Northern Income Correlations

NOIEX Fund

USD 17.00 0.11 0.65%

The current 90-days correlation between Northern Income Equity and Northern High Yield is 0.67 (i.e., Poor diversification). The correlation of Northern Income is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Northern Income Correlation With Market

Almost no diversification

The correlation between Northern Income Equity and DJI is 0.97 (i.e., Almost no diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Northern Income Equity and DJI in the same portfolio, assuming nothing else is changed.

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Northern Income Equity. Also, note that the market value of any mutual fund could be closely tied with the direction of predictive economic indicators such as signals in income.

Moving together with Northern Mutual Fund

0.67	NOAZX	Northern Arizona Tax	Pair Corr
0.72	NOEMX	Northern Emerging Markets	Pair Corr
0.65	NOITX	Northern Intermediate	Pair Corr
0.99	NOMIX	Northern Mid Cap	Pair Corr
0.99	NOLCX	Northern Large Cap	Pair Corr
0.98	NOLVX	Northern Large Cap	Pair Corr
0.67	NOTEX	Northern Tax Exempt	Pair Corr
0.98	NOSGX	Northern Small Cap	Pair Corr
0.95	BBALX	Northern Global Tactical	Pair Corr
0.98	NSCKX	Northern Small Cap	Pair Corr
0.91	NSIDX	Northern Small Cap	Pair Corr
0.98	NSGRX	Northern Small Cap	Pair Corr
0.96	NSRKX	Northern Global Sust	Pair Corr
0.96	NSRIX	Northern Global Sust	Pair Corr
0.64	NCATX	Northern California Tax	Pair Corr
0.62	NCITX	Northern California	Pair Corr
0.99	NUEIX	Northern Quality Esg	Pair Corr
0.99	NUESX	Northern Quality Esg	Pair Corr
0.78	NGREX	Northern Global Real	Pair Corr
0.85	NHFIX	Northern High Yield	Pair Corr
0.61	NMIEX	Active M International	Pair Corr
0.88	NMHYX	Multi Manager High	Pair Corr
0.84	NMMGX	Multi Manager Global	Pair Corr
0.67	NMMEX	Active M Emerging	Pair Corr
0.89	VVIAX	Vanguard Value Index	Pair Corr
0.89	DOXGX	Dodge Cox Stock	Pair Corr

Moving against Northern Mutual Fund

0.69	NSIUX	Northern Short Inter	Pair Corr
0.52	NOUGX	Northern Government	Pair Corr
0.38	BSBAX	Northern Short Bond	Pair Corr
0.35	SWSFX	Ultra Short Fixed	Pair Corr
0.35	NUSFX	Northern Ultra Short	Pair Corr

Related Correlations Analysis

	NHFIX	NOIGX	NOLVX	NOSIX	NOFIX
NHFIX		0.62	0.86	0.78	0.35	NHFIX
NOIGX	0.62		0.42	0.57	-0.09	NOIGX
NOLVX	0.86	0.42		0.85	0.07	NOLVX
NOSIX	0.78	0.57	0.85		-0.15	NOSIX
NOFIX	0.35	-0.09	0.07	-0.15		NOFIX
	NHFIX	NOIGX	NOLVX	NOSIX	NOFIX

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

NOLVX	+ 0.86	NHFIX
NOSIX	+ 0.85	NOLVX
NOSIX	+ 0.78	NHFIX
NOIGX	+ 0.62	NHFIX
NOSIX	+ 0.57	NOIGX
NOLVX	+ 0.42	NOIGX

High negative correlations

NOFIX	- 0.15	NOSIX
NOFIX	- 0.09	NOIGX

Risk-Adjusted Indicators

There is a big difference between Northern Mutual Fund performing well and Northern Income Mutual Fund doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Northern Income's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
NHFIX	0.27	0.02	0.13	0.05	0.35	(0.35)	0.69	(0.51)	2.19
NOIGX	0.80	0.11	0.09	0.48	1.45	(0.78)	1.76	(1.74)	8.56
NOLVX	1.06	0.03	0.00	(0.02)	0.00	0.00	1.89	(2.12)	10.40
NOSIX	1.27	(0.03)	0.00	0.44	0.00	0.00	2.15	(2.69)	12.94
NOFIX	0.27	0.00	0.19	0.00	0.29	(0.31)	0.57	(0.45)	1.92

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