ALMAX vs. NCLEX
ALMAX (Alger Weatherbie Specialized Growth Fund) and NCLEX (Nicholas Limited Edition Fund) are both Small Cap Growth Equities funds. Over the past 10 years, ALMAX returned 9.64%/yr vs 7.44%/yr for NCLEX. Their correlation of 0.91 suggests significant overlap in exposure. ALMAX charges 1.20%/yr vs 0.85%/yr for NCLEX.
Performance
ALMAX vs. NCLEX - Performance Comparison
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Returns By Period
In the year-to-date period, ALMAX achieves a 9.54% return, which is significantly higher than NCLEX's -7.51% return. Over the past 10 years, ALMAX has outperformed NCLEX with an annualized return of 9.64%, while NCLEX has yielded a comparatively lower 7.44% annualized return.
ALMAX
- 1D
- 0.07%
- 1M
- 6.56%
- YTD
- 9.54%
- 6M
- 6.19%
- 1Y
- 17.37%
- 3Y*
- 9.72%
- 5Y*
- -3.66%
- 10Y*
- 9.64%
NCLEX
- 1D
- -0.72%
- 1M
- 1.30%
- YTD
- -7.51%
- 6M
- -9.33%
- 1Y
- -12.00%
- 3Y*
- 0.15%
- 5Y*
- -1.65%
- 10Y*
- 7.44%
ALMAX vs. NCLEX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ALMAX Alger Weatherbie Specialized Growth Fund | 9.54% | 0.50% | 13.78% | 11.22% | -38.11% | 5.83% | 56.85% | 39.17% | -4.10% | 21.83% |
NCLEX Nicholas Limited Edition Fund | -7.51% | -10.41% | 11.91% | 17.17% | -23.71% | 19.07% | 22.67% | 27.36% | -0.94% | 19.93% |
Correlation
The correlation between ALMAX and NCLEX is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.85 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.89 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.87 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2003 | 0.91 |
The correlation between ALMAX and NCLEX shifts across timeframes, from 0.80 (1 year) to 0.91 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ALMAX vs. NCLEX — Risk / Return Rank
ALMAX
NCLEX
ALMAX vs. NCLEX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Alger Weatherbie Specialized Growth Fund (ALMAX) and Nicholas Limited Edition Fund (NCLEX). 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.
| ALMAX | NCLEX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.46 | ||
| Sortino ratioReturn per unit of downside risk | +2.13 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 0.91 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 0.90 | -0.49 | +1.39 |
| Martin ratioReturn relative to average drawdown | 2.75 | -0.98 | +3.73 |
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Drawdowns
ALMAX vs. NCLEX - Drawdown Comparison
The maximum ALMAX drawdown since its inception was -60.51%, which is greater than NCLEX's maximum drawdown of -48.68%. Use the drawdown chart below to compare losses from any high point for ALMAX and NCLEX.
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Drawdown Indicators
| ALMAX | NCLEX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.51% | -48.68% | -11.83% |
Max Drawdown (1Y)Largest decline over 1 year | -20.91% | -21.36% | +0.45% |
Max Drawdown (3Y)Largest decline over 3 years | -29.61% | -28.50% | -1.11% |
Max Drawdown (5Y)Largest decline over 5 years | -53.89% | -28.50% | -25.39% |
Max Drawdown (10Y)Largest decline over 10 years | -53.89% | -35.79% | -18.10% |
Current DrawdownCurrent decline from peak | -28.88% | -22.62% | -6.26% |
Average DrawdownAverage peak-to-trough decline | -17.36% | -8.30% | -9.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.84% | 10.72% | -3.88% |
Volatility
ALMAX vs. NCLEX - Volatility Comparison
Alger Weatherbie Specialized Growth Fund (ALMAX) has a higher volatility of 6.99% compared to Nicholas Limited Edition Fund (NCLEX) at 4.54%. This indicates that ALMAX's price experiences larger fluctuations and is considered to be riskier than NCLEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ALMAX | NCLEX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.99% | 4.54% | +2.45% |
Volatility (6M)Calculated over the trailing 6-month period | 17.85% | 12.41% | +5.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.43% | 17.04% | +5.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.28% | 19.55% | +9.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.31% | 19.23% | +8.08% |
ALMAX vs. NCLEX - Expense Ratio Comparison
ALMAX has a 1.20% expense ratio, which is higher than NCLEX's 0.85% expense ratio.
Dividends
ALMAX vs. NCLEX - Dividend Comparison
ALMAX has not paid dividends to shareholders, while NCLEX's dividend yield for the trailing twelve months is around 8.15%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ALMAX Alger Weatherbie Specialized Growth Fund | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 24.48% | 4.64% | 4.00% | 9.86% | 0.00% | 12.44% | 55.85% |
NCLEX Nicholas Limited Edition Fund | 8.15% | 7.53% | 2.51% | 2.43% | 6.22% | 16.44% | 5.10% | 5.66% | 10.72% | 7.97% | 10.68% | 8.05% |
Frequently Asked Questions
ALMAX and NCLEX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ALMAX has higher volatility (6.99%) compared to NCLEX (4.54%). In terms of maximum drawdown, ALMAX dropped -60.51% vs NCLEX's -48.68%.
ALMAX currently has the higher Sharpe Ratio (0.84 vs -0.62), 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.
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