NGREX vs. NOINX

Last updated Aug 1, 2026

NGREX (Northern Global Real Estate Index Fund) and NOINX (Northern International Equity Index Fund) are both mutual funds - NGREX is a REIT fund managed by Northern Trust, while NOINX is a Foreign Large Cap Equities fund managed by Northern Trust. Over the past 10 years, NGREX returned 3.72%/yr vs 9.55%/yr for NOINX. Their 0.75 correlation means they have sometimes moved together and sometimes differently. NGREX charges 0.47%/yr vs 0.10%/yr for NOINX.

Performance

NGREX vs. NOINX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern Global Real Estate Index Fund (NGREX) and Northern International Equity Index Fund (NOINX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with NGREX having a 13.05% return and NOINX slightly lower at 12.75%. Over the past 10 years, NGREX has underperformed NOINX with an annualized return of 3.72%, while NOINX has yielded a comparatively higher 9.55% annualized return.

NGREX

• 1D: 0.00%
• 1M: 2.34%
• 6M: 8.86%
• YTD: 13.05%
• 1Y: 18.94%
• 3Y*: 10.16%
• 5Y*: 2.34%
• 10Y*: 3.72%
• ALL TIME*: 3.76%

NOINX

• 1D: 2.86%
• 1M: 2.01%
• 6M: 7.31%
• YTD: 12.75%
• 1Y: 26.27%
• 3Y*: 16.56%
• 5Y*: 9.58%
• 10Y*: 9.55%
• ALL TIME*: 6.32%

*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)
NGREX Northern Global Real Estate Index Fund	$0.00	$0.00	$0.00
NOINX Northern International Equity Index Fund	$0.00	$0.00	$0.00

NGREX vs. NOINX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NGREX Northern Global Real Estate Index Fund	13.05%	10.42%	2.63%	9.98%	-24.31%	22.71%	-8.35%	23.17%	-6.70%	14.36%
NOINX Northern International Equity Index Fund	12.75%	31.86%	3.69%	18.08%	-14.24%	11.08%	7.92%	21.98%	-13.76%	25.28%

Correlation

The correlation between NGREX and NOINX 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.	0.67
Correlation (5Y) Shows whether the relationship held over a longer period.	0.70
Correlation (10Y) Provides a long-term view across more market conditions.	0.69
Correlation (All Time) Calculated using the full available price history since Jul 27, 2006	0.75

The correlation between NGREX and NOINX has been stable across timeframes, ranging from 0.65 to 0.75 - a consistent structural relationship.

Return for Risk

NGREX vs. NOINX — Risk / Return Rank

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

NGREX

NGREX Risk / Return Rank: 38
NGREX Sharpe Ratio Rank: 37
NGREX Sortino Ratio Rank: 37
NGREX Omega Ratio Rank: 44
NGREX Calmar Ratio Rank: 35
NGREX Martin Ratio Rank: 38

NOINX

NOINX Risk / Return Rank: 61
NOINX Sharpe Ratio Rank: 59
NOINX Sortino Ratio Rank: 59
NOINX Omega Ratio Rank: 59
NOINX Calmar Ratio Rank: 66
NOINX Martin Ratio Rank: 63

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.

NGREX vs. NOINX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Global Real Estate Index Fund (NGREX) and Northern International Equity Index Fund (NOINX). 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.

	NGREX	NOINX	Difference
Sharpe ratio: Return per unit of total volatility	1.19	1.46	-0.26
Sortino ratio: Return per unit of downside risk	1.76	2.09	-0.33
Omega ratio: Gain probability vs. loss probability	1.24	1.27	-0.02
Calmar ratio: Return relative to maximum drawdown	1.58	2.17	-0.58
Martin ratio: Return relative to average drawdown	5.88	8.02	-2.15

NGREX vs. NOINX - Sharpe Ratio Comparison

The current NGREX Sharpe Ratio is 1.19, which is comparable to the NOINX Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of NGREX and NOINX, 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

NGREX vs. NOINX - Drawdown Comparison

The maximum NGREX drawdown since its inception was -72.37%, which is greater than NOINX's maximum drawdown of -61.10%. Use the drawdown chart below to compare losses from any high point for NGREX and NOINX.

Drawdown Indicators

	NGREX	NOINX	Difference
Max Drawdown Largest peak-to-trough decline	-72.37%	-61.10%	-11.27%
Max Drawdown (1Y) Largest decline over 1 year	-10.33%	-11.12%	+0.79%
Max Drawdown (3Y) Largest decline over 3 years	-17.07%	-13.73%	-3.34%
Max Drawdown (5Y) Largest decline over 5 years	-32.14%	-29.34%	-2.80%
Max Drawdown (10Y) Largest decline over 10 years	-41.06%	-33.69%	-7.37%
Current Drawdown Current decline from peak	-0.44%	0.00%	-0.44%
Average Drawdown Average peak-to-trough decline	-15.78%	-12.49%	-3.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.77%	2.99%	-0.22%

Volatility

NGREX vs. NOINX - Volatility Comparison

The current volatility for Northern Global Real Estate Index Fund (NGREX) is 3.02%, while Northern International Equity Index Fund (NOINX) has a volatility of 4.83%. This indicates that NGREX experiences smaller price fluctuations and is considered to be less risky than NOINX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NGREX	NOINX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.02%	4.83%	-1.81%
Volatility (6M) Calculated over the trailing 6-month period	11.85%	14.43%	-2.58%
Volatility (1Y) Calculated over the trailing 1-year period	13.70%	16.54%	-2.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.00%	16.20%	-0.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.07%	16.26%	+0.81%

NGREX vs. NOINX - Expense Ratio Comparison

NGREX has a 0.47% expense ratio, which is higher than NOINX's 0.10% expense ratio.

Dividends

NGREX vs. NOINX - Dividend Comparison

NGREX's dividend yield for the trailing twelve months is around 3.17%, which matches NOINX's 3.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NGREX Northern Global Real Estate Index Fund	3.17%	3.92%	3.71%	2.40%	1.85%	3.11%	2.09%	4.49%	3.91%	2.59%	4.36%	2.49%
NOINX Northern International Equity Index Fund	3.17%	3.57%	3.70%	3.37%	2.71%	3.19%	2.04%	3.08%	3.47%	2.45%	3.21%	2.74%

Frequently Asked Questions

Can I hold both NGREX and NOINX in my portfolio?

NGREX and NOINX 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, NGREX or NOINX?

NOINX has higher volatility (4.83%) compared to NGREX (3.02%). In terms of maximum drawdown, NGREX dropped -72.37% vs NOINX's -61.10%.

Which has better risk-adjusted returns?

NOINX currently has the higher Sharpe Ratio (1.46 vs 1.19), 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.