NSITX vs. NOIEX

Last updated Jun 3, 2026

NSITX (Northern Limited Term Tax-Exempt Fund) and NOIEX (Northern Income Equity Fund) are both mutual funds - NSITX is a Municipal Bonds fund managed by Northern Funds, while NOIEX is a Large Cap Value Equities fund managed by Northern Funds. Over the past 10 years, NSITX returned 1.43%/yr vs 13.98%/yr for NOIEX. At a correlation of -0.05, they often move in opposite directions. NSITX charges 0.45%/yr vs 0.49%/yr for NOIEX.

Performance

NSITX vs. NOIEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern Limited Term Tax-Exempt Fund (NSITX) and Northern Income Equity Fund (NOIEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NSITX achieves a 0.55% return, which is significantly lower than NOIEX's 12.36% return. Over the past 10 years, NSITX has underperformed NOIEX with an annualized return of 1.43%, while NOIEX has yielded a comparatively higher 13.98% annualized return.

NSITX

• 1D: 0.00%
• 1M: 0.24%
• YTD: 0.55%
• 6M: 0.82%
• 1Y: 3.50%
• 3Y*: 3.07%
• 5Y*: 1.09%
• 10Y*: 1.43%

NOIEX

• 1D: 0.15%
• 1M: 4.98%
• YTD: 12.36%
• 6M: 13.15%
• 1Y: 31.03%
• 3Y*: 22.76%
• 5Y*: 14.11%
• 10Y*: 13.98%

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

NSITX vs. NOIEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NSITX Northern Limited Term Tax-Exempt Fund	0.55%	4.01%	2.34%	2.73%	-3.74%	-0.23%	3.48%	4.08%	1.45%	1.25%
NOIEX Northern Income Equity Fund	12.36%	18.81%	24.28%	19.56%	-13.34%	27.96%	11.03%	27.04%	-6.62%	20.22%

Correlation

The correlation between NSITX and NOIEX is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (10Y) Calculated over the trailing 10-year period	0.04
Correlation (All Time) Calculated using the full available price history since Aug 29, 2007	-0.05

The correlation between NSITX and NOIEX shifts across timeframes, from -0.05 (all time) to 0.18 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

NSITX vs. NOIEX — Risk / Return Rank

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

NSITX

NSITX Risk / Return Rank: 63
NSITX Sharpe Ratio Rank: 69
NSITX Sortino Ratio Rank: 85
NSITX Omega Ratio Rank: 95
NSITX Calmar Ratio Rank: 39
NSITX Martin Ratio Rank: 28

NOIEX

NOIEX Risk / Return Rank: 83
NOIEX Sharpe Ratio Rank: 85
NOIEX Sortino Ratio Rank: 80
NOIEX Omega Ratio Rank: 78
NOIEX Calmar Ratio Rank: 84
NOIEX Martin Ratio Rank: 90

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.

NSITX vs. NOIEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Limited Term Tax-Exempt Fund (NSITX) and Northern Income Equity Fund (NOIEX). 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.

	NSITX	NOIEX	Difference
Sharpe ratio Return per unit of total volatility	2.42	2.74	-0.32
Sortino ratio Return per unit of downside risk	4.00	3.79	+0.21
Omega ratio Gain probability vs. loss probability	1.77	1.51	+0.26
Calmar ratio Return relative to maximum drawdown	2.37	3.94	-1.57
Martin ratio Return relative to average drawdown	6.64	18.13	-11.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NSITX vs. NOIEX - Sharpe Ratio Comparison

The current NSITX Sharpe Ratio is 2.42, which is comparable to the NOIEX Sharpe Ratio of 2.74. The chart below compares the historical Sharpe Ratios of NSITX and NOIEX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	NSITX	NOIEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.42	2.74	-0.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.48	0.87	-0.39
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.63	0.78	-0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.96	0.69	+0.28

Drawdowns

NSITX vs. NOIEX - Drawdown Comparison

The maximum NSITX drawdown since its inception was -7.08%, smaller than the maximum NOIEX drawdown of -45.66%. Use the drawdown chart below to compare losses from any high point for NSITX and NOIEX.

Drawdown Indicators

	NSITX	NOIEX	Difference
Max Drawdown Largest peak-to-trough decline	-7.08%	-45.66%	+38.58%
Max Drawdown (1Y) Largest decline over 1 year	-1.48%	-8.39%	+6.91%
Max Drawdown (3Y) Largest decline over 3 years	-2.29%	-18.06%	+15.77%
Max Drawdown (5Y) Largest decline over 5 years	-6.44%	-21.89%	+15.45%
Max Drawdown (10Y) Largest decline over 10 years	-7.08%	-35.31%	+28.23%
Current Drawdown Current decline from peak	-0.82%	0.00%	-0.82%
Average Drawdown Average peak-to-trough decline	-0.82%	-4.99%	+4.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.53%	1.82%	-1.29%

Volatility

NSITX vs. NOIEX - Volatility Comparison

The current volatility for Northern Limited Term Tax-Exempt Fund (NSITX) is 0.58%, while Northern Income Equity Fund (NOIEX) has a volatility of 2.73%. This indicates that NSITX experiences smaller price fluctuations and is considered to be less risky than NOIEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NSITX	NOIEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.58%	2.73%	-2.15%
Volatility (6M) Calculated over the trailing 6-month period	1.15%	8.74%	-7.59%
Volatility (1Y) Calculated over the trailing 1-year period	1.42%	11.80%	-10.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.30%	16.36%	-14.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.27%	17.96%	-15.69%

NSITX vs. NOIEX - Expense Ratio Comparison

NSITX has a 0.45% expense ratio, which is lower than NOIEX's 0.49% expense ratio.

Dividends

NSITX vs. NOIEX - Dividend Comparison

NSITX's dividend yield for the trailing twelve months is around 2.44%, less than NOIEX's 7.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NOIEX Northern Income Equity Fund	7.18%	7.92%	6.11%	7.03%	5.44%	14.26%	7.67%	8.58%	15.73%	7.56%	3.02%	5.57%
NSITX Northern Limited Term Tax-Exempt Fund	2.44%	2.51%	2.51%	1.56%	0.85%	1.61%	2.76%	2.44%	1.43%	1.35%	1.31%	1.23%

Frequently Asked Questions

Can I hold both NSITX and NOIEX in my portfolio?

NSITX and NOIEX have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NSITX or NOIEX?

NOIEX has higher volatility (2.73%) compared to NSITX (0.58%). In terms of maximum drawdown, NSITX dropped -7.08% vs NOIEX's -45.66%.

Which has better risk-adjusted returns?

NOIEX currently has the higher Sharpe Ratio (2.74 vs 2.42), 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.