SHDG vs. NOIEX

Last updated Aug 2, 2026

SHDG (Soundwatch Hedged Equity ETF) and NOIEX (Northern Income Equity Fund) are both funds - SHDG is a Options Trading fund actively managed by SoundWatch Capital, while NOIEX is a Large Cap Value Equities fund actively managed by Northern Trust. Both are actively managed. Over the past 3 years, SHDG returned 10.85%/yr vs 19.78%/yr for NOIEX. Their correlation of 0.88 means they have usually moved in the same direction. SHDG charges 0.53%/yr vs 0.49%/yr for NOIEX.

Performance

SHDG vs. NOIEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Soundwatch Hedged Equity ETF (SHDG) 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, SHDG achieves a 1.34% return, which is significantly lower than NOIEX's 12.25% return.

SHDG

• 1D: 0.47%
• 1M: 0.23%
• 6M: 0.15%
• YTD: 1.34%
• 1Y: 9.53%
• 3Y*: 10.85%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 13.91%

NOIEX

• 1D: 1.19%
• 1M: 0.87%
• 6M: 9.75%
• YTD: 12.25%
• 1Y: 21.97%
• 3Y*: 19.78%
• 5Y*: 13.37%
• 10Y*: 13.53%
• ALL TIME*: 9.73%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
NOIEX Northern Income Equity Fund	$0.00	$0.00	$0.00
SHDG Soundwatch Hedged Equity ETF	$89.04K	$95.41K	$141.71K

SHDG vs. NOIEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SHDG Soundwatch Hedged Equity ETF	1.34%	11.46%	19.66%	17.84%	2.55%
NOIEX Northern Income Equity Fund	12.25%	18.81%	24.28%	19.56%	3.89%

Correlation

The correlation between SHDG and NOIEX is 0.76, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.76
Correlation (3Y) Balances recent behavior with more history.	0.87
Correlation (All Time) Calculated using the full available price history since Oct 24, 2022	0.88

The correlation between SHDG and NOIEX shifts across timeframes, from 0.76 (1 year) to 0.88 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SHDG vs. NOIEX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SHDG

SHDG Risk / Return Rank: 40
SHDG Sharpe Ratio Rank: 41
SHDG Sortino Ratio Rank: 39
SHDG Omega Ratio Rank: 42
SHDG Calmar Ratio Rank: 36
SHDG Martin Ratio Rank: 42

NOIEX

NOIEX Risk / Return Rank: 78
NOIEX Sharpe Ratio Rank: 75
NOIEX Sortino Ratio Rank: 73
NOIEX Omega Ratio Rank: 73
NOIEX Calmar Ratio Rank: 79
NOIEX Martin Ratio Rank: 87

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SHDG vs. NOIEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Soundwatch Hedged Equity ETF (SHDG) 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.

	SHDG	NOIEX	Difference
Sharpe ratio: Return per unit of total volatility	1.04	1.72	-0.69
Sortino ratio: Return per unit of downside risk	1.46	2.42	-0.97
Omega ratio: Gain probability vs. loss probability	1.20	1.31	-0.11
Calmar ratio: Return relative to maximum drawdown	1.25	2.56	-1.31
Martin ratio: Return relative to average drawdown	4.59	10.96	-6.37

SHDG vs. NOIEX - Sharpe Ratio Comparison

The current SHDG Sharpe Ratio is 1.04, which is lower than the NOIEX Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of SHDG 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

SHDG vs. NOIEX - Drawdown Comparison

The maximum SHDG drawdown since its inception was -15.82%, smaller than the maximum NOIEX drawdown of -45.66%. Use the drawdown chart below to compare losses from any high point for SHDG and NOIEX.

Drawdown Indicators

	SHDG	NOIEX	Difference
Max Drawdown Largest peak-to-trough decline	-15.82%	-45.66%	+29.84%
Max Drawdown (1Y) Largest decline over 1 year	-6.62%	-8.39%	+1.77%
Max Drawdown (3Y) Largest decline over 3 years	-15.82%	-18.06%	+2.24%
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	-0.82%	-0.75%	-0.07%
Average Drawdown Average peak-to-trough decline	-1.69%	-4.97%	+3.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.81%	1.96%	-0.15%

Volatility

SHDG vs. NOIEX - Volatility Comparison

The current volatility for Soundwatch Hedged Equity ETF (SHDG) is 2.73%, while Northern Income Equity Fund (NOIEX) has a volatility of 3.11%. This indicates that SHDG 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

	SHDG	NOIEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.73%	3.11%	-0.38%
Volatility (6M) Calculated over the trailing 6-month period	5.41%	9.48%	-4.07%
Volatility (1Y) Calculated over the trailing 1-year period	8.01%	12.49%	-4.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.84%	16.43%	-5.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.84%	17.99%	-7.15%

SHDG vs. NOIEX - Expense Ratio Comparison

SHDG has a 0.53% expense ratio, which is higher than NOIEX's 0.49% expense ratio.

Dividends

SHDG vs. NOIEX - Dividend Comparison

SHDG's dividend yield for the trailing twelve months is around 0.49%, less than NOIEX's 7.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NOIEX Northern Income Equity Fund	7.22%	7.92%	6.11%	7.03%	5.44%	14.26%	7.67%	8.58%	15.73%	7.56%	3.02%	5.57%
SHDG Soundwatch Hedged Equity ETF	0.49%	0.49%	0.62%	1.24%	0.90%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SHDG and NOIEX in my portfolio?

SHDG and NOIEX have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SHDG or NOIEX?

NOIEX has higher volatility (3.11%) compared to SHDG (2.73%). In terms of maximum drawdown, SHDG dropped -15.82% vs NOIEX's -45.66%.

Which has better risk-adjusted returns?

NOIEX currently has the higher Sharpe Ratio (1.72 vs 1.04), 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.