YTD: 21.19%
• 1Y: 33.57%
• 3Y*: 12.69%
• 5Y*: 10.19%
• 10Y*: 9.14%
• ALL TIME*: 9.45%

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)
LSVQX LSV Small Cap Value Fund	$0.00	$0.00	$0.00
NOIEX Northern Income Equity Fund	$0.00	$0.00	$0.00

LSVQX vs. NOIEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LSVQX LSV Small Cap Value Fund	21.19%	7.31%	4.23%	19.02%	-6.24%	34.54%	-5.98%	20.59%	-17.41%	6.12%
NOIEX Northern Income Equity Fund	12.25%	18.81%	24.28%	19.56%	-13.34%	27.96%	11.03%	27.04%	-6.62%	20.22%

Correlation

The correlation between LSVQX and NOIEX is 0.60, 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.	0.60
Correlation (3Y) Balances recent behavior with more history.	0.68
Correlation (5Y) Shows whether the relationship held over a longer period.	0.76
Correlation (10Y) Provides a long-term view across more market conditions.	0.76
Correlation (All Time) Calculated using the full available price history since Mar 1, 2013	0.78

The correlation between LSVQX and NOIEX shifts across timeframes, from 0.60 (1 year) to 0.78 (all time), reflecting how their relationship changes across market environments.

Return for Risk

LSVQX vs. NOIEX — Risk / Return Rank

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

LSVQX

LSVQX Risk / Return Rank: 85
LSVQX Sharpe Ratio Rank: 84
LSVQX Sortino Ratio Rank: 84
LSVQX Omega Ratio Rank: 79
LSVQX Calmar Ratio Rank: 92
LSVQX Martin Ratio Rank: 86

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.

LSVQX vs. NOIEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for LSV Small Cap Value Fund (LSVQX) 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.

	LSVQX	NOIEX	Difference
Sharpe ratio: Return per unit of total volatility	2.04	1.72	+0.31
Sortino ratio: Return per unit of downside risk	3.03	2.42	+0.61
Omega ratio: Gain probability vs. loss probability	1.36	1.31	+0.05
Calmar ratio: Return relative to maximum drawdown	3.62	2.56	+1.06
Martin ratio: Return relative to average drawdown	11.13	10.96	+0.17

LSVQX vs. NOIEX - Sharpe Ratio Comparison

The current LSVQX Sharpe Ratio is 2.04, which is comparable to the NOIEX Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of LSVQX 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

LSVQX vs. NOIEX - Drawdown Comparison

The maximum LSVQX drawdown since its inception was -54.77%, which is greater than NOIEX's maximum drawdown of -45.66%. Use the drawdown chart below to compare losses from any high point for LSVQX and NOIEX.

Drawdown Indicators

	LSVQX	NOIEX	Difference
Max Drawdown Largest peak-to-trough decline	-54.77%	-45.66%	-9.11%
Max Drawdown (1Y) Largest decline over 1 year	-8.48%	-8.39%	-0.09%
Max Drawdown (3Y) Largest decline over 3 years	-25.76%	-18.06%	-7.70%
Max Drawdown (5Y) Largest decline over 5 years	-25.76%	-21.89%	-3.87%
Max Drawdown (10Y) Largest decline over 10 years	-54.77%	-35.31%	-19.46%
Current Drawdown Current decline from peak	-1.37%	-0.75%	-0.62%
Average Drawdown Average peak-to-trough decline	-7.37%	-4.97%	-2.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.76%	1.96%	+0.80%

Volatility

LSVQX vs. NOIEX - Volatility Comparison

LSV Small Cap Value Fund (LSVQX) has a higher volatility of 3.49% compared to Northern Income Equity Fund (NOIEX) at 3.11%. This indicates that LSVQX'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

	LSVQX	NOIEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.49%	3.11%	+0.38%
Volatility (6M) Calculated over the trailing 6-month period	10.12%	9.48%	+0.64%
Volatility (1Y) Calculated over the trailing 1-year period	15.17%	12.49%	+2.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.12%	16.43%	+3.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.23%	17.99%	+6.24%

LSVQX vs. NOIEX - Expense Ratio Comparison

LSVQX has a 0.83% expense ratio, which is higher than NOIEX's 0.49% expense ratio.

Dividends

LSVQX vs. NOIEX - Dividend Comparison

LSVQX's dividend yield for the trailing twelve months is around 6.70%, less than NOIEX's 7.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LSVQX LSV Small Cap Value Fund	6.70%	8.13%	1.78%	4.73%	2.02%	1.45%	1.83%	2.04%	7.00%	4.78%	2.35%	3.59%
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 LSVQX and NOIEX in my portfolio?

LSVQX and NOIEX have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LSVQX or NOIEX?

LSVQX has higher volatility (3.49%) compared to NOIEX (3.11%). In terms of maximum drawdown, LSVQX dropped -54.77% vs NOIEX's -45.66%.

Which has better risk-adjusted returns?

LSVQX currently has the higher Sharpe Ratio (2.04 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.