NOCBX vs. NOBOX

Last updated Jun 4, 2026

NOCBX (Northern Core Bond Fund) and NOBOX (Northern Bond Index Fund) are both Intermediate Core Bond funds from Northern Funds. Over the past 10 years, NOCBX returned 1.20%/yr vs 1.14%/yr for NOBOX. With a 0.95 correlation, they move nearly in lockstep. NOCBX charges 0.42%/yr vs 0.07%/yr for NOBOX.

Performance

NOCBX vs. NOBOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern Core Bond Fund (NOCBX) 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, NOCBX achieves a -0.01% return, which is significantly lower than NOBOX's 0.04% return. Both investments have delivered pretty close results over the past 10 years, with NOCBX having a 1.20% annualized return and NOBOX not far behind at 1.14%.

NOCBX

• 1D: 0.00%
• 1M: 0.51%
• YTD: -0.01%
• 6M: -0.07%
• 1Y: 5.04%
• 3Y*: 3.36%
• 5Y*: -0.53%
• 10Y*: 1.20%

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)

NOCBX vs. NOBOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
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 NOCBX and NOBOX is 0.95, 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	0.95
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 Mar 1, 2007	0.95

The correlation between NOCBX and NOBOX has been stable across timeframes, ranging from 0.95 to 0.98 - a consistent structural relationship.

Return for Risk

NOCBX vs. NOBOX — Risk / Return Rank

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

NOCBX

NOCBX Risk / Return Rank: 20
NOCBX Sharpe Ratio Rank: 20
NOCBX Sortino Ratio Rank: 23
NOCBX Omega Ratio Rank: 21
NOCBX Calmar Ratio Rank: 20
NOCBX Martin Ratio Rank: 18

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.

NOCBX vs. NOBOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Core Bond Fund (NOCBX) 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.

	NOCBX	NOBOX	Difference
Sharpe ratio Return per unit of total volatility	1.29	1.24	+0.05
Sortino ratio Return per unit of downside risk	2.03	1.92	+0.11
Omega ratio Gain probability vs. loss probability	1.24	1.23	+0.01
Calmar ratio Return relative to maximum drawdown	1.61	1.56	+0.05
Martin ratio Return relative to average drawdown	4.86	4.71	+0.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NOCBX vs. NOBOX - Sharpe Ratio Comparison

The current NOCBX Sharpe Ratio is 1.29, which is comparable to the NOBOX Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of NOCBX 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

	NOCBX	NOBOX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.29	1.24	+0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.09	-0.10	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.24	0.23	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.70	0.59	+0.11

Drawdowns

NOCBX vs. NOBOX - Drawdown Comparison

The maximum NOCBX drawdown since its inception was -20.02%, roughly equal to the maximum NOBOX drawdown of -20.03%. Use the drawdown chart below to compare losses from any high point for NOCBX and NOBOX.

Drawdown Indicators

	NOCBX	NOBOX	Difference
Max Drawdown Largest peak-to-trough decline	-20.02%	-20.03%	+0.01%
Max Drawdown (1Y) Largest decline over 1 year	-3.17%	-3.28%	+0.11%
Max Drawdown (3Y) Largest decline over 3 years	-6.61%	-6.27%	-0.34%
Max Drawdown (5Y) Largest decline over 5 years	-19.95%	-19.15%	-0.80%
Max Drawdown (10Y) Largest decline over 10 years	-20.02%	-20.03%	+0.01%
Current Drawdown Current decline from peak	-5.17%	-5.92%	+0.75%
Average Drawdown Average peak-to-trough decline	-2.92%	-3.54%	+0.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.05%	1.08%	-0.03%

Volatility

NOCBX vs. NOBOX - Volatility Comparison

Northern Core Bond Fund (NOCBX) and Northern Bond Index Fund (NOBOX) have volatilities of 1.46% and 1.49%, 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.

Volatility by Period

	NOCBX	NOBOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.46%	1.49%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	2.93%	3.05%	-0.12%
Volatility (1Y) Calculated over the trailing 1-year period	3.98%	4.13%	-0.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.12%	6.09%	+0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.07%	5.03%	+0.04%

NOCBX vs. NOBOX - Expense Ratio Comparison

NOCBX has a 0.42% expense ratio, which is higher than NOBOX's 0.07% expense ratio.

Dividends

NOCBX vs. NOBOX - Dividend Comparison

NOCBX's dividend yield for the trailing twelve months is around 4.04%, more than NOBOX's 3.74% 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

Can I hold both NOCBX and NOBOX in my portfolio?

With a correlation of 0.95, NOCBX and NOBOX 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.

Which is riskier, NOCBX or NOBOX?

NOBOX has higher volatility (1.49%) compared to NOCBX (1.46%). In terms of maximum drawdown, NOCBX dropped -20.02% vs NOBOX's -20.03%.

Which has better risk-adjusted returns?

NOCBX currently has the higher Sharpe Ratio (1.29 vs 1.24), 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.