PBDIX vs. NOBOX
PBDIX (T. Rowe Price QM U.S. Bond Index Fund) and NOBOX (Northern Bond Index Fund) are both mutual funds - PBDIX is a Total Bond Market fund managed by T. Rowe Price, while NOBOX is a Intermediate Core Bond fund managed by Northern Funds. Over the past 10 years, PBDIX returned 2.29%/yr vs 1.12%/yr for NOBOX. Their correlation of 0.88 suggests significant overlap in exposure. PBDIX charges 0.23%/yr vs 0.07%/yr for NOBOX.
Performance
PBDIX vs. NOBOX - Performance Comparison
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Returns By Period
In the year-to-date period, PBDIX achieves a 0.20% return, which is significantly higher than NOBOX's 0.04% return. Over the past 10 years, PBDIX has outperformed NOBOX with an annualized return of 2.29%, while NOBOX has yielded a comparatively lower 1.12% annualized return.
PBDIX
- 1D
- 0.21%
- 1M
- 0.99%
- YTD
- 0.20%
- 6M
- 0.67%
- 1Y
- 4.63%
- 3Y*
- 6.00%
- 5Y*
- 1.15%
- 10Y*
- 2.29%
NOBOX
- 1D
- 0.22%
- 1M
- 1.03%
- YTD
- 0.04%
- 6M
- 0.15%
- 1Y
- 4.47%
- 3Y*
- 3.31%
- 5Y*
- -0.75%
- 10Y*
- 1.12%
PBDIX vs. NOBOX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PBDIX T. Rowe Price QM U.S. Bond Index Fund | 0.20% | 8.29% | 4.75% | 8.62% | -14.24% | -1.45% | 8.17% | 8.69% | -0.01% | 3.83% |
NOBOX Northern Bond Index Fund | 0.04% | 6.14% | 0.82% | 4.86% | -13.84% | -2.10% | 7.20% | 8.73% | -0.17% | 3.60% |
Correlation
The correlation between PBDIX and NOBOX is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.89 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.90 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2007 | 0.88 |
The correlation between PBDIX and NOBOX shifts across timeframes, from 0.79 (1 year) to 0.93 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
PBDIX vs. NOBOX — Risk / Return Rank
PBDIX
NOBOX
PBDIX vs. NOBOX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price QM U.S. Bond Index Fund (PBDIX) and Northern Bond Index Fund (NOBOX). 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.
| PBDIX | NOBOX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.04 | ||
| Sortino ratioReturn per unit of downside risk | +0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.21 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.55 | 1.38 | +0.16 |
| Martin ratioReturn relative to average drawdown | 4.25 | 3.88 | +0.37 |
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Drawdowns
PBDIX vs. NOBOX - Drawdown Comparison
The maximum PBDIX drawdown since its inception was -19.20%, roughly equal to the maximum NOBOX drawdown of -20.03%. Use the drawdown chart below to compare losses from any high point for PBDIX and NOBOX.
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Drawdown Indicators
| PBDIX | NOBOX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.20% | -20.03% | +0.83% |
Max Drawdown (1Y)Largest decline over 1 year | -3.08% | -3.28% | +0.20% |
Max Drawdown (3Y)Largest decline over 3 years | -5.61% | -6.27% | +0.66% |
Max Drawdown (5Y)Largest decline over 5 years | -19.10% | -19.15% | +0.05% |
Max Drawdown (10Y)Largest decline over 10 years | -19.20% | -20.03% | +0.83% |
Current DrawdownCurrent decline from peak | -1.60% | -5.92% | +4.32% |
Average DrawdownAverage peak-to-trough decline | -2.16% | -3.55% | +1.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.11% | 1.16% | -0.05% |
Volatility
PBDIX vs. NOBOX - Volatility Comparison
T. Rowe Price QM U.S. Bond Index Fund (PBDIX) and Northern Bond Index Fund (NOBOX) have volatilities of 1.28% and 1.34%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PBDIX | NOBOX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.28% | 1.34% | -0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 3.13% | 3.09% | +0.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.11% | 4.06% | +0.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.11% | 6.10% | +0.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.03% | 5.03% | 0.00% |
PBDIX vs. NOBOX - Expense Ratio Comparison
PBDIX has a 0.23% expense ratio, which is higher than NOBOX's 0.07% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
PBDIX vs. NOBOX - Dividend Comparison
PBDIX's dividend yield for the trailing twelve months is around 4.25%, more than NOBOX's 3.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NOBOX Northern Bond Index Fund | 3.74% | 2.88% | 3.46% | 2.63% | 1.53% | 2.10% | 3.12% | 3.18% | 2.80% | 2.77% | 2.45% | 2.61% |
PBDIX T. Rowe Price QM U.S. Bond Index Fund | 4.25% | 5.19% | 7.21% | 6.39% | 2.01% | 1.84% | 3.59% | 3.18% | 2.94% | 2.75% | 2.82% | 2.99% |
Frequently Asked Questions
PBDIX and NOBOX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NOBOX has higher volatility (1.34%) compared to PBDIX (1.28%). In terms of maximum drawdown, PBDIX dropped -19.20% vs NOBOX's -20.03%.
PBDIX currently has the higher Sharpe Ratio (1.16 vs 1.12), 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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