NOBOX vs. NOCBX
NOBOX (Northern Bond Index Fund) and NOCBX (Northern Core Bond Fund) are both Intermediate Core Bond funds from Northern Funds. Over the past 10 years, NOBOX returned 1.09%/yr vs 1.17%/yr for NOCBX. With a 0.95 correlation, they move nearly in lockstep. NOBOX charges 0.07%/yr vs 0.42%/yr for NOCBX.
Performance
NOBOX vs. NOCBX - Performance Comparison
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Returns By Period
In the year-to-date period, NOBOX achieves a 0.04% return, which is significantly higher than NOCBX's -0.01% return. Over the past 10 years, NOBOX has underperformed NOCBX with an annualized return of 1.09%, while NOCBX has yielded a comparatively higher 1.17% annualized return.
NOBOX
- 1D
- 0.55%
- 1M
- 0.59%
- YTD
- 0.04%
- 6M
- 0.63%
- 1Y
- 4.58%
- 3Y*
- 3.31%
- 5Y*
- -0.73%
- 10Y*
- 1.09%
NOCBX
- 1D
- 0.45%
- 1M
- 0.51%
- YTD
- -0.01%
- 6M
- 0.60%
- 1Y
- 4.56%
- 3Y*
- 3.36%
- 5Y*
- -0.70%
- 10Y*
- 1.17%
NOBOX vs. NOCBX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
NOCBX Northern Core Bond Fund | -0.01% | 6.17% | 1.10% | 5.07% | -14.51% | -1.62% | 7.32% | 9.76% | -1.03% | 4.05% |
Correlation
The correlation between NOBOX and NOCBX is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2007 | 0.95 |
The correlation between NOBOX and NOCBX has been stable across timeframes, ranging from 0.94 to 0.98 - a consistent structural relationship.
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Return for Risk
NOBOX vs. NOCBX — Risk / Return Rank
NOBOX
NOCBX
NOBOX vs. NOCBX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Northern Bond Index Fund (NOBOX) 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.
| NOBOX | NOCBX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.05 | ||
| Sortino ratioReturn per unit of downside risk | -0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.22 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.42 | 1.46 | -0.04 |
| Martin ratioReturn relative to average drawdown | 4.08 | 4.20 | -0.12 |
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Drawdowns
NOBOX vs. NOCBX - Drawdown Comparison
The maximum NOBOX drawdown since its inception was -20.03%, roughly equal to the maximum NOCBX drawdown of -20.02%. Use the drawdown chart below to compare losses from any high point for NOBOX and NOCBX.
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Drawdown Indicators
| NOBOX | NOCBX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.03% | -20.02% | -0.01% |
Max Drawdown (1Y)Largest decline over 1 year | -3.28% | -3.17% | -0.11% |
Max Drawdown (3Y)Largest decline over 3 years | -6.27% | -6.61% | +0.34% |
Max Drawdown (5Y)Largest decline over 5 years | -19.15% | -19.95% | +0.80% |
Max Drawdown (10Y)Largest decline over 10 years | -20.03% | -20.02% | -0.01% |
Current DrawdownCurrent decline from peak | -5.92% | -5.17% | -0.75% |
Average DrawdownAverage peak-to-trough decline | -3.55% | -2.92% | -0.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.13% | 1.10% | +0.03% |
Volatility
NOBOX vs. NOCBX - Volatility Comparison
Northern Bond Index Fund (NOBOX) and Northern Core Bond Fund (NOCBX) have volatilities of 1.51% and 1.46%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NOBOX | NOCBX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.51% | 1.46% | +0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 3.09% | 2.96% | +0.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.11% | 3.93% | +0.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.10% | 6.12% | -0.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.03% | 5.07% | -0.04% |
NOBOX vs. NOCBX - Expense Ratio Comparison
NOBOX has a 0.07% expense ratio, which is lower than NOCBX's 0.42% expense ratio.
Dividends
NOBOX vs. NOCBX - Dividend Comparison
NOBOX's dividend yield for the trailing twelve months is around 3.74%, less than NOCBX's 4.04% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
NOCBX Northern Core Bond Fund | 4.04% | 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
With a correlation of 0.94, NOBOX and NOCBX 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.
NOBOX has higher volatility (1.51%) compared to NOCBX (1.46%). In terms of maximum drawdown, NOBOX dropped -20.03% vs NOCBX's -20.02%.
NOCBX currently has the higher Sharpe Ratio (1.18 vs 1.14), 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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