NOIEX vs. SABTX

Last updated Jun 24, 2026

NOIEX (Northern Income Equity Fund) and SABTX (SA U.S. Value Fund) are both Large Cap Value Equities funds. Over the past 10 years, NOIEX returned 13.92%/yr vs 12.00%/yr for SABTX. Their correlation of 0.86 suggests significant overlap in exposure. NOIEX charges 0.49%/yr vs 0.73%/yr for SABTX.

Performance

NOIEX vs. SABTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern Income Equity Fund (NOIEX) and SA U.S. Value Fund (SABTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NOIEX achieves a 10.55% return, which is significantly lower than SABTX's 18.98% return. Over the past 10 years, NOIEX has outperformed SABTX with an annualized return of 13.92%, while SABTX has yielded a comparatively lower 12.00% annualized return.

NOIEX

• 1D: -0.40%
• 1M: -0.67%
• YTD: 10.55%
• 6M: 9.65%
• 1Y: 26.75%
• 3Y*: 21.63%
• 5Y*: 13.80%
• 10Y*: 13.92%

SABTX

• 1D: 0.97%
• 1M: 3.76%
• YTD: 18.98%
• 6M: 18.21%
• 1Y: 35.90%
• 3Y*: 20.00%
• 5Y*: 11.79%
• 10Y*: 12.00%

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

NOIEX vs. SABTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NOIEX Northern Income Equity Fund	10.55%	18.81%	24.28%	19.56%	-13.34%	27.96%	11.03%	27.04%	-6.62%	20.22%
SABTX SA U.S. Value Fund	18.98%	17.69%	11.32%	11.82%	-6.35%	27.06%	-2.04%	24.85%	-12.14%	18.45%

Correlation

The correlation between NOIEX and SABTX is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Jan 3, 2000	0.86

Over the past year, the correlation between NOIEX and SABTX has dropped to 0.61 - well below their long-term average of 0.86, suggesting their price drivers have been diverging.

Return for Risk

NOIEX vs. SABTX — Risk / Return Rank

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

NOIEX

NOIEX Risk / Return Rank: 74
NOIEX Sharpe Ratio Rank: 73
NOIEX Sortino Ratio Rank: 69
NOIEX Omega Ratio Rank: 68
NOIEX Calmar Ratio Rank: 77
NOIEX Martin Ratio Rank: 84

SABTX

SABTX Risk / Return Rank: 95
SABTX Sharpe Ratio Rank: 97
SABTX Sortino Ratio Rank: 95
SABTX Omega Ratio Rank: 89
SABTX Calmar Ratio Rank: 97
SABTX Martin Ratio Rank: 97

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. SABTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Income Equity Fund (NOIEX) and SA U.S. Value Fund (SABTX). 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	SABTX	Difference
Sharpe ratio: Return per unit of total volatility	2.28	3.44	-1.16
Sortino ratio: Return per unit of downside risk	3.15	4.76	-1.61
Omega ratio: Gain probability vs. loss probability	1.42	1.60	-0.18
Calmar ratio: Return relative to maximum drawdown	3.33	6.46	-3.13
Martin ratio: Return relative to average drawdown	14.64	23.28	-8.64

NOIEX vs. SABTX - Sharpe Ratio Comparison

The current NOIEX Sharpe Ratio is 2.28, which is lower than the SABTX Sharpe Ratio of 3.44. The chart below compares the historical Sharpe Ratios of NOIEX and SABTX, 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. SABTX - Drawdown Comparison

The maximum NOIEX drawdown since its inception was -45.66%, smaller than the maximum SABTX drawdown of -66.96%. Use the drawdown chart below to compare losses from any high point for NOIEX and SABTX.

Drawdown Indicators

	NOIEX	SABTX	Difference
Max Drawdown Largest peak-to-trough decline	-45.66%	-66.96%	+21.30%
Max Drawdown (1Y) Largest decline over 1 year	-8.39%	-6.36%	-2.03%
Max Drawdown (3Y) Largest decline over 3 years	-18.06%	-16.63%	-1.43%
Max Drawdown (5Y) Largest decline over 5 years	-21.89%	-20.42%	-1.47%
Max Drawdown (10Y) Largest decline over 10 years	-35.31%	-42.00%	+6.69%
Current Drawdown Current decline from peak	-1.99%	-0.17%	-1.82%
Average Drawdown Average peak-to-trough decline	-4.98%	-11.30%	+6.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.89%	1.74%	+0.15%

Volatility

NOIEX vs. SABTX - Volatility Comparison

Northern Income Equity Fund (NOIEX) has a higher volatility of 4.28% compared to SA U.S. Value Fund (SABTX) at 3.92%. This indicates that NOIEX's price experiences larger fluctuations and is considered to be riskier than SABTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NOIEX	SABTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.28%	3.92%	+0.36%
Volatility (6M) Calculated over the trailing 6-month period	9.48%	8.63%	+0.85%
Volatility (1Y) Calculated over the trailing 1-year period	12.25%	11.98%	+0.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.42%	16.37%	+0.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.00%	19.19%	-1.19%

NOIEX vs. SABTX - Expense Ratio Comparison

NOIEX has a 0.49% expense ratio, which is lower than SABTX's 0.73% expense ratio.

Dividends

NOIEX vs. SABTX - Dividend Comparison

NOIEX's dividend yield for the trailing twelve months is around 7.30%, more than SABTX's 3.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NOIEX Northern Income Equity Fund	7.30%	7.92%	6.11%	7.03%	5.44%	14.26%	7.67%	8.58%	15.73%	7.56%	3.02%	5.57%
SABTX SA U.S. Value Fund	3.26%	3.88%	2.60%	1.67%	7.66%	4.25%	1.52%	5.14%	9.80%	10.36%	5.08%	6.83%

Frequently Asked Questions

Can I hold both NOIEX and SABTX in my portfolio?

NOIEX and SABTX have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NOIEX or SABTX?

NOIEX has higher volatility (4.28%) compared to SABTX (3.92%). In terms of maximum drawdown, NOIEX dropped -45.66% vs SABTX's -66.96%.

Which has better risk-adjusted returns?

SABTX currently has the higher Sharpe Ratio (3.44 vs 2.28), 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.