NOBOX vs. TBIIX
NOBOX (Northern Bond Index Fund) and TBIIX (TIAA-CREF Bond Index Fund) are both Intermediate Core Bond funds. Over the past 10 years, NOBOX returned 1.12%/yr vs 1.40%/yr for TBIIX. Their correlation of 0.91 suggests significant overlap in exposure. Both charge a 0.07% expense ratio.
Performance
NOBOX vs. TBIIX - Performance Comparison
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Returns By Period
In the year-to-date period, NOBOX achieves a 0.04% return, which is significantly lower than TBIIX's 0.41% return. Over the past 10 years, NOBOX has underperformed TBIIX with an annualized return of 1.12%, while TBIIX has yielded a comparatively higher 1.40% annualized return.
NOBOX
- 1D
- 0.22%
- 1M
- 1.03%
- YTD
- 0.04%
- 6M
- 0.15%
- 1Y
- 4.47%
- 3Y*
- 3.31%
- 5Y*
- -0.75%
- 10Y*
- 1.12%
TBIIX
- 1D
- 0.21%
- 1M
- 0.86%
- YTD
- 0.41%
- 6M
- 0.74%
- 1Y
- 4.71%
- 3Y*
- 3.85%
- 5Y*
- -0.28%
- 10Y*
- 1.40%
NOBOX vs. TBIIX - 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% |
TBIIX TIAA-CREF Bond Index Fund | 0.41% | 7.12% | 1.13% | 5.13% | -13.61% | -1.81% | 7.69% | 8.58% | -0.25% | 3.43% |
Correlation
The correlation between NOBOX and TBIIX is 0.77, 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 | 0.77 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.90 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.94 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.91 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2010 | 0.91 |
The correlation between NOBOX and TBIIX shifts across timeframes, from 0.77 (1 year) to 0.94 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
NOBOX vs. TBIIX — Risk / Return Rank
NOBOX
TBIIX
NOBOX vs. TBIIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Northern Bond Index Fund (NOBOX) and TIAA-CREF Bond Index Fund (TBIIX). 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 | TBIIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.09 | ||
| Sortino ratioReturn per unit of downside risk | -0.07 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.21 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.38 | 1.62 | -0.24 |
| Martin ratioReturn relative to average drawdown | 3.88 | 4.66 | -0.77 |
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Drawdowns
NOBOX vs. TBIIX - Drawdown Comparison
The maximum NOBOX drawdown since its inception was -20.03%, roughly equal to the maximum TBIIX drawdown of -19.33%. Use the drawdown chart below to compare losses from any high point for NOBOX and TBIIX.
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Drawdown Indicators
| NOBOX | TBIIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.03% | -19.33% | -0.70% |
Max Drawdown (1Y)Largest decline over 1 year | -3.28% | -2.99% | -0.29% |
Max Drawdown (3Y)Largest decline over 3 years | -6.27% | -6.17% | -0.10% |
Max Drawdown (5Y)Largest decline over 5 years | -19.15% | -18.68% | -0.47% |
Max Drawdown (10Y)Largest decline over 10 years | -20.03% | -19.33% | -0.70% |
Current DrawdownCurrent decline from peak | -5.92% | -3.49% | -2.43% |
Average DrawdownAverage peak-to-trough decline | -3.55% | -3.68% | +0.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.16% | 1.04% | +0.12% |
Volatility
NOBOX vs. TBIIX - Volatility Comparison
Northern Bond Index Fund (NOBOX) has a higher volatility of 1.34% compared to TIAA-CREF Bond Index Fund (TBIIX) at 1.23%. This indicates that NOBOX's price experiences larger fluctuations and is considered to be riskier than TBIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NOBOX | TBIIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.34% | 1.23% | +0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 3.09% | 2.95% | +0.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.06% | 4.01% | +0.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.10% | 6.08% | +0.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.03% | 5.02% | +0.01% |
NOBOX vs. TBIIX - Expense Ratio Comparison
Both NOBOX and TBIIX have an expense ratio of 0.07%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
NOBOX vs. TBIIX - Dividend Comparison
NOBOX's dividend yield for the trailing twelve months is around 3.74%, less than TBIIX's 3.90% 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% |
TBIIX TIAA-CREF Bond Index Fund | 3.90% | 3.73% | 3.14% | 2.44% | 2.11% | 2.07% | 3.17% | 2.82% | 2.46% | 2.44% | 2.31% | 2.61% |
Frequently Asked Questions
NOBOX and TBIIX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NOBOX has higher volatility (1.34%) compared to TBIIX (1.23%). In terms of maximum drawdown, NOBOX dropped -20.03% vs TBIIX's -19.33%.
TBIIX currently has the higher Sharpe Ratio (1.21 vs 1.12), 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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