NOIGX vs. DFIVX

Last updated Jun 24, 2026

NOIGX (Northern International Equity Fund) and DFIVX (DFA International Value Portfolio Institutional Class) are both Foreign Large Cap Equities funds. Over the past 10 years, NOIGX returned 10.10%/yr vs 12.43%/yr for DFIVX. Their correlation of 0.92 suggests significant overlap in exposure. NOIGX charges 0.51%/yr vs 0.28%/yr for DFIVX.

Performance

NOIGX vs. DFIVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern International Equity Fund (NOIGX) and DFA International Value Portfolio Institutional Class (DFIVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NOIGX achieves a 11.10% return, which is significantly lower than DFIVX's 12.21% return. Over the past 10 years, NOIGX has underperformed DFIVX with an annualized return of 10.10%, while DFIVX has yielded a comparatively higher 12.43% annualized return.

NOIGX

• 1D: 0.40%
• 1M: 1.98%
• YTD: 11.10%
• 6M: 10.44%
• 1Y: 29.55%
• 3Y*: 20.54%
• 5Y*: 11.47%
• 10Y*: 10.10%

DFIVX

• 1D: 0.34%
• 1M: 0.09%
• YTD: 12.21%
• 6M: 11.62%
• 1Y: 35.91%
• 3Y*: 24.00%
• 5Y*: 14.86%
• 10Y*: 12.43%

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

NOIGX vs. DFIVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NOIGX Northern International Equity Fund	11.10%	37.46%	4.73%	19.04%	-11.87%	15.14%	1.69%	16.60%	-15.11%	22.90%
DFIVX DFA International Value Portfolio Institutional Class	12.21%	45.24%	6.87%	17.83%	-3.51%	18.57%	-2.13%	15.68%	-17.49%	26.08%

Correlation

The correlation between NOIGX and DFIVX is 0.84, 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	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Mar 31, 1994	0.92

The correlation between NOIGX and DFIVX has been stable across timeframes, ranging from 0.84 to 0.92 - a consistent structural relationship.

Return for Risk

NOIGX vs. DFIVX — Risk / Return Rank

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

NOIGX

NOIGX Risk / Return Rank: 56
NOIGX Sharpe Ratio Rank: 51
NOIGX Sortino Ratio Rank: 49
NOIGX Omega Ratio Rank: 51
NOIGX Calmar Ratio Rank: 65
NOIGX Martin Ratio Rank: 62

DFIVX

DFIVX Risk / Return Rank: 83
DFIVX Sharpe Ratio Rank: 85
DFIVX Sortino Ratio Rank: 79
DFIVX Omega Ratio Rank: 78
DFIVX Calmar Ratio Rank: 85
DFIVX Martin Ratio Rank: 85

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.

NOIGX vs. DFIVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern International Equity Fund (NOIGX) and DFA International Value Portfolio Institutional Class (DFIVX). 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.

	NOIGX	DFIVX	Difference
Sharpe ratio: Return per unit of total volatility	1.94	2.58	-0.63
Sortino ratio: Return per unit of downside risk	2.70	3.45	-0.75
Omega ratio: Gain probability vs. loss probability	1.36	1.46	-0.10
Calmar ratio: Return relative to maximum drawdown	2.97	3.81	-0.84
Martin ratio: Return relative to average drawdown	11.58	14.86	-3.28

NOIGX vs. DFIVX - Sharpe Ratio Comparison

The current NOIGX Sharpe Ratio is 1.94, which is comparable to the DFIVX Sharpe Ratio of 2.58. The chart below compares the historical Sharpe Ratios of NOIGX and DFIVX, 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

NOIGX vs. DFIVX - Drawdown Comparison

The maximum NOIGX drawdown since its inception was -57.92%, smaller than the maximum DFIVX drawdown of -66.61%. Use the drawdown chart below to compare losses from any high point for NOIGX and DFIVX.

Drawdown Indicators

	NOIGX	DFIVX	Difference
Max Drawdown Largest peak-to-trough decline	-57.92%	-66.61%	+8.69%
Max Drawdown (1Y) Largest decline over 1 year	-10.02%	-9.58%	-0.44%
Max Drawdown (3Y) Largest decline over 3 years	-12.93%	-14.39%	+1.46%
Max Drawdown (5Y) Largest decline over 5 years	-27.48%	-25.29%	-2.19%
Max Drawdown (10Y) Largest decline over 10 years	-40.06%	-48.11%	+8.05%
Current Drawdown Current decline from peak	0.00%	-0.99%	+0.99%
Average Drawdown Average peak-to-trough decline	-13.75%	-12.22%	-1.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.56%	2.45%	+0.11%

Volatility

NOIGX vs. DFIVX - Volatility Comparison

Northern International Equity Fund (NOIGX) has a higher volatility of 4.82% compared to DFA International Value Portfolio Institutional Class (DFIVX) at 4.21%. This indicates that NOIGX's price experiences larger fluctuations and is considered to be riskier than DFIVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NOIGX	DFIVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.82%	4.21%	+0.61%
Volatility (6M) Calculated over the trailing 6-month period	13.08%	11.38%	+1.70%
Volatility (1Y) Calculated over the trailing 1-year period	15.36%	14.21%	+1.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.70%	16.30%	-0.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.49%	17.96%	-1.47%

NOIGX vs. DFIVX - Expense Ratio Comparison

NOIGX has a 0.51% expense ratio, which is higher than DFIVX's 0.28% expense ratio.

Dividends

NOIGX vs. DFIVX - Dividend Comparison

NOIGX's dividend yield for the trailing twelve months is around 0.70%, less than DFIVX's 3.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFIVX DFA International Value Portfolio Institutional Class	3.75%	4.21%	3.94%	4.40%	3.78%	4.37%	2.42%	3.70%	6.60%	2.85%	3.36%	3.45%
NOIGX Northern International Equity Fund	0.70%	0.78%	4.50%	5.79%	2.94%	3.20%	5.86%	3.83%	2.71%	1.21%	1.57%	2.02%

Frequently Asked Questions

Can I hold both NOIGX and DFIVX in my portfolio?

NOIGX and DFIVX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NOIGX or DFIVX?

NOIGX has higher volatility (4.82%) compared to DFIVX (4.21%). In terms of maximum drawdown, NOIGX dropped -57.92% vs DFIVX's -66.61%.

Which has better risk-adjusted returns?

DFIVX currently has the higher Sharpe Ratio (2.58 vs 1.94), 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.