NOFIX vs. MCFIX

Last updated Jun 4, 2026

NOFIX (Northern Fixed Income Fund) and MCFIX (Mercer Core Fixed Income Fund) are both Intermediate Core-Plus Bond funds. Over the past 5 years, NOFIX returned -0.35%/yr vs -0.03%/yr for MCFIX. Their correlation of 0.90 suggests significant overlap in exposure. NOFIX charges 0.45%/yr vs 0.16%/yr for MCFIX.

Performance

NOFIX vs. MCFIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern Fixed Income Fund (NOFIX) and Mercer Core Fixed Income Fund (MCFIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NOFIX achieves a 0.15% return, which is significantly higher than MCFIX's -1.10% return.

NOFIX

• 1D: 0.00%
• 1M: 0.52%
• YTD: 0.15%
• 6M: 0.11%
• 1Y: 5.53%
• 3Y*: 3.74%
• 5Y*: -0.35%
• 10Y*: 1.58%

MCFIX

• 1D: 0.00%
• 1M: 0.11%
• YTD: -1.10%
• 6M: -1.02%
• 1Y: 3.23%
• 3Y*: 3.77%
• 5Y*: -0.03%
• 10Y*: —

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

NOFIX vs. MCFIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
NOFIX Northern Fixed Income Fund	0.15%	6.39%	1.44%	5.32%	-14.91%	-0.36%	7.85%	6.32%
MCFIX Mercer Core Fixed Income Fund	-1.10%	6.64%	2.02%	6.47%	-13.69%	-1.05%	4.75%	3.31%

Correlation

The correlation between NOFIX and MCFIX 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	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since Apr 15, 2019	0.90

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

Return for Risk

NOFIX vs. MCFIX — Risk / Return Rank

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

NOFIX

NOFIX Risk / Return Rank: 24
NOFIX Sharpe Ratio Rank: 23
NOFIX Sortino Ratio Rank: 27
NOFIX Omega Ratio Rank: 25
NOFIX Calmar Ratio Rank: 24
NOFIX Martin Ratio Rank: 20

MCFIX

MCFIX Risk / Return Rank: 10
MCFIX Sharpe Ratio Rank: 11
MCFIX Sortino Ratio Rank: 11
MCFIX Omega Ratio Rank: 11
MCFIX Calmar Ratio Rank: 10
MCFIX Martin Ratio Rank: 9

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.

NOFIX vs. MCFIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Fixed Income Fund (NOFIX) and Mercer Core Fixed Income Fund (MCFIX). 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.

	NOFIX	MCFIX	Difference
Sharpe ratio: Return per unit of total volatility	1.39	0.89	+0.50
Sortino ratio: Return per unit of downside risk	2.18	1.31	+0.88
Omega ratio: Gain probability vs. loss probability	1.26	1.16	+0.11
Calmar ratio: Return relative to maximum drawdown	1.83	0.98	+0.86
Martin ratio: Return relative to average drawdown	5.32	2.80	+2.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NOFIX vs. MCFIX - Sharpe Ratio Comparison

The current NOFIX Sharpe Ratio is 1.39, which is higher than the MCFIX Sharpe Ratio of 0.89. The chart below compares the historical Sharpe Ratios of NOFIX and MCFIX, 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

	NOFIX	MCFIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.39	0.89	+0.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.06	-0.00	-0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.32	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.88	0.14	+0.74

Drawdowns

NOFIX vs. MCFIX - Drawdown Comparison

The maximum NOFIX drawdown since its inception was -20.04%, smaller than the maximum MCFIX drawdown of -21.68%. Use the drawdown chart below to compare losses from any high point for NOFIX and MCFIX.

Drawdown Indicators

	NOFIX	MCFIX	Difference
Max Drawdown Largest peak-to-trough decline	-20.04%	-21.68%	+1.64%
Max Drawdown (1Y) Largest decline over 1 year	-3.04%	-3.75%	+0.71%
Max Drawdown (3Y) Largest decline over 3 years	-6.61%	-6.32%	-0.29%
Max Drawdown (5Y) Largest decline over 5 years	-20.04%	-18.72%	-1.32%
Max Drawdown (10Y) Largest decline over 10 years	-20.04%	—	—
Current Drawdown Current decline from peak	-4.33%	-6.08%	+1.75%
Average Drawdown Average peak-to-trough decline	-2.55%	-8.54%	+5.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.04%	1.27%	-0.23%

Volatility

NOFIX vs. MCFIX - Volatility Comparison

Northern Fixed Income Fund (NOFIX) and Mercer Core Fixed Income Fund (MCFIX) have volatilities of 1.36% and 1.32%, 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

	NOFIX	MCFIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.36%	1.32%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	2.94%	2.77%	+0.17%
Volatility (1Y) Calculated over the trailing 1-year period	4.02%	4.12%	-0.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.98%	6.04%	-0.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.95%	6.12%	-1.17%

NOFIX vs. MCFIX - Expense Ratio Comparison

NOFIX has a 0.45% expense ratio, which is higher than MCFIX's 0.16% expense ratio.

Dividends

NOFIX vs. MCFIX - Dividend Comparison

NOFIX's dividend yield for the trailing twelve months is around 4.17%, less than MCFIX's 4.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MCFIX Mercer Core Fixed Income Fund	4.31%	3.89%	4.54%	3.68%	3.31%	2.45%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
NOFIX Northern Fixed Income Fund	4.17%	3.24%	3.93%	3.11%	1.91%	2.17%	2.77%	3.03%	3.64%	3.33%	2.53%	3.02%

Frequently Asked Questions

Can I hold both NOFIX and MCFIX in my portfolio?

NOFIX and MCFIX 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, NOFIX or MCFIX?

NOFIX has higher volatility (1.36%) compared to MCFIX (1.32%). In terms of maximum drawdown, NOFIX dropped -20.04% vs MCFIX's -21.68%.

Which has better risk-adjusted returns?

NOFIX currently has the higher Sharpe Ratio (1.39 vs 0.89), 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.