NOEQ vs. QLC

Last updated Jul 4, 2026

NOEQ (Northern Trust US Equity ETF) and QLC (FlexShares US Quality Large Cap Index Fund) are both Large Cap Blend Equities funds from Northern Trust. NOEQ is actively managed, while QLC is passively managed. Their correlation of 0.85 suggests significant overlap in exposure. NOEQ charges 0.12%/yr vs 0.25%/yr for QLC.

Performance

NOEQ vs. QLC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern Trust US Equity ETF (NOEQ) and FlexShares US Quality Large Cap Index Fund (QLC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

NOEQ

• 1D: 0.21%
• 1M: 0.78%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

QLC

• 1D: -0.11%
• 1M: -0.11%
• 6M: 10.77%
• YTD: 11.27%
• 1Y: 26.20%
• 3Y*: 23.51%
• 5Y*: 14.70%
• 10Y*: 14.95%

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

NOEQ vs. QLC - Yearly Performance Comparison

	2026 (YTD)
NOEQ Northern Trust US Equity ETF	13.97%
QLC FlexShares US Quality Large Cap Index Fund	15.70%

Correlation

The correlation between NOEQ and QLC is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Mar 23, 2026	0.85

Return for Risk

NOEQ vs. QLC — Risk / Return Rank

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

NOEQ

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

QLC

QLC Risk / Return Rank: 79
QLC Sharpe Ratio Rank: 80
QLC Sortino Ratio Rank: 80
QLC Omega Ratio Rank: 78
QLC Calmar Ratio Rank: 74
QLC Martin Ratio Rank: 84

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.

NOEQ vs. QLC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Trust US Equity ETF (NOEQ) and FlexShares US Quality Large Cap Index Fund (QLC). 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.

	NOEQ	QLC	Difference
Sharpe ratio: Return per unit of total volatility	—	2.11	—
Sortino ratio: Return per unit of downside risk	—	2.92	—
Omega ratio: Gain probability vs. loss probability	—	1.38	—
Calmar ratio: Return relative to maximum drawdown	—	3.08	—
Martin ratio: Return relative to average drawdown	—	13.87	—

Drawdowns

NOEQ vs. QLC - Drawdown Comparison

The maximum NOEQ drawdown since its inception was -3.70%, smaller than the maximum QLC drawdown of -35.86%. Use the drawdown chart below to compare losses from any high point for NOEQ and QLC.

Drawdown Indicators

	NOEQ	QLC	Difference
Max Drawdown Largest peak-to-trough decline	-3.70%	-35.86%	+32.16%
Max Drawdown (1Y) Largest decline over 1 year	—	-8.84%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-18.49%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-23.81%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.86%	—
Current Drawdown Current decline from peak	-0.63%	-0.85%	+0.22%
Average Drawdown Average peak-to-trough decline	-0.80%	-4.52%	+3.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.96%	—

Volatility

Volatility by Period

	NOEQ	QLC	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.92%	—
Volatility (6M) Calculated over the trailing 6-month period	—	10.35%	—
Volatility (1Y) Calculated over the trailing 1-year period	13.60%	12.95%	+0.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.60%	16.92%	-3.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.60%	18.38%	-4.78%

NOEQ vs. QLC - Expense Ratio Comparison

NOEQ has a 0.12% expense ratio, which is lower than QLC's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

NOEQ vs. QLC - Dividend Comparison

NOEQ's dividend yield for the trailing twelve months is around 0.17%, less than QLC's 0.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NOEQ Northern Trust US Equity ETF	0.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
QLC FlexShares US Quality Large Cap Index Fund	0.94%	0.94%	1.03%	1.26%	1.46%	0.96%	1.40%	1.91%	1.82%	1.29%	1.80%	0.64%

Frequently Asked Questions

Can I hold both NOEQ and QLC in my portfolio?

NOEQ and QLC have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, NOEQ or QLC?

On fees, NOEQ is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, NOEQ or QLC?

NOEQ is cheaper with a 0.12% expense ratio, compared with 0.25% for QLC.

Which ETF pays a higher dividend yield, NOEQ or QLC?

QLC has the higher dividend yield at 0.94%, compared with 0.17% for NOEQ.

What is the main difference between NOEQ and QLC?

Their fees differ too: 0.12% for NOEQ and 0.25% for QLC.