NOIEX vs. NSRIX

Last updated Jun 26, 2026

NOIEX (Northern Income Equity Fund) and NSRIX (Northern Global Sustainability Index Fund) are both mutual funds - NOIEX is a Large Cap Value Equities fund managed by Northern Funds, while NSRIX is a Global Equities fund managed by Northern Funds. Over the past 10 years, NOIEX returned 13.76%/yr vs 13.21%/yr for NSRIX. Their correlation of 0.93 suggests significant overlap in exposure. NOIEX charges 0.49%/yr vs 0.29%/yr for NSRIX.

Performance

NOIEX vs. NSRIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern Income Equity Fund (NOIEX) and Northern Global Sustainability Index Fund (NSRIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NOIEX achieves a 9.03% return, which is significantly higher than NSRIX's 7.32% return. Both investments have delivered pretty close results over the past 10 years, with NOIEX having a 13.76% annualized return and NSRIX not far behind at 13.21%.

NOIEX

• 1D: -0.19%
• 1M: -2.34%
• YTD: 9.03%
• 6M: 7.74%
• 1Y: 23.89%
• 3Y*: 21.07%
• 5Y*: 13.26%
• 10Y*: 13.76%

NSRIX

• 1D: 0.00%
• 1M: -1.73%
• YTD: 7.32%
• 6M: 6.14%
• 1Y: 21.73%
• 3Y*: 18.92%
• 5Y*: 10.95%
• 10Y*: 13.21%

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

NOIEX vs. NSRIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NOIEX Northern Income Equity Fund	9.03%	18.81%	24.28%	19.56%	-13.34%	27.96%	11.03%	27.04%	-6.62%	20.22%
NSRIX Northern Global Sustainability Index Fund	7.32%	21.03%	17.02%	25.44%	-19.45%	24.60%	15.49%	28.29%	-7.65%	21.21%

Correlation

The correlation between NOIEX and NSRIX is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Mar 6, 2008	0.93

The correlation between NOIEX and NSRIX has been stable across timeframes, ranging from 0.93 to 0.95 - a consistent structural relationship.

Return for Risk

NOIEX vs. NSRIX — Risk / Return Rank

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

NOIEX

NOIEX Risk / Return Rank: 73
NOIEX Sharpe Ratio Rank: 71
NOIEX Sortino Ratio Rank: 69
NOIEX Omega Ratio Rank: 68
NOIEX Calmar Ratio Rank: 76
NOIEX Martin Ratio Rank: 83

NSRIX

NSRIX Risk / Return Rank: 52
NSRIX Sharpe Ratio Rank: 53
NSRIX Sortino Ratio Rank: 53
NSRIX Omega Ratio Rank: 50
NSRIX Calmar Ratio Rank: 47
NSRIX Martin Ratio Rank: 59

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. NSRIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Income Equity Fund (NOIEX) and Northern Global Sustainability Index Fund (NSRIX). 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.

	NOIEX	NSRIX	Difference
Sharpe ratio: Return per unit of total volatility	2.05	1.77	+0.28
Sortino ratio: Return per unit of downside risk	2.85	2.52	+0.34
Omega ratio: Gain probability vs. loss probability	1.38	1.32	+0.06
Calmar ratio: Return relative to maximum drawdown	3.00	2.30	+0.71
Martin ratio: Return relative to average drawdown	13.07	10.01	+3.06

NOIEX vs. NSRIX - Sharpe Ratio Comparison

The current NOIEX Sharpe Ratio is 2.05, which is comparable to the NSRIX Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of NOIEX and NSRIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

NOIEX vs. NSRIX - Drawdown Comparison

The maximum NOIEX drawdown since its inception was -45.66%, smaller than the maximum NSRIX drawdown of -55.30%. Use the drawdown chart below to compare losses from any high point for NOIEX and NSRIX.

Drawdown Indicators

	NOIEX	NSRIX	Difference
Max Drawdown Largest peak-to-trough decline	-45.66%	-55.30%	+9.64%
Max Drawdown (1Y) Largest decline over 1 year	-8.39%	-10.36%	+1.97%
Max Drawdown (3Y) Largest decline over 3 years	-18.06%	-17.58%	-0.48%
Max Drawdown (5Y) Largest decline over 5 years	-21.89%	-27.86%	+5.97%
Max Drawdown (10Y) Largest decline over 10 years	-35.31%	-33.66%	-1.65%
Current Drawdown Current decline from peak	-3.34%	-2.66%	-0.68%
Average Drawdown Average peak-to-trough decline	-4.98%	-8.43%	+3.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.91%	2.36%	-0.45%

Volatility

NOIEX vs. NSRIX - Volatility Comparison

The current volatility for Northern Income Equity Fund (NOIEX) is 4.37%, while Northern Global Sustainability Index Fund (NSRIX) has a volatility of 5.00%. This indicates that NOIEX experiences smaller price fluctuations and is considered to be less risky than NSRIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NOIEX	NSRIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.37%	5.00%	-0.63%
Volatility (6M) Calculated over the trailing 6-month period	9.50%	10.86%	-1.36%
Volatility (1Y) Calculated over the trailing 1-year period	12.29%	13.47%	-1.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.43%	16.56%	-0.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.99%	17.08%	+0.91%

NOIEX vs. NSRIX - Expense Ratio Comparison

NOIEX has a 0.49% expense ratio, which is higher than NSRIX's 0.29% expense ratio.

Dividends

NOIEX vs. NSRIX - Dividend Comparison

NOIEX's dividend yield for the trailing twelve months is around 7.40%, more than NSRIX's 5.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NOIEX Northern Income Equity Fund	7.40%	7.92%	6.11%	7.03%	5.44%	14.26%	7.67%	8.58%	15.73%	7.56%	3.02%	5.57%
NSRIX Northern Global Sustainability Index Fund	5.27%	5.66%	5.55%	1.57%	1.90%	5.26%	1.62%	2.70%	3.46%	3.14%	3.46%	3.79%

Frequently Asked Questions

Can I hold both NOIEX and NSRIX in my portfolio?

With a correlation of 0.93, NOIEX and NSRIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, NOIEX or NSRIX?

NSRIX has higher volatility (5.00%) compared to NOIEX (4.37%). In terms of maximum drawdown, NOIEX dropped -45.66% vs NSRIX's -55.30%.

Which has better risk-adjusted returns?

NOIEX currently has the higher Sharpe Ratio (2.05 vs 1.77), 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.