QTOC vs. NOIEX

Last updated Jun 25, 2026

QTOC (Innovator Growth Accelerated Plus ETF - October) and NOIEX (Northern Income Equity Fund) are both funds - QTOC is a Options Trading fund actively managed by Innovator, while NOIEX is a Large Cap Value Equities fund managed by Northern Funds. Over the past 3 years, QTOC returned 18.31%/yr vs 21.14%/yr for NOIEX. Their correlation of 0.80 suggests significant overlap in exposure. QTOC charges 0.79%/yr vs 0.49%/yr for NOIEX.

Performance

QTOC vs. NOIEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Growth Accelerated Plus ETF - October (QTOC) and Northern Income Equity Fund (NOIEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with QTOC having a 9.53% return and NOIEX slightly lower at 9.23%.

QTOC

• 1D: -0.05%
• 1M: -0.37%
• YTD: 9.53%
• 6M: 8.58%
• 1Y: 18.87%
• 3Y*: 18.31%
• 5Y*: —
• 10Y*: —

NOIEX

• 1D: -1.19%
• 1M: -1.86%
• YTD: 9.23%
• 6M: 7.94%
• 1Y: 24.99%
• 3Y*: 21.14%
• 5Y*: 13.39%
• 10Y*: 13.78%

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

QTOC vs. NOIEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
QTOC Innovator Growth Accelerated Plus ETF - October	9.53%	16.79%	14.90%	38.43%	-29.84%	7.47%
NOIEX Northern Income Equity Fund	9.23%	18.81%	24.28%	19.56%	-13.34%	11.38%

Correlation

The correlation between QTOC and NOIEX is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (All Time) Calculated using the full available price history since Oct 1, 2021	0.80

The correlation between QTOC and NOIEX has been stable across timeframes, ranging from 0.71 to 0.80 - a consistent structural relationship.

Return for Risk

QTOC vs. NOIEX — Risk / Return Rank

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

QTOC

QTOC Risk / Return Rank: 53
QTOC Sharpe Ratio Rank: 49
QTOC Sortino Ratio Rank: 51
QTOC Omega Ratio Rank: 58
QTOC Calmar Ratio Rank: 44
QTOC Martin Ratio Rank: 61

NOIEX

NOIEX Risk / Return Rank: 65
NOIEX Sharpe Ratio Rank: 61
NOIEX Sortino Ratio Rank: 58
NOIEX Omega Ratio Rank: 58
NOIEX Calmar Ratio Rank: 70
NOIEX Martin Ratio Rank: 77

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.

QTOC vs. NOIEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Growth Accelerated Plus ETF - October (QTOC) 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.

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.

	QTOC	NOIEX	Difference
Sharpe ratio: Return per unit of total volatility	1.50	2.09	-0.59
Sortino ratio: Return per unit of downside risk	2.19	2.90	-0.72
Omega ratio: Gain probability vs. loss probability	1.31	1.38	-0.07
Calmar ratio: Return relative to maximum drawdown	1.97	3.06	-1.09
Martin ratio: Return relative to average drawdown	9.51	13.41	-3.90

QTOC vs. NOIEX - Sharpe Ratio Comparison

The current QTOC Sharpe Ratio is 1.50, which is comparable to the NOIEX Sharpe Ratio of 2.09. The chart below compares the historical Sharpe Ratios of QTOC 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.

Drawdowns

QTOC vs. NOIEX - Drawdown Comparison

The maximum QTOC drawdown since its inception was -33.43%, smaller than the maximum NOIEX drawdown of -45.66%. Use the drawdown chart below to compare losses from any high point for QTOC and NOIEX.

Drawdown Indicators

	QTOC	NOIEX	Difference
Max Drawdown Largest peak-to-trough decline	-33.43%	-45.66%	+12.23%
Max Drawdown (1Y) Largest decline over 1 year	-9.63%	-8.39%	-1.24%
Max Drawdown (3Y) Largest decline over 3 years	-21.24%	-18.06%	-3.18%
Max Drawdown (5Y) Largest decline over 5 years	—	-21.89%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.31%	—
Current Drawdown Current decline from peak	-1.43%	-3.16%	+1.73%
Average Drawdown Average peak-to-trough decline	-8.40%	-4.98%	-3.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.99%	1.90%	+0.09%

Volatility

QTOC vs. NOIEX - Volatility Comparison

The current volatility for Innovator Growth Accelerated Plus ETF - October (QTOC) is 3.07%, while Northern Income Equity Fund (NOIEX) has a volatility of 4.43%. This indicates that QTOC 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

	QTOC	NOIEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.07%	4.43%	-1.36%
Volatility (6M) Calculated over the trailing 6-month period	10.42%	9.55%	+0.87%
Volatility (1Y) Calculated over the trailing 1-year period	12.64%	12.30%	+0.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.69%	16.43%	+3.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.69%	17.99%	+1.70%

QTOC vs. NOIEX - Expense Ratio Comparison

QTOC has a 0.79% expense ratio, which is higher than NOIEX's 0.49% expense ratio.

Dividends

QTOC vs. NOIEX - Dividend Comparison

QTOC has not paid dividends to shareholders, while NOIEX's dividend yield for the trailing twelve months is around 7.21%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NOIEX Northern Income Equity Fund	7.21%	7.92%	6.11%	7.03%	5.44%	14.26%	7.67%	8.58%	15.73%	7.56%	3.02%	5.57%
QTOC Innovator Growth Accelerated Plus ETF - October	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QTOC and NOIEX in my portfolio?

QTOC and NOIEX have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QTOC or NOIEX?

NOIEX has higher volatility (4.43%) compared to QTOC (3.07%). In terms of maximum drawdown, QTOC dropped -33.43% vs NOIEX's -45.66%.

Which has better risk-adjusted returns?

NOIEX currently has the higher Sharpe Ratio (2.09 vs 1.50), 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.