NOAZX vs. NOCBX
NOAZX (Northern Arizona Tax Exempt Fund) and NOCBX (Northern Core Bond Fund) are both mutual funds - NOAZX is a Municipal Bonds fund managed by Northern Trust, while NOCBX is a Intermediate Core Bond fund managed by Northern Trust. Over the past 10 years, NOAZX returned 1.20%/yr vs 0.96%/yr for NOCBX. Their 0.54 correlation means they have sometimes moved together and sometimes differently. NOAZX charges 0.46%/yr vs 0.42%/yr for NOCBX.
Performance
NOAZX vs. NOCBX - Performance Comparison
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Returns By Period
In the year-to-date period, NOAZX achieves a -0.19% return, which is significantly higher than NOCBX's -1.13% return. Over the past 10 years, NOAZX has outperformed NOCBX with an annualized return of 1.20%, while NOCBX has yielded a comparatively lower 0.96% annualized return.
NOAZX
- 1D
- 0.00%
- 1M
- -1.71%
- 6M
- -1.07%
- YTD
- -0.19%
- 1Y
- 4.01%
- 3Y*
- 2.77%
- 5Y*
- -0.42%
- 10Y*
- 1.20%
- ALL TIME*
- 3.40%
NOCBX
- 1D
- 0.23%
- 1M
- -0.78%
- 6M
- -1.24%
- YTD
- -1.13%
- 1Y
- 1.36%
- 3Y*
- 3.31%
- 5Y*
- -1.26%
- 10Y*
- 0.96%
- ALL TIME*
- 3.04%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
NOAZX vs. NOCBX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NOAZX Northern Arizona Tax Exempt Fund | -0.19% | 2.96% | 1.95% | 4.86% | -10.12% | 0.08% | 4.07% | 6.97% | 1.21% | 5.13% |
NOCBX Northern Core Bond Fund | -1.13% | 6.17% | 1.10% | 5.07% | -14.51% | -1.62% | 7.32% | 9.76% | -1.03% | 4.05% |
Correlation
The correlation between NOAZX and NOCBX is 0.53, 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. | 0.53 |
Correlation (3Y) Balances recent behavior with more history. | 0.59 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.53 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.52 |
Correlation (All Time) Calculated using the full available price history since Mar 29, 2001 | 0.54 |
The correlation between NOAZX and NOCBX has been stable across timeframes, ranging from 0.52 to 0.59 - a consistent structural relationship.
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Return for Risk
NOAZX vs. NOCBX — Risk / Return Rank
NOAZX
NOCBX
NOAZX vs. NOCBX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Northern Arizona Tax Exempt Fund (NOAZX) and Northern Core Bond Fund (NOCBX). 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.
| NOAZX | NOCBX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.16 | ||
| Sortino ratioReturn per unit of downside risk | +1.77 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.10 | +0.32 |
| Calmar ratioReturn relative to maximum drawdown | 1.65 | 0.65 | +0.99 |
| Martin ratioReturn relative to average drawdown | 4.65 | 1.49 | +3.17 |
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Drawdowns
NOAZX vs. NOCBX - Drawdown Comparison
The maximum NOAZX drawdown since its inception was -15.15%, smaller than the maximum NOCBX drawdown of -20.02%. Use the drawdown chart below to compare losses from any high point for NOAZX and NOCBX.
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Drawdown Indicators
| NOAZX | NOCBX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.15% | -20.02% | +4.87% |
Max Drawdown (1Y)Largest decline over 1 year | -2.67% | -3.17% | +0.50% |
Max Drawdown (3Y)Largest decline over 3 years | -5.73% | -5.54% | -0.19% |
Max Drawdown (5Y)Largest decline over 5 years | -14.99% | -19.83% | +4.84% |
Max Drawdown (10Y)Largest decline over 10 years | -15.15% | -20.02% | +4.87% |
Current DrawdownCurrent decline from peak | -2.15% | -6.22% | +4.07% |
Average DrawdownAverage peak-to-trough decline | -2.17% | -2.93% | +0.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.94% | 1.38% | -0.44% |
Volatility
NOAZX vs. NOCBX - Volatility Comparison
The current volatility for Northern Arizona Tax Exempt Fund (NOAZX) is 0.71%, while Northern Core Bond Fund (NOCBX) has a volatility of 0.95%. This indicates that NOAZX experiences smaller price fluctuations and is considered to be less risky than NOCBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NOAZX | NOCBX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.71% | 0.95% | -0.24% |
Volatility (6M)Calculated over the trailing 6-month period | 2.12% | 2.95% | -0.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.60% | 3.87% | -1.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.98% | 6.11% | -2.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.98% | 5.08% | -1.10% |
NOAZX vs. NOCBX - Expense Ratio Comparison
NOAZX has a 0.46% expense ratio, which is higher than NOCBX's 0.42% expense ratio.
Dividends
NOAZX vs. NOCBX - Dividend Comparison
NOAZX's dividend yield for the trailing twelve months is around 2.90%, less than NOCBX's 3.69% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NOAZX Northern Arizona Tax Exempt Fund | 2.90% | 3.06% | 3.60% | 2.73% | 1.71% | 1.74% | 2.40% | 2.95% | 3.08% | 3.19% | 3.97% | 3.23% |
NOCBX Northern Core Bond Fund | 3.69% | 3.14% | 3.82% | 2.99% | 1.66% | 1.56% | 3.58% | 2.75% | 3.16% | 2.88% | 2.05% | 3.09% |
Frequently Asked Questions
NOAZX and NOCBX have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NOCBX has higher volatility (0.95%) compared to NOAZX (0.71%). In terms of maximum drawdown, NOAZX dropped -15.15% vs NOCBX's -20.02%.
NOAZX currently has the higher Sharpe Ratio (1.69 vs 0.54), 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.
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