Background: Brain imaging data collected from individuals are highly complex with unique variation; however, such variation is typically ignored in approaches that focus on group averages or even supervised prediction. State-of-the-art methods for analyzing dynamic functional network connectivity (dFNC) subdivide the entire time course into several (possibly overlapping) connectivity states (i.e., sliding window clusters). However, such an approach does not factor in the homogeneity of underlying data and may result in a less meaningful subgrouping of the data set. Methods: Dynamic-N-way tri-clustering (dNTiC) incorporates a homogeneity benchmark to approximate clusters that provide a more "apples-to-apples" comparison between groups within analogous subsets of time-space and subjects. dNTiC sorts the dFNC states by maximizing similarity across individuals and minimizing variance among the pairs of components within a state. Results: Resulting tri-clusters show significant differences between schizophrenia (SZ) and healthy control (HC) in distinct brain regions. Compared with HC subjects, SZ show hypoconnectivity (low positive) among subcortical, default mode, cognitive control, but hyperconnectivity (high positive) between sensory networks in most tri-clusters. In tri-cluster 3, HC subjects show significantly stronger connectivity among sensory networks and anticorrelation between subcortical and sensory networks than SZ. Results also provide a statistically significant difference in SZ and HC subject's reoccurrence time for two distinct dFNC states. Conclusions: Outcomes emphasize the utility of the proposed method for characterizing and leveraging variance within high-dimensional data to enhance the interpretability and sensitivity of measurements in studying a heterogeneous disorder such as SZ and unconstrained experimental conditions as resting functional magnetic resonance imaging. Impact statement The current methods for analyzing dynamic functional network connectivity (dFNC) run k-means on a collection of dFNC windows, and each window includes all the pairs of independent component analysis networks. As such, it depicts a short-time connectivity pattern of the entire brain, and the k-means clusters fixed-length signatures that have an extent throughout the neural system. Consequently, there is a chance of missing connectivity signatures that span across a smaller subset of pairs. Dynamic-N-way tri-clustering further sorts the dFNC states by maximizing similarity across individuals, minimizing variance among the pairs of components within a state, and reporting more complex and transient patterns.