NCBGX vs. NCGFX

Last updated Jun 3, 2026

NCBGX (New Covenant Balanced Growth Fund) and NCGFX (New Covenant Growth Fund) are both mutual funds - NCBGX is a Diversified Portfolio fund managed by New Covenant, while NCGFX is a Large Cap Blend Equities fund managed by New Covenant. Over the past 10 years, NCBGX returned 8.93%/yr vs 13.80%/yr for NCGFX. With a 0.98 correlation, they move nearly in lockstep. NCBGX charges 0.13%/yr vs 0.97%/yr for NCGFX.

Performance

NCBGX vs. NCGFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in New Covenant Balanced Growth Fund (NCBGX) and New Covenant Growth Fund (NCGFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NCBGX achieves a 6.69% return, which is significantly lower than NCGFX's 11.07% return. Over the past 10 years, NCBGX has underperformed NCGFX with an annualized return of 8.93%, while NCGFX has yielded a comparatively higher 13.80% annualized return.

NCBGX

• 1D: 0.16%
• 1M: 3.03%
• YTD: 6.69%
• 6M: 7.03%
• 1Y: 18.63%
• 3Y*: 14.04%
• 5Y*: 7.38%
• 10Y*: 8.93%

NCGFX

• 1D: 0.30%
• 1M: 5.02%
• YTD: 11.07%
• 6M: 11.37%
• 1Y: 28.36%
• 3Y*: 20.85%
• 5Y*: 11.18%
• 10Y*: 13.80%

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

NCBGX vs. NCGFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NCBGX New Covenant Balanced Growth Fund	6.69%	12.56%	13.80%	16.76%	-15.81%	13.68%	15.42%	20.38%	-3.42%	13.47%
NCGFX New Covenant Growth Fund	11.07%	15.84%	22.15%	25.24%	-19.62%	20.69%	20.25%	30.23%	-6.07%	21.60%

Correlation

The correlation between NCBGX and NCGFX is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.98
Correlation (All Time) Calculated using the full available price history since Jul 1, 1999	0.98

The correlation between NCBGX and NCGFX has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.

Return for Risk

NCBGX vs. NCGFX — Risk / Return Rank

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

NCBGX

NCBGX Risk / Return Rank: 70
NCBGX Sharpe Ratio Rank: 69
NCBGX Sortino Ratio Rank: 70
NCBGX Omega Ratio Rank: 64
NCBGX Calmar Ratio Rank: 70
NCBGX Martin Ratio Rank: 78

NCGFX

NCGFX Risk / Return Rank: 64
NCGFX Sharpe Ratio Rank: 64
NCGFX Sortino Ratio Rank: 59
NCGFX Omega Ratio Rank: 58
NCGFX Calmar Ratio Rank: 64
NCGFX Martin Ratio Rank: 73

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.

NCBGX vs. NCGFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for New Covenant Balanced Growth Fund (NCBGX) and New Covenant Growth Fund (NCGFX). 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.

	NCBGX	NCGFX	Difference
Sharpe ratio Return per unit of total volatility	2.42	2.35	+0.07
Sortino ratio Return per unit of downside risk	3.47	3.22	+0.25
Omega ratio Gain probability vs. loss probability	1.45	1.42	+0.03
Calmar ratio Return relative to maximum drawdown	3.24	3.09	+0.15
Martin ratio Return relative to average drawdown	14.75	13.91	+0.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NCBGX vs. NCGFX - Sharpe Ratio Comparison

The current NCBGX Sharpe Ratio is 2.42, which is comparable to the NCGFX Sharpe Ratio of 2.35. The chart below compares the historical Sharpe Ratios of NCBGX and NCGFX, 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

	NCBGX	NCGFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.42	2.35	+0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.68	0.61	+0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.80	0.73	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.38	+0.09

Drawdowns

NCBGX vs. NCGFX - Drawdown Comparison

The maximum NCBGX drawdown since its inception was -41.27%, smaller than the maximum NCGFX drawdown of -55.18%. Use the drawdown chart below to compare losses from any high point for NCBGX and NCGFX.

Drawdown Indicators

	NCBGX	NCGFX	Difference
Max Drawdown Largest peak-to-trough decline	-41.27%	-55.18%	+13.91%
Max Drawdown (1Y) Largest decline over 1 year	-5.81%	-9.31%	+3.50%
Max Drawdown (3Y) Largest decline over 3 years	-11.76%	-25.32%	+13.56%
Max Drawdown (5Y) Largest decline over 5 years	-20.39%	-28.10%	+7.71%
Max Drawdown (10Y) Largest decline over 10 years	-22.98%	-34.28%	+11.30%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-5.90%	-11.47%	+5.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.28%	2.07%	-0.79%

Volatility

NCBGX vs. NCGFX - Volatility Comparison

The current volatility for New Covenant Balanced Growth Fund (NCBGX) is 2.25%, while New Covenant Growth Fund (NCGFX) has a volatility of 3.05%. This indicates that NCBGX experiences smaller price fluctuations and is considered to be less risky than NCGFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NCBGX	NCGFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.25%	3.05%	-0.80%
Volatility (6M) Calculated over the trailing 6-month period	6.02%	9.32%	-3.30%
Volatility (1Y) Calculated over the trailing 1-year period	7.83%	12.33%	-4.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.85%	18.51%	-7.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.28%	18.98%	-7.70%

NCBGX vs. NCGFX - Expense Ratio Comparison

NCBGX has a 0.13% expense ratio, which is lower than NCGFX's 0.97% expense ratio.

Dividends

NCBGX vs. NCGFX - Dividend Comparison

NCBGX's dividend yield for the trailing twelve months is around 8.43%, less than NCGFX's 8.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NCBGX New Covenant Balanced Growth Fund	8.43%	9.02%	7.48%	2.28%	4.15%	3.90%	6.65%	5.58%	6.72%	1.53%	0.99%	12.13%
NCGFX New Covenant Growth Fund	8.70%	9.67%	10.12%	6.81%	1.61%	1.45%	4.07%	5.55%	8.44%	6.54%	0.66%	7.83%

Frequently Asked Questions

Can I hold both NCBGX and NCGFX in my portfolio?

With a correlation of 0.99, NCBGX and NCGFX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, NCBGX or NCGFX?

NCGFX has higher volatility (3.05%) compared to NCBGX (2.25%). In terms of maximum drawdown, NCBGX dropped -41.27% vs NCGFX's -55.18%.

Which has better risk-adjusted returns?

NCBGX currently has the higher Sharpe Ratio (2.42 vs 2.35), 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.