NOIGX vs. NOINX

Last updated Aug 5, 2026

NOIGX (Northern International Equity Fund) and NOINX (Northern International Equity Index Fund) are both Foreign Large Cap Equities funds from Northern Trust. Over the past 10 years, NOIGX returned 9.44%/yr vs 9.53%/yr for NOINX. Their 0.98 correlation means they have historically moved very closely together. NOIGX charges 0.51%/yr vs 0.10%/yr for NOINX.

Performance

NOIGX vs. NOINX - Performance Comparison

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

Returns By Period

In the year-to-date period, NOIGX achieves a 13.86% return, which is significantly higher than NOINX's 12.52% return. Both investments have delivered pretty close results over the past 10 years, with NOIGX having a 9.44% annualized return and NOINX not far ahead at 9.53%.

NOIGX

• 1D: 0.46%
• 1M: 3.03%
• 6M: 7.76%
• YTD: 13.86%
• 1Y: 29.75%
• 3Y*: 20.53%
• 5Y*: 11.76%
• 10Y*: 9.44%
• ALL TIME*: 5.79%

NOINX

• 1D: 0.46%
• 1M: 1.80%
• 6M: 6.35%
• YTD: 12.52%
• 1Y: 26.17%
• 3Y*: 17.62%
• 5Y*: 9.32%
• 10Y*: 9.53%
• ALL TIME*: 6.31%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
NOIGX Northern International Equity Fund	$0.00	$0.00	$0.00
NOINX Northern International Equity Index Fund	$0.00	$0.00	$0.00

NOIGX vs. NOINX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NOIGX Northern International Equity Fund	13.86%	37.46%	4.73%	19.04%	-11.87%	15.14%	1.69%	16.60%	-15.11%	22.90%
NOINX Northern International Equity Index Fund	12.52%	31.86%	3.69%	18.08%	-14.24%	11.08%	7.92%	21.98%	-13.76%	25.28%

Correlation

The correlation between NOIGX and NOINX is 0.98 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.98
Correlation (3Y) Balances recent behavior with more history.	0.97
Correlation (5Y) Shows whether the relationship held over a longer period.	0.98
Correlation (10Y) Provides a long-term view across more market conditions.	0.98
Correlation (All Time) Calculated using the full available price history since Mar 23, 2005	0.98

The correlation between NOIGX and NOINX has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

Return for Risk

NOIGX vs. NOINX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

NOIGX

NOIGX Risk / Return Rank: 78
NOIGX Sharpe Ratio Rank: 77
NOIGX Sortino Ratio Rank: 74
NOIGX Omega Ratio Rank: 73
NOIGX Calmar Ratio Rank: 82
NOIGX Martin Ratio Rank: 85

NOINX

NOINX Risk / Return Rank: 58
NOINX Sharpe Ratio Rank: 55
NOINX Sortino Ratio Rank: 54
NOINX Omega Ratio Rank: 53
NOINX Calmar Ratio Rank: 64
NOINX Martin Ratio Rank: 62

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

NOIGX vs. NOINX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern International Equity Fund (NOIGX) and Northern International Equity Index Fund (NOINX). 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	NOINX	Difference
Sharpe ratio: Return per unit of total volatility	1.94	1.60	+0.34
Sortino ratio: Return per unit of downside risk	2.69	2.27	+0.42
Omega ratio: Gain probability vs. loss probability	1.35	1.29	+0.06
Calmar ratio: Return relative to maximum drawdown	3.01	2.37	+0.64
Martin ratio: Return relative to average drawdown	11.88	8.79	+3.08

NOIGX vs. NOINX - Sharpe Ratio Comparison

The current NOIGX Sharpe Ratio is 1.94, which is comparable to the NOINX Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of NOIGX and NOINX, 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. NOINX - Drawdown Comparison

The maximum NOIGX drawdown since its inception was -57.92%, smaller than the maximum NOINX drawdown of -61.10%. Use the drawdown chart below to compare losses from any high point for NOIGX and NOINX.

Drawdown Indicators

	NOIGX	NOINX	Difference
Max Drawdown Largest peak-to-trough decline	-57.92%	-61.10%	+3.18%
Max Drawdown (1Y) Largest decline over 1 year	-10.02%	-11.12%	+1.10%
Max Drawdown (3Y) Largest decline over 3 years	-12.93%	-13.73%	+0.80%
Max Drawdown (5Y) Largest decline over 5 years	-27.48%	-29.34%	+1.86%
Max Drawdown (10Y) Largest decline over 10 years	-40.06%	-33.69%	-6.37%
Current Drawdown Current decline from peak	-0.20%	-0.20%	0.00%
Average Drawdown Average peak-to-trough decline	-13.70%	-12.49%	-1.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.53%	2.99%	-0.46%

Volatility

NOIGX vs. NOINX - Volatility Comparison

The current volatility for Northern International Equity Fund (NOIGX) is 4.14%, while Northern International Equity Index Fund (NOINX) has a volatility of 4.50%. This indicates that NOIGX experiences smaller price fluctuations and is considered to be less risky than NOINX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NOIGX	NOINX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.14%	4.50%	-0.36%
Volatility (6M) Calculated over the trailing 6-month period	13.54%	14.41%	-0.87%
Volatility (1Y) Calculated over the trailing 1-year period	15.62%	16.52%	-0.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.73%	16.20%	-0.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.23%	16.26%	-0.03%

NOIGX vs. NOINX - Expense Ratio Comparison

NOIGX has a 0.51% expense ratio, which is higher than NOINX's 0.10% expense ratio.

Dividends

NOIGX vs. NOINX - Dividend Comparison

NOIGX's dividend yield for the trailing twelve months is around 0.68%, less than NOINX's 3.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NOIGX Northern International Equity Fund	0.68%	0.78%	4.50%	5.79%	2.94%	3.20%	5.86%	3.83%	2.71%	1.21%	1.57%	2.02%
NOINX Northern International Equity Index Fund	3.17%	3.57%	3.70%	3.37%	2.71%	3.19%	2.04%	3.08%	3.47%	2.45%	3.21%	2.74%

Frequently Asked Questions

Can I hold both NOIGX and NOINX in my portfolio?

With a correlation of 0.98, NOIGX and NOINX 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, NOIGX or NOINX?

NOINX has higher volatility (4.50%) compared to NOIGX (4.14%). In terms of maximum drawdown, NOIGX dropped -57.92% vs NOINX's -61.10%.

Which has better risk-adjusted returns?

NOIGX currently has the higher Sharpe Ratio (1.94 vs 1.60), 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.