NCITX vs. NOBOX

Last updated Jun 4, 2026

NCITX (Northern California Intermediate Tax-Exempt Fund) and NOBOX (Northern Bond Index Fund) are both mutual funds - NCITX is a Municipal Bonds fund managed by Northern Funds, while NOBOX is a Intermediate Core Bond fund managed by Northern Funds. Over the past 10 years, NCITX returned 1.43%/yr vs 1.14%/yr for NOBOX. A 0.53 correlation means they provide meaningful diversification when combined. NCITX charges 0.45%/yr vs 0.07%/yr for NOBOX.

Performance

NCITX vs. NOBOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern California Intermediate Tax-Exempt Fund (NCITX) and Northern Bond Index Fund (NOBOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NCITX achieves a 0.31% return, which is significantly higher than NOBOX's 0.04% return. Over the past 10 years, NCITX has outperformed NOBOX with an annualized return of 1.43%, while NOBOX has yielded a comparatively lower 1.14% annualized return.

NCITX

• 1D: 0.10%
• 1M: 0.46%
• YTD: 0.31%
• 6M: 0.60%
• 1Y: 5.28%
• 3Y*: 3.36%
• 5Y*: 0.20%
• 10Y*: 1.43%

NOBOX

• 1D: 0.00%
• 1M: 0.48%
• YTD: 0.04%
• 6M: -0.02%
• 1Y: 5.04%
• 3Y*: 3.31%
• 5Y*: -0.58%
• 10Y*: 1.14%

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

NCITX vs. NOBOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NCITX Northern California Intermediate Tax-Exempt Fund	0.31%	4.63%	2.05%	4.43%	-9.77%	0.25%	4.45%	6.51%	1.26%	4.43%
NOBOX Northern Bond Index Fund	0.04%	6.14%	0.82%	4.86%	-13.84%	-2.10%	7.20%	8.73%	-0.17%	3.60%

Correlation

The correlation between NCITX and NOBOX is 0.57, 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	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (10Y) Calculated over the trailing 10-year period	0.54
Correlation (All Time) Calculated using the full available price history since Mar 1, 2007	0.53

The correlation between NCITX and NOBOX has been stable across timeframes, ranging from 0.53 to 0.62 - a consistent structural relationship.

Return for Risk

NCITX vs. NOBOX — Risk / Return Rank

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

NCITX

NCITX Risk / Return Rank: 17
NCITX Sharpe Ratio Rank: 7
NCITX Sortino Ratio Rank: 7
NCITX Omega Ratio Rank: 47
NCITX Calmar Ratio Rank: 8
NCITX Martin Ratio Rank: 16

NOBOX

NOBOX Risk / Return Rank: 19
NOBOX Sharpe Ratio Rank: 19
NOBOX Sortino Ratio Rank: 21
NOBOX Omega Ratio Rank: 20
NOBOX Calmar Ratio Rank: 19
NOBOX Martin Ratio Rank: 17

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.

NCITX vs. NOBOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern California Intermediate Tax-Exempt Fund (NCITX) and Northern Bond Index Fund (NOBOX). 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.

	NCITX	NOBOX	Difference
Sharpe ratio: Return per unit of total volatility	0.53	1.24	-0.71
Sortino ratio: Return per unit of downside risk	0.83	1.92	-1.09
Omega ratio: Gain probability vs. loss probability	1.37	1.23	+0.14
Calmar ratio: Return relative to maximum drawdown	0.80	1.56	-0.76
Martin ratio: Return relative to average drawdown	4.45	4.71	-0.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NCITX vs. NOBOX - Sharpe Ratio Comparison

The current NCITX Sharpe Ratio is 0.53, which is lower than the NOBOX Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of NCITX and NOBOX, 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

	NCITX	NOBOX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.53	1.24	-0.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.04	-0.10	+0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.30	0.23	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.85	0.59	+0.26

Drawdowns

NCITX vs. NOBOX - Drawdown Comparison

The maximum NCITX drawdown since its inception was -14.27%, smaller than the maximum NOBOX drawdown of -20.03%. Use the drawdown chart below to compare losses from any high point for NCITX and NOBOX.

Drawdown Indicators

	NCITX	NOBOX	Difference
Max Drawdown Largest peak-to-trough decline	-14.27%	-20.03%	+5.76%
Max Drawdown (1Y) Largest decline over 1 year	-6.69%	-3.28%	-3.41%
Max Drawdown (3Y) Largest decline over 3 years	-6.69%	-6.27%	-0.42%
Max Drawdown (5Y) Largest decline over 5 years	-14.27%	-19.15%	+4.88%
Max Drawdown (10Y) Largest decline over 10 years	-14.27%	-20.03%	+5.76%
Current Drawdown Current decline from peak	-1.77%	-5.92%	+4.15%
Average Drawdown Average peak-to-trough decline	-2.03%	-3.54%	+1.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.20%	1.08%	+0.12%

Volatility

NCITX vs. NOBOX - Volatility Comparison

The current volatility for Northern California Intermediate Tax-Exempt Fund (NCITX) is 0.94%, while Northern Bond Index Fund (NOBOX) has a volatility of 1.49%. This indicates that NCITX experiences smaller price fluctuations and is considered to be less risky than NOBOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NCITX	NOBOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.94%	1.49%	-0.55%
Volatility (6M) Calculated over the trailing 6-month period	2.02%	3.05%	-1.03%
Volatility (1Y) Calculated over the trailing 1-year period	10.05%	4.13%	+5.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.64%	6.09%	-0.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.87%	5.03%	-0.16%

NCITX vs. NOBOX - Expense Ratio Comparison

NCITX has a 0.45% expense ratio, which is higher than NOBOX's 0.07% expense ratio.

Dividends

NCITX vs. NOBOX - Dividend Comparison

NCITX's dividend yield for the trailing twelve months is around 2.61%, less than NOBOX's 3.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NCITX Northern California Intermediate Tax-Exempt Fund	2.61%	2.46%	2.84%	2.16%	1.38%	1.81%	2.30%	2.73%	2.66%	2.82%	3.46%	2.58%
NOBOX Northern Bond Index Fund	3.74%	2.88%	3.46%	2.63%	1.53%	2.10%	3.12%	3.18%	2.80%	2.77%	2.45%	2.61%

Frequently Asked Questions

Can I hold both NCITX and NOBOX in my portfolio?

NCITX and NOBOX have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NCITX or NOBOX?

NOBOX has higher volatility (1.49%) compared to NCITX (0.94%). In terms of maximum drawdown, NCITX dropped -14.27% vs NOBOX's -20.03%.

Which has better risk-adjusted returns?

NOBOX currently has the higher Sharpe Ratio (1.24 vs 0.53), 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.