NCBIX vs. NCICX

Last updated Jun 3, 2026

NCBIX (New Covenant Balanced Income Fund) and NCICX (New Covenant Income Fund) are both mutual funds - NCBIX is a Diversified Portfolio fund managed by New Covenant, while NCICX is a Short-Term Bond fund managed by New Covenant. Over the past 10 years, NCBIX returned 5.81%/yr vs 1.45%/yr for NCICX. At a 0.19 correlation, their price movements are largely independent. NCBIX charges 0.15%/yr vs 0.96%/yr for NCICX.

Performance

NCBIX vs. NCICX - Performance Comparison

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

Returns By Period

In the year-to-date period, NCBIX achieves a 3.97% return, which is significantly higher than NCICX's 0.18% return. Over the past 10 years, NCBIX has outperformed NCICX with an annualized return of 5.81%, while NCICX has yielded a comparatively lower 1.45% annualized return.

NCBIX

• 1D: 0.04%
• 1M: 1.79%
• YTD: 3.97%
• 6M: 4.22%
• 1Y: 12.72%
• 3Y*: 9.84%
• 5Y*: 4.36%
• 10Y*: 5.81%

NCICX

• 1D: -0.09%
• 1M: -0.05%
• YTD: 0.18%
• 6M: 0.35%
• 1Y: 4.79%
• 3Y*: 4.17%
• 5Y*: 0.21%
• 10Y*: 1.45%

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

NCBIX vs. NCICX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NCBIX New Covenant Balanced Income Fund	3.97%	10.38%	8.77%	11.71%	-13.79%	6.85%	11.65%	14.60%	-2.01%	8.69%
NCICX New Covenant Income Fund	0.18%	7.13%	2.13%	5.15%	-11.32%	-2.06%	5.93%	7.16%	-0.10%	2.51%

Correlation

The correlation between NCBIX and NCICX is 0.54, 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	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.52
Correlation (10Y) Calculated over the trailing 10-year period	0.35
Correlation (All Time) Calculated using the full available price history since Jul 1, 1999	0.19

Over the past year, NCBIX and NCICX have become more correlated (0.54) than their long-term average of 0.19, meaning their price movements have been converging.

Return for Risk

NCBIX vs. NCICX — Risk / Return Rank

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

NCBIX

NCBIX Risk / Return Rank: 72
NCBIX Sharpe Ratio Rank: 71
NCBIX Sortino Ratio Rank: 76
NCBIX Omega Ratio Rank: 69
NCBIX Calmar Ratio Rank: 67
NCBIX Martin Ratio Rank: 77

NCICX

NCICX Risk / Return Rank: 25
NCICX Sharpe Ratio Rank: 23
NCICX Sortino Ratio Rank: 25
NCICX Omega Ratio Rank: 22
NCICX Calmar Ratio Rank: 28
NCICX Martin Ratio Rank: 24

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.

NCBIX vs. NCICX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for New Covenant Balanced Income Fund (NCBIX) and New Covenant Income Fund (NCICX). 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.

	NCBIX	NCICX	Difference
Sharpe ratio Return per unit of total volatility	2.45	1.39	+1.05
Sortino ratio Return per unit of downside risk	3.64	2.11	+1.54
Omega ratio Gain probability vs. loss probability	1.47	1.25	+0.22
Calmar ratio Return relative to maximum drawdown	3.16	2.00	+1.16
Martin ratio Return relative to average drawdown	14.44	6.14	+8.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NCBIX vs. NCICX - Sharpe Ratio Comparison

The current NCBIX Sharpe Ratio is 2.45, which is higher than the NCICX Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of NCBIX and NCICX, 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

	NCBIX	NCICX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.45	1.39	+1.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.61	0.04	+0.57
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.83	0.38	+0.44
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.78	-0.25

Drawdowns

NCBIX vs. NCICX - Drawdown Comparison

The maximum NCBIX drawdown since its inception was -32.19%, which is greater than NCICX's maximum drawdown of -21.12%. Use the drawdown chart below to compare losses from any high point for NCBIX and NCICX.

Drawdown Indicators

	NCBIX	NCICX	Difference
Max Drawdown Largest peak-to-trough decline	-32.19%	-21.12%	-11.07%
Max Drawdown (1Y) Largest decline over 1 year	-4.05%	-2.51%	-1.54%
Max Drawdown (3Y) Largest decline over 3 years	-6.29%	-4.71%	-1.58%
Max Drawdown (5Y) Largest decline over 5 years	-17.67%	-16.08%	-1.59%
Max Drawdown (10Y) Largest decline over 10 years	-17.67%	-16.36%	-1.31%
Current Drawdown Current decline from peak	0.00%	-1.36%	+1.36%
Average Drawdown Average peak-to-trough decline	-3.48%	-2.55%	-0.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.89%	0.82%	+0.07%

Volatility

NCBIX vs. NCICX - Volatility Comparison

New Covenant Balanced Income Fund (NCBIX) has a higher volatility of 1.74% compared to New Covenant Income Fund (NCICX) at 1.15%. This indicates that NCBIX's price experiences larger fluctuations and is considered to be riskier than NCICX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NCBIX	NCICX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.74%	1.15%	+0.59%
Volatility (6M) Calculated over the trailing 6-month period	4.10%	2.38%	+1.72%
Volatility (1Y) Calculated over the trailing 1-year period	5.23%	3.31%	+1.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.16%	4.81%	+2.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.06%	3.79%	+3.27%

NCBIX vs. NCICX - Expense Ratio Comparison

NCBIX has a 0.15% expense ratio, which is lower than NCICX's 0.96% expense ratio.

Dividends

NCBIX vs. NCICX - Dividend Comparison

NCBIX's dividend yield for the trailing twelve months is around 5.92%, more than NCICX's 3.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NCBIX New Covenant Balanced Income Fund	5.92%	6.15%	5.21%	1.97%	2.72%	4.22%	5.49%	4.14%	5.85%	2.05%	1.23%	7.37%
NCICX New Covenant Income Fund	3.27%	3.24%	3.17%	2.79%	1.51%	1.46%	3.17%	2.43%	2.26%	1.92%	1.72%	1.80%

Frequently Asked Questions

Can I hold both NCBIX and NCICX in my portfolio?

NCBIX and NCICX have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NCBIX or NCICX?

NCBIX has higher volatility (1.74%) compared to NCICX (1.15%). In terms of maximum drawdown, NCBIX dropped -32.19% vs NCICX's -21.12%.

Which has better risk-adjusted returns?

NCBIX currently has the higher Sharpe Ratio (2.45 vs 1.39), 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.