NOINX vs. NOIGX

Last updated Jun 24, 2026

NOINX (Northern International Equity Index Fund) and NOIGX (Northern International Equity Fund) are both Foreign Large Cap Equities funds from Northern Funds. Over the past 10 years, NOINX returned 10.15%/yr vs 10.10%/yr for NOIGX. With a 0.98 correlation, they move nearly in lockstep. NOINX charges 0.10%/yr vs 0.51%/yr for NOIGX.

Performance

NOINX vs. NOIGX - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with NOINX having a 10.93% return and NOIGX slightly higher at 11.10%. Both investments have delivered pretty close results over the past 10 years, with NOINX having a 10.15% annualized return and NOIGX not far behind at 10.10%.

NOINX

• 1D: 0.21%
• 1M: 2.15%
• YTD: 10.93%
• 6M: 10.49%
• 1Y: 25.07%
• 3Y*: 17.73%
• 5Y*: 9.33%
• 10Y*: 10.15%

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%

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

NOINX vs. NOIGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NOINX Northern International Equity Index Fund	10.93%	31.86%	3.69%	18.08%	-14.24%	11.08%	7.92%	21.98%	-13.76%	25.28%
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%

Correlation

The correlation between NOINX and NOIGX is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.98
Correlation (All Time) Calculated using the full available price history since Mar 23, 2005	0.98

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

Return for Risk

NOINX vs. NOIGX — Risk / Return Rank

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

NOINX

NOINX Risk / Return Rank: 36
NOINX Sharpe Ratio Rank: 33
NOINX Sortino Ratio Rank: 33
NOINX Omega Ratio Rank: 34
NOINX Calmar Ratio Rank: 39
NOINX Martin Ratio Rank: 41

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

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.

NOINX vs. NOIGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern International Equity Index Fund (NOINX) and Northern International Equity Fund (NOIGX). 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	NOIGX	Difference
Sharpe ratio: Return per unit of total volatility	1.56	1.94	-0.39
Sortino ratio: Return per unit of downside risk	2.22	2.70	-0.48
Omega ratio: Gain probability vs. loss probability	1.29	1.36	-0.07
Calmar ratio: Return relative to maximum drawdown	2.26	2.97	-0.71
Martin ratio: Return relative to average drawdown	8.30	11.58	-3.28

NOINX vs. NOIGX - Sharpe Ratio Comparison

The current NOINX Sharpe Ratio is 1.56, which is comparable to the NOIGX Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of NOINX and NOIGX, 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

NOINX vs. NOIGX - Drawdown Comparison

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

Drawdown Indicators

	NOINX	NOIGX	Difference
Max Drawdown Largest peak-to-trough decline	-61.10%	-57.92%	-3.18%
Max Drawdown (1Y) Largest decline over 1 year	-11.12%	-10.02%	-1.10%
Max Drawdown (3Y) Largest decline over 3 years	-13.73%	-12.93%	-0.80%
Max Drawdown (5Y) Largest decline over 5 years	-29.34%	-27.48%	-1.86%
Max Drawdown (10Y) Largest decline over 10 years	-33.69%	-40.06%	+6.37%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-12.55%	-13.75%	+1.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.01%	2.56%	+0.45%

Volatility

NOINX vs. NOIGX - Volatility Comparison

Northern International Equity Index Fund (NOINX) has a higher volatility of 5.08% compared to Northern International Equity Fund (NOIGX) at 4.82%. This indicates that NOINX's price experiences larger fluctuations and is considered to be riskier than NOIGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NOINX	NOIGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.08%	4.82%	+0.26%
Volatility (6M) Calculated over the trailing 6-month period	13.85%	13.08%	+0.77%
Volatility (1Y) Calculated over the trailing 1-year period	16.18%	15.36%	+0.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.12%	15.70%	+0.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.49%	16.49%	0.00%

NOINX vs. NOIGX - Expense Ratio Comparison

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

Dividends

NOINX vs. NOIGX - Dividend Comparison

NOINX's dividend yield for the trailing twelve months is around 3.22%, more than NOIGX's 0.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
NOINX Northern International Equity Index Fund	3.22%	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 NOINX and NOIGX in my portfolio?

With a correlation of 0.97, NOINX and NOIGX 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, NOINX or NOIGX?

NOINX has higher volatility (5.08%) compared to NOIGX (4.82%). In terms of maximum drawdown, NOINX dropped -61.10% vs NOIGX's -57.92%.

Which has better risk-adjusted returns?

NOIGX currently has the higher Sharpe Ratio (1.94 vs 1.56), 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.