Northern Income Correlations

NOIEX Fund

USD 18.98 0.09 0.47%

The current 90-days correlation between Northern Income Equity and Templeton Emerging Markets is 0.36 (i.e., Weak 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 0.92 (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 housing.

Moving together with Northern Mutual Fund

0.65	NOBOX	Northern Bond Index	Pair Corr
0.7	NOCBX	Northern E Bond	Pair Corr
0.84	NOAZX	Northern Arizona Tax	Pair Corr
0.88	NOEMX	Northern Emerging Markets	Pair Corr
0.74	NOFIX	Northern Fixed Income	Pair Corr
0.93	NOIGX	Northern International	Pair Corr
0.93	NOINX	Northern International	Pair Corr
0.85	NOITX	Northern Intermediate	Pair Corr
0.89	NOMIX	Northern Mid Cap	Pair Corr
0.8	NOLCX	Northern Large Cap	Pair Corr
0.95	NOLVX	Northern Large Cap	Pair Corr
0.84	NOSIX	Northern Stock Index	Pair Corr
0.9	NOSGX	Northern Small Cap	Pair Corr
0.88	BSBAX	Northern Short Bond	Pair Corr
0.96	BBALX	Northern Global Tactical	Pair Corr
0.82	NSCKX	Northern Small Cap	Pair Corr
0.88	NSIDX	Northern Small Cap	Pair Corr
0.83	NSGRX	Northern Small Cap	Pair Corr
0.79	NSIUX	Northern Short-intermedia	Pair Corr
0.86	NSITX	Northern Short-intermedia	Pair Corr
0.84	NSRKX	Northern Global Sust	Pair Corr
0.86	NSRIX	Northern Global Sust	Pair Corr
0.91	NTAUX	Northern Tax Advantaged	Pair Corr
0.9	SWSFX	Ultra Short Fixed	Pair Corr
0.82	NCATX	Northern California Tax	Pair Corr
0.84	NCITX	Northern California	Pair Corr
0.76	NUEIX	Northern Quality Esg	Pair Corr
0.76	NUESX	Northern Quality Esg	Pair Corr
0.9	NUSFX	Northern Ultra Short	Pair Corr
0.78	NGREX	Northern Global Real	Pair Corr
0.91	NHFIX	Northern High Yield	Pair Corr
0.85	NMFIX	Multi Manager Global	Pair Corr
0.88	NMIEX	Active M International	Pair Corr
0.86	NMHYX	Multi Manager High	Pair Corr
0.8	NMMGX	Multi Manager Global	Pair Corr
0.86	NMMEX	Active M Emerging	Pair Corr
0.91	VVIAX	Vanguard Value Index	Pair Corr
0.89	AWSHX	Washington Mutual	Pair Corr

Related Correlations Analysis

	ACV	ERC	NSCCX	PSF	TRRUX	RLTY	FMPFX	IIF	EMF
ACV		0.85	0.87	0.86	0.91	0.53	0.7	-0.64	0.89	ACV
ERC	0.85		0.77	0.93	0.81	0.75	0.46	-0.6	0.91	ERC
NSCCX	0.87	0.77		0.77	0.92	0.5	0.8	-0.46	0.85	NSCCX
PSF	0.86	0.93	0.77		0.84	0.83	0.46	-0.61	0.94	PSF
TRRUX	0.91	0.81	0.92	0.84		0.63	0.68	-0.47	0.9	TRRUX
RLTY	0.53	0.75	0.5	0.83	0.63		0.1	-0.37	0.78	RLTY
FMPFX	0.7	0.46	0.8	0.46	0.68	0.1		-0.25	0.48	FMPFX
IIF	-0.64	-0.6	-0.46	-0.61	-0.47	-0.37	-0.25		-0.66	IIF
EMF	0.89	0.91	0.85	0.94	0.9	0.78	0.48	-0.66		EMF
	ACV	ERC	NSCCX	PSF	TRRUX	RLTY	FMPFX	IIF	EMF

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

EMF	+ 0.94	PSF
PSF	+ 0.93	ERC
TRRUX	+ 0.92	NSCCX
TRRUX	+ 0.91	ACV
EMF	+ 0.91	ERC
EMF	+ 0.9	TRRUX

High negative correlations

EMF	- 0.66	IIF
IIF	- 0.64	ACV
IIF	- 0.61	PSF
IIF	- 0.6	ERC
IIF	- 0.47	TRRUX
IIF	- 0.46	NSCCX

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
ACV	0.72	0.14	0.10	0.35	0.68	(0.81)	1.93	(1.22)	5.06
ERC	0.31	0.03	(0.15)	0.28	0.26	(0.38)	0.76	(0.65)	2.06
NSCCX	1.05	0.29	0.31	0.36	0.42	(1.30)	2.64	(1.50)	14.57
PSF	0.28	0.03	(0.15)	0.27	0.17	(0.32)	0.55	(0.55)	1.80
TRRUX	0.26	0.09	0.04	0.40	0.00	(0.36)	0.51	(0.40)	4.52
RLTY	0.59	0.11	0.05	0.51	0.46	(0.67)	1.38	(1.03)	3.12
FMPFX	0.98	0.05	0.05	0.16	0.91	(1.12)	2.34	(1.78)	7.26
IIF	0.64	(0.12)	0.00	(0.11)	0.00	0.00	0.99	(1.35)	5.21
EMF	0.89	0.38	0.34	1.05	0.30	(1.11)	2.27	(1.18)	5.66

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