NOIEX vs. ^SP500TR

Last updated Apr 3, 2026

Compare and contrast key facts about Northern Income Equity Fund (NOIEX) and S&P 500 Total Return (^SP500TR).

NOIEX is managed by Northern Funds. It was launched on Mar 31, 1994.

Performance

NOIEX vs. ^SP500TR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern Income Equity Fund (NOIEX) and S&P 500 Total Return (^SP500TR). The values are adjusted to include any dividend payments, if applicable.

NOIEX vs. ^SP500TR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NOIEX Northern Income Equity Fund	-1.37%	18.81%	24.28%	19.56%	-13.34%	27.96%	11.03%	27.04%	-6.62%	20.22%
^SP500TR S&P 500 Total Return	-3.53%	17.88%	25.02%	26.29%	-18.11%	28.71%	18.40%	31.49%	-4.38%	21.83%

Returns By Period

In the year-to-date period, NOIEX achieves a -1.37% return, which is significantly higher than ^SP500TR's -3.53% return. Over the past 10 years, NOIEX has underperformed ^SP500TR with an annualized return of 12.63%, while ^SP500TR has yielded a comparatively higher 14.22% annualized return.

NOIEX

• 1D: 0.61%
• 1M: -3.42%
• YTD: -1.37%
• 6M: 0.92%
• 1Y: 19.32%
• 3Y*: 18.66%
• 5Y*: 12.26%
• 10Y*: 12.63%

^SP500TR

• 1D: 0.12%
• 1M: -3.32%
• YTD: -3.53%
• 6M: -1.37%
• 1Y: 17.55%
• 3Y*: 18.50%
• 5Y*: 11.99%
• 10Y*: 14.22%

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

Return for Risk

NOIEX vs. ^SP500TR — Risk / Return Rank

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

NOIEX

NOIEX Risk / Return Rank: 52
NOIEX Sharpe Ratio Rank: 47
NOIEX Sortino Ratio Rank: 52
NOIEX Omega Ratio Rank: 56
NOIEX Calmar Ratio Rank: 48
NOIEX Martin Ratio Rank: 59

^SP500TR

^SP500TR Risk / Return Rank: 68
^SP500TR Sharpe Ratio Rank: 64
^SP500TR Sortino Ratio Rank: 68
^SP500TR Omega Ratio Rank: 71
^SP500TR Calmar Ratio Rank: 60
^SP500TR Martin Ratio Rank: 79

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.

NOIEX vs. ^SP500TR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Income Equity Fund (NOIEX) and S&P 500 Total Return (^SP500TR). 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.

	NOIEX	^SP500TR	Difference
Sharpe ratio Return per unit of total volatility	1.06	0.96	+0.09
Sortino ratio Return per unit of downside risk	1.64	1.48	+0.16
Omega ratio Gain probability vs. loss probability	1.25	1.23	+0.03
Calmar ratio Return relative to maximum drawdown	1.52	1.51	0.00
Martin ratio Return relative to average drawdown	6.98	7.14	-0.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NOIEX vs. ^SP500TR - Sharpe Ratio Comparison

The current NOIEX Sharpe Ratio is 1.06, which is comparable to the ^SP500TR Sharpe Ratio of 0.96. The chart below compares the historical Sharpe Ratios of NOIEX and ^SP500TR, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	NOIEX	^SP500TR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.06	0.96	+0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.76	0.71	+0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.71	0.79	-0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.66	0.62	+0.03

Correlation

The correlation between NOIEX and ^SP500TR is 0.88, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Drawdowns

NOIEX vs. ^SP500TR - Drawdown Comparison

The maximum NOIEX drawdown since its inception was -45.66%, smaller than the maximum ^SP500TR drawdown of -55.25%. Use the drawdown chart below to compare losses from any high point for NOIEX and ^SP500TR.

Drawdown Indicators

	NOIEX	^SP500TR	Difference
Max Drawdown Largest peak-to-trough decline	-45.66%	-55.25%	+9.59%
Max Drawdown (1Y) Largest decline over 1 year	-8.39%	-8.89%	+0.50%
Max Drawdown (5Y) Largest decline over 5 years	-21.89%	-24.49%	+2.60%
Max Drawdown (10Y) Largest decline over 10 years	-35.31%	-33.79%	-1.52%
Current Drawdown Current decline from peak	-5.29%	-5.44%	+0.15%
Average Drawdown Average peak-to-trough decline	-5.01%	-8.20%	+3.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.70%	2.57%	+0.13%

Volatility

NOIEX vs. ^SP500TR - Volatility Comparison

The current volatility for Northern Income Equity Fund (NOIEX) is 5.03%, while S&P 500 Total Return (^SP500TR) has a volatility of 5.30%. This indicates that NOIEX experiences smaller price fluctuations and is considered to be less risky than ^SP500TR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NOIEX	^SP500TR	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.03%	5.30%	-0.27%
Volatility (6M) Calculated over the trailing 6-month period	9.41%	9.55%	-0.14%
Volatility (1Y) Calculated over the trailing 1-year period	19.24%	18.32%	+0.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.36%	16.90%	-0.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.94%	18.04%	-0.10%