NOINX vs. NOAZX
NOINX (Northern International Equity Index Fund) and NOAZX (Northern Arizona Tax Exempt Fund) are both mutual funds - NOINX is a Foreign Large Cap Equities fund managed by Northern Funds, while NOAZX is a Municipal Bonds fund managed by Northern Funds. Over the past 10 years, NOINX returned 9.90%/yr vs 1.33%/yr for NOAZX. At a correlation of -0.07, they often move in opposite directions. NOINX charges 0.10%/yr vs 0.46%/yr for NOAZX.
Performance
NOINX vs. NOAZX - Performance Comparison
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Returns By Period
In the year-to-date period, NOINX achieves a 8.48% return, which is significantly higher than NOAZX's 1.23% return. Over the past 10 years, NOINX has outperformed NOAZX with an annualized return of 9.90%, while NOAZX has yielded a comparatively lower 1.33% annualized return.
NOINX
- 1D
- -2.21%
- 1M
- -0.10%
- YTD
- 8.48%
- 6M
- 8.05%
- 1Y
- 22.31%
- 3Y*
- 16.86%
- 5Y*
- 8.64%
- 10Y*
- 9.90%
NOAZX
- 1D
- 0.00%
- 1M
- 1.37%
- YTD
- 1.23%
- 6M
- 1.23%
- 1Y
- 5.68%
- 3Y*
- 2.93%
- 5Y*
- 0.01%
- 10Y*
- 1.33%
NOINX vs. NOAZX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NOINX Northern International Equity Index Fund | 8.48% | 31.86% | 3.69% | 18.08% | -14.24% | 11.08% | 7.92% | 21.98% | -13.76% | 25.28% |
NOAZX Northern Arizona Tax Exempt Fund | 1.23% | 2.96% | 1.95% | 4.86% | -10.12% | 0.08% | 4.07% | 6.97% | 1.21% | 5.13% |
Correlation
The correlation between NOINX and NOAZX is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.18 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Mar 23, 2005 | -0.07 |
The correlation between NOINX and NOAZX shifts across timeframes, from -0.07 (all time) to 0.31 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
NOINX vs. NOAZX — Risk / Return Rank
NOINX
NOAZX
NOINX vs. NOAZX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Northern International Equity Index Fund (NOINX) and Northern Arizona Tax Exempt Fund (NOAZX). 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.
| NOINX | NOAZX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.99 | ||
| Sortino ratioReturn per unit of downside risk | -1.77 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.65 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | 2.04 | 2.29 | -0.24 |
| Martin ratioReturn relative to average drawdown | 7.50 | 7.25 | +0.24 |
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Drawdowns
NOINX vs. NOAZX - Drawdown Comparison
The maximum NOINX drawdown since its inception was -61.10%, which is greater than NOAZX's maximum drawdown of -15.15%. Use the drawdown chart below to compare losses from any high point for NOINX and NOAZX.
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Drawdown Indicators
| NOINX | NOAZX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -61.10% | -15.15% | -45.95% |
Max Drawdown (1Y)Largest decline over 1 year | -11.12% | -2.67% | -8.45% |
Max Drawdown (3Y)Largest decline over 3 years | -13.73% | -5.73% | -8.00% |
Max Drawdown (5Y)Largest decline over 5 years | -29.34% | -15.15% | -14.19% |
Max Drawdown (10Y)Largest decline over 10 years | -33.69% | -15.15% | -18.54% |
Current DrawdownCurrent decline from peak | -2.21% | -0.76% | -1.45% |
Average DrawdownAverage peak-to-trough decline | -12.54% | -2.18% | -10.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.01% | 0.84% | +2.17% |
Volatility
NOINX vs. NOAZX - Volatility Comparison
Northern International Equity Index Fund (NOINX) has a higher volatility of 5.57% compared to Northern Arizona Tax Exempt Fund (NOAZX) at 0.80%. This indicates that NOINX's price experiences larger fluctuations and is considered to be riskier than NOAZX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NOINX | NOAZX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.57% | 0.80% | +4.77% |
Volatility (6M)Calculated over the trailing 6-month period | 14.03% | 2.07% | +11.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.31% | 2.57% | +13.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.15% | 3.97% | +12.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.29% | 3.97% | +12.32% |
NOINX vs. NOAZX - Expense Ratio Comparison
NOINX has a 0.10% expense ratio, which is lower than NOAZX's 0.46% expense ratio.
Dividends
NOINX vs. NOAZX - Dividend Comparison
NOINX's dividend yield for the trailing twelve months is around 3.29%, more than NOAZX's 2.86% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NOAZX Northern Arizona Tax Exempt Fund | 2.86% | 3.06% | 3.60% | 2.73% | 1.71% | 1.74% | 2.40% | 2.95% | 3.08% | 3.19% | 3.97% | 3.23% |
NOINX Northern International Equity Index Fund | 3.29% | 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
NOINX and NOAZX have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NOINX has higher volatility (5.57%) compared to NOAZX (0.80%). In terms of maximum drawdown, NOINX dropped -61.10% vs NOAZX's -15.15%.
NOAZX currently has the higher Sharpe Ratio (2.39 vs 1.39), 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.
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