NOTEX vs. NOLCX
NOTEX (Northern Tax Exempt Fund) and NOLCX (Northern Large Cap Core Fund) are both mutual funds - NOTEX is a Municipal Bonds fund managed by Northern Funds, while NOLCX is a Large Cap Blend Equities fund managed by Northern Funds. Over the past 10 years, NOTEX returned 1.52%/yr vs 15.03%/yr for NOLCX. At a correlation of -0.10, they often move in opposite directions. Both charge a 0.45% expense ratio.
Performance
NOTEX vs. NOLCX - Performance Comparison
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Returns By Period
In the year-to-date period, NOTEX achieves a 1.62% return, which is significantly lower than NOLCX's 9.18% return. Over the past 10 years, NOTEX has underperformed NOLCX with an annualized return of 1.52%, while NOLCX has yielded a comparatively higher 15.03% annualized return.
NOTEX
- 1D
- 0.10%
- 1M
- 1.70%
- YTD
- 1.62%
- 6M
- 1.72%
- 1Y
- 6.70%
- 3Y*
- 3.45%
- 5Y*
- -0.12%
- 10Y*
- 1.52%
NOLCX
- 1D
- 0.93%
- 1M
- 0.49%
- YTD
- 9.18%
- 6M
- 8.60%
- 1Y
- 27.99%
- 3Y*
- 22.42%
- 5Y*
- 15.29%
- 10Y*
- 15.03%
NOTEX vs. NOLCX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NOTEX Northern Tax Exempt Fund | 1.62% | 3.59% | 2.21% | 5.25% | -12.23% | 0.84% | 4.99% | 7.88% | 0.64% | 5.13% |
NOLCX Northern Large Cap Core Fund | 9.18% | 21.83% | 26.04% | 24.32% | -15.59% | 32.90% | 11.96% | 25.64% | -6.28% | 20.32% |
Correlation
The correlation between NOTEX and NOLCX is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.12 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Dec 19, 2005 | -0.10 |
The correlation between NOTEX and NOLCX shifts across timeframes, from -0.10 (all time) to 0.25 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
NOTEX vs. NOLCX — Risk / Return Rank
NOTEX
NOLCX
NOTEX vs. NOLCX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Northern Tax Exempt Fund (NOTEX) and Northern Large Cap Core Fund (NOLCX). 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.
| NOTEX | NOLCX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.25 | ||
| Sortino ratioReturn per unit of downside risk | +0.88 | ||
| Omega ratioGain probability vs. loss probability | 1.65 | 1.42 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 2.53 | 3.49 | -0.96 |
| Martin ratioReturn relative to average drawdown | 8.05 | 15.53 | -7.48 |
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Drawdowns
NOTEX vs. NOLCX - Drawdown Comparison
The maximum NOTEX drawdown since its inception was -17.48%, smaller than the maximum NOLCX drawdown of -56.64%. Use the drawdown chart below to compare losses from any high point for NOTEX and NOLCX.
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Drawdown Indicators
| NOTEX | NOLCX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.48% | -56.64% | +39.16% |
Max Drawdown (1Y)Largest decline over 1 year | -2.68% | -8.20% | +5.52% |
Max Drawdown (3Y)Largest decline over 3 years | -6.00% | -19.03% | +13.03% |
Max Drawdown (5Y)Largest decline over 5 years | -17.48% | -30.63% | +13.15% |
Max Drawdown (10Y)Largest decline over 10 years | -17.48% | -34.46% | +16.98% |
Current DrawdownCurrent decline from peak | -1.29% | -1.48% | +0.19% |
Average DrawdownAverage peak-to-trough decline | -2.39% | -8.83% | +6.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.84% | 1.83% | -0.99% |
Volatility
NOTEX vs. NOLCX - Volatility Comparison
The current volatility for Northern Tax Exempt Fund (NOTEX) is 0.95%, while Northern Large Cap Core Fund (NOLCX) has a volatility of 4.60%. This indicates that NOTEX experiences smaller price fluctuations and is considered to be less risky than NOLCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NOTEX | NOLCX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.95% | 4.60% | -3.65% |
Volatility (6M)Calculated over the trailing 6-month period | 2.12% | 9.50% | -7.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.64% | 12.35% | -9.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.33% | 19.17% | -14.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.29% | 19.29% | -15.00% |
NOTEX vs. NOLCX - Expense Ratio Comparison
Both NOTEX and NOLCX have an expense ratio of 0.45%.
Dividends
NOTEX vs. NOLCX - Dividend Comparison
NOTEX's dividend yield for the trailing twelve months is around 3.37%, less than NOLCX's 7.86% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NOLCX Northern Large Cap Core Fund | 7.86% | 8.57% | 9.09% | 8.96% | 5.02% | 14.82% | 1.35% | 3.93% | 2.49% | 2.63% | 1.78% | 1.87% |
NOTEX Northern Tax Exempt Fund | 3.37% | 3.25% | 3.76% | 2.88% | 1.76% | 1.93% | 2.54% | 3.40% | 3.28% | 3.37% | 2.78% | 3.24% |
Frequently Asked Questions
NOTEX and NOLCX have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NOLCX has higher volatility (4.60%) compared to NOTEX (0.95%). In terms of maximum drawdown, NOTEX dropped -17.48% vs NOLCX's -56.64%.
NOTEX currently has the higher Sharpe Ratio (2.57 vs 2.32), 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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