NOEMX vs. EICOX

Last updated Jun 3, 2026

NOEMX (Northern Emerging Markets Equity Index Fund) and EICOX (Eaton Vance Emerging and Frontier Countries Equity Fund) are both Emerging Markets Diversified funds. Over the past 10 years, NOEMX returned 10.28%/yr vs 13.58%/yr for EICOX. Their correlation of 0.86 suggests significant overlap in exposure. NOEMX charges 0.22%/yr vs 1.31%/yr for EICOX.

Performance

NOEMX vs. EICOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern Emerging Markets Equity Index Fund (NOEMX) and Eaton Vance Emerging and Frontier Countries Equity Fund (EICOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with NOEMX having a 28.26% return and EICOX slightly lower at 27.24%. Over the past 10 years, NOEMX has underperformed EICOX with an annualized return of 10.28%, while EICOX has yielded a comparatively higher 13.58% annualized return.

NOEMX

• 1D: 1.58%
• 1M: 10.45%
• YTD: 28.26%
• 6M: 30.99%
• 1Y: 57.19%
• 3Y*: 24.41%
• 5Y*: 7.35%
• 10Y*: 10.28%

EICOX

• 1D: 1.70%
• 1M: 11.16%
• YTD: 27.24%
• 6M: 31.94%
• 1Y: 51.83%
• 3Y*: 28.82%
• 5Y*: 15.92%
• 10Y*: 13.58%

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

NOEMX vs. EICOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NOEMX Northern Emerging Markets Equity Index Fund	28.26%	33.67%	7.10%	9.20%	-20.53%	-3.36%	17.63%	18.32%	-15.04%	37.34%
EICOX Eaton Vance Emerging and Frontier Countries Equity Fund	27.24%	33.22%	11.99%	25.78%	-14.59%	13.43%	13.46%	12.59%	-14.57%	31.41%

Correlation

The correlation between NOEMX and EICOX is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Jan 5, 2015	0.86

The correlation between NOEMX and EICOX shifts across timeframes, from 0.74 (1 year) to 0.86 (all time), reflecting how their relationship changes across market environments.

Return for Risk

NOEMX vs. EICOX — Risk / Return Rank

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

NOEMX

NOEMX Risk / Return Rank: 91
NOEMX Sharpe Ratio Rank: 97
NOEMX Sortino Ratio Rank: 92
NOEMX Omega Ratio Rank: 91
NOEMX Calmar Ratio Rank: 88
NOEMX Martin Ratio Rank: 87

EICOX

EICOX Risk / Return Rank: 86
EICOX Sharpe Ratio Rank: 94
EICOX Sortino Ratio Rank: 87
EICOX Omega Ratio Rank: 90
EICOX Calmar Ratio Rank: 82
EICOX Martin Ratio Rank: 77

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.

NOEMX vs. EICOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Emerging Markets Equity Index Fund (NOEMX) and Eaton Vance Emerging and Frontier Countries Equity Fund (EICOX). 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.

	NOEMX	EICOX	Difference
Sharpe ratio Return per unit of total volatility	3.61	3.27	+0.34
Sortino ratio Return per unit of downside risk	4.59	4.17	+0.42
Omega ratio Gain probability vs. loss probability	1.66	1.65	+0.01
Calmar ratio Return relative to maximum drawdown	4.31	3.77	+0.54
Martin ratio Return relative to average drawdown	16.77	14.50	+2.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NOEMX vs. EICOX - Sharpe Ratio Comparison

The current NOEMX Sharpe Ratio is 3.61, which is comparable to the EICOX Sharpe Ratio of 3.27. The chart below compares the historical Sharpe Ratios of NOEMX and EICOX, 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

	NOEMX	EICOX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.61	3.27	+0.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.45	1.17	-0.72
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.59	1.00	-0.41
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.77	-0.51

Drawdowns

NOEMX vs. EICOX - Drawdown Comparison

The maximum NOEMX drawdown since its inception was -66.67%, which is greater than EICOX's maximum drawdown of -38.75%. Use the drawdown chart below to compare losses from any high point for NOEMX and EICOX.

Drawdown Indicators

	NOEMX	EICOX	Difference
Max Drawdown Largest peak-to-trough decline	-66.67%	-38.75%	-27.92%
Max Drawdown (1Y) Largest decline over 1 year	-13.06%	-13.40%	+0.34%
Max Drawdown (3Y) Largest decline over 3 years	-16.34%	-14.11%	-2.23%
Max Drawdown (5Y) Largest decline over 5 years	-37.16%	-22.46%	-14.70%
Max Drawdown (10Y) Largest decline over 10 years	-39.49%	-38.75%	-0.74%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-19.02%	-8.69%	-10.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.36%	3.48%	-0.12%

Volatility

NOEMX vs. EICOX - Volatility Comparison

The current volatility for Northern Emerging Markets Equity Index Fund (NOEMX) is 6.58%, while Eaton Vance Emerging and Frontier Countries Equity Fund (EICOX) has a volatility of 7.32%. This indicates that NOEMX experiences smaller price fluctuations and is considered to be less risky than EICOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NOEMX	EICOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.58%	7.32%	-0.74%
Volatility (6M) Calculated over the trailing 6-month period	14.23%	14.37%	-0.14%
Volatility (1Y) Calculated over the trailing 1-year period	16.57%	16.15%	+0.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.49%	13.72%	+2.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.58%	13.61%	+3.97%

NOEMX vs. EICOX - Expense Ratio Comparison

NOEMX has a 0.22% expense ratio, which is lower than EICOX's 1.31% expense ratio.

Dividends

NOEMX vs. EICOX - Dividend Comparison

NOEMX's dividend yield for the trailing twelve months is around 1.97%, less than EICOX's 2.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EICOX Eaton Vance Emerging and Frontier Countries Equity Fund	2.90%	3.68%	2.02%	1.95%	5.72%	2.71%	0.10%	2.00%	2.95%	0.00%	0.59%	2.35%
NOEMX Northern Emerging Markets Equity Index Fund	1.97%	2.53%	2.98%	3.86%	2.42%	2.87%	2.36%	3.24%	2.76%	1.74%	1.92%	2.54%

Frequently Asked Questions

Can I hold both NOEMX and EICOX in my portfolio?

NOEMX and EICOX have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NOEMX or EICOX?

EICOX has higher volatility (7.32%) compared to NOEMX (6.58%). In terms of maximum drawdown, NOEMX dropped -66.67% vs EICOX's -38.75%.

Which has better risk-adjusted returns?

NOEMX currently has the higher Sharpe Ratio (3.61 vs 3.27), 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.