NOCBX vs. VBTLX

Last updated Jun 4, 2026

NOCBX (Northern Core Bond Fund) and VBTLX (Vanguard Total Bond Market Index Fund Admiral Shares) are both mutual funds - NOCBX is a Intermediate Core Bond fund managed by Northern Funds, while VBTLX is a Total Bond Market fund managed by Vanguard. Over the past 10 years, NOCBX returned 1.20%/yr vs 1.58%/yr for VBTLX. Their correlation of 0.90 suggests significant overlap in exposure. NOCBX charges 0.42%/yr vs 0.05%/yr for VBTLX.

Performance

NOCBX vs. VBTLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern Core Bond Fund (NOCBX) and Vanguard Total Bond Market Index Fund Admiral Shares (VBTLX). 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 VBTLX's 0.42% return. Over the past 10 years, NOCBX has underperformed VBTLX with an annualized return of 1.20%, while VBTLX has yielded a comparatively higher 1.58% annualized return.

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%

VBTLX

• 1D: 0.00%
• 1M: 0.55%
• YTD: 0.42%
• 6M: 0.35%
• 1Y: 5.34%
• 3Y*: 4.05%
• 5Y*: 0.21%
• 10Y*: 1.58%

*Multi-year figures are annualized to reflect compound growth (CAGR)

NOCBX vs. VBTLX - 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%
VBTLX Vanguard Total Bond Market Index Fund Admiral Shares	0.42%	7.17%	1.26%	5.74%	-13.16%	-1.81%	7.72%	8.73%	-0.25%	3.56%

Correlation

The correlation between NOCBX and VBTLX is 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Nov 13, 2001	0.90

The correlation between NOCBX and VBTLX shifts across timeframes, from 0.78 (1 year) to 0.93 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

NOCBX vs. VBTLX — 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

VBTLX

VBTLX Risk / Return Rank: 23
VBTLX Sharpe Ratio Rank: 23
VBTLX Sortino Ratio Rank: 24
VBTLX Omega Ratio Rank: 21
VBTLX Calmar Ratio Rank: 25
VBTLX Martin Ratio Rank: 21

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. VBTLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Core Bond Fund (NOCBX) and Vanguard Total Bond Market Index Fund Admiral Shares (VBTLX). 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	VBTLX	Difference
Sharpe ratio Return per unit of total volatility	1.29	1.36	-0.06
Sortino ratio Return per unit of downside risk	2.03	2.04	-0.01
Omega ratio Gain probability vs. loss probability	1.24	1.24	0.00
Calmar ratio Return relative to maximum drawdown	1.61	1.86	-0.24
Martin ratio Return relative to average drawdown	4.86	5.58	-0.72
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. VBTLX - Sharpe Ratio Comparison

The current NOCBX Sharpe Ratio is 1.29, which is comparable to the VBTLX Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of NOCBX and VBTLX, 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	VBTLX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.29	1.36	-0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.09	0.04	-0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.24	0.32	-0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.70	0.76	-0.06

Drawdowns

NOCBX vs. VBTLX - Drawdown Comparison

The maximum NOCBX drawdown since its inception was -20.02%, which is greater than VBTLX's maximum drawdown of -18.81%. Use the drawdown chart below to compare losses from any high point for NOCBX and VBTLX.

Drawdown Indicators

	NOCBX	VBTLX	Difference
Max Drawdown Largest peak-to-trough decline	-20.02%	-18.81%	-1.21%
Max Drawdown (1Y) Largest decline over 1 year	-3.17%	-2.89%	-0.28%
Max Drawdown (3Y) Largest decline over 3 years	-6.61%	-6.00%	-0.61%
Max Drawdown (5Y) Largest decline over 5 years	-19.95%	-18.14%	-1.81%
Max Drawdown (10Y) Largest decline over 10 years	-20.02%	-18.81%	-1.21%
Current Drawdown Current decline from peak	-5.17%	-2.18%	-2.99%
Average Drawdown Average peak-to-trough decline	-2.92%	-2.67%	-0.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.05%	0.96%	+0.09%

Volatility

NOCBX vs. VBTLX - Volatility Comparison

Northern Core Bond Fund (NOCBX) has a higher volatility of 1.46% compared to Vanguard Total Bond Market Index Fund Admiral Shares (VBTLX) at 1.38%. This indicates that NOCBX's price experiences larger fluctuations and is considered to be riskier than VBTLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NOCBX	VBTLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.46%	1.38%	+0.08%
Volatility (6M) Calculated over the trailing 6-month period	2.93%	2.80%	+0.13%
Volatility (1Y) Calculated over the trailing 1-year period	3.98%	3.97%	+0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.12%	6.01%	+0.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.07%	4.98%	+0.09%

NOCBX vs. VBTLX - Expense Ratio Comparison

NOCBX has a 0.42% expense ratio, which is higher than VBTLX's 0.05% expense ratio.

Dividends

NOCBX vs. VBTLX - Dividend Comparison

NOCBX's dividend yield for the trailing twelve months is around 4.04%, more than VBTLX's 3.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VBTLX Vanguard Total Bond Market Index Fund Admiral Shares	3.98%	3.87%	3.69%	3.10%	2.59%	1.96%	2.39%	2.74%	2.57%	2.56%	2.53%	2.82%

Frequently Asked Questions

Can I hold both NOCBX and VBTLX in my portfolio?

NOCBX and VBTLX have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NOCBX or VBTLX?

NOCBX has higher volatility (1.46%) compared to VBTLX (1.38%). In terms of maximum drawdown, NOCBX dropped -20.02% vs VBTLX's -18.81%.

Which has better risk-adjusted returns?

VBTLX currently has the higher Sharpe Ratio (1.36 vs 1.29), 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.