ARTSX vs. NCLEX
ARTSX (Artisan Small Cap Fund) and NCLEX (Nicholas Limited Edition Fund) are both Small Cap Growth Equities funds. Over the past 10 years, ARTSX returned 11.40%/yr vs 7.50%/yr for NCLEX. Their correlation of 0.88 means they have usually moved in the same direction. ARTSX charges 1.19%/yr vs 0.85%/yr for NCLEX.
Performance
ARTSX vs. NCLEX - Performance Comparison
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Returns By Period
Over the past 10 years, ARTSX has outperformed NCLEX with an annualized return of 11.40%, while NCLEX has yielded a comparatively lower 7.50% annualized return.
ARTSX
- 1D
- 2.35%
- 1M
- -6.81%
- 6M
- 7.24%
- YTD
- 12.37%
- 1Y
- 24.39%
- 3Y*
- 12.27%
- 5Y*
- 0.85%
- 10Y*
- 11.40%
- ALL TIME*
- 8.68%
NCLEX
- 1D
- -1.13%
- 1M
- 0.20%
- 6M
- 0.08%
- YTD
- 0.00%
- 1Y
- -2.29%
- 3Y*
- 0.57%
- 5Y*
- -0.61%
- 10Y*
- 7.50%
- ALL TIME*
- 9.15%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
ARTSX vs. NCLEX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ARTSX Artisan Small Cap Fund | 12.37% | 8.46% | 20.56% | 9.29% | -29.44% | -9.05% | 60.95% | 40.04% | 1.97% | 26.97% |
NCLEX Nicholas Limited Edition Fund | 0.00% | -10.41% | 11.91% | 17.17% | -23.71% | 19.07% | 22.67% | 27.36% | -0.94% | 19.93% |
Correlation
The correlation between ARTSX and NCLEX is 0.65, 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. | 0.65 |
Correlation (3Y) Balances recent behavior with more history. | 0.79 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.85 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.85 |
Correlation (All Time) Calculated using the full available price history since Feb 29, 1996 | 0.88 |
Over the past year, the correlation between ARTSX and NCLEX has dropped to 0.65 - well below their long-term average of 0.88, suggesting their price drivers have been diverging.
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Return for Risk
ARTSX vs. NCLEX — Risk / Return Rank
ARTSX
NCLEX
ARTSX vs. NCLEX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Artisan Small Cap Fund (ARTSX) 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.
| ARTSX | NCLEX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.30 | ||
| Sortino ratioReturn per unit of downside risk | +1.88 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 0.96 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 1.50 | -0.26 | +1.76 |
| Martin ratioReturn relative to average drawdown | 5.60 | -0.51 | +6.11 |
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Drawdowns
ARTSX vs. NCLEX - Drawdown Comparison
The maximum ARTSX drawdown since its inception was -62.77%, which is greater than NCLEX's maximum drawdown of -48.68%. Use the drawdown chart below to compare losses from any high point for ARTSX and NCLEX.
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Drawdown Indicators
| ARTSX | NCLEX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.77% | -48.68% | -14.09% |
Max Drawdown (1Y)Largest decline over 1 year | -15.44% | -20.88% | +5.44% |
Max Drawdown (3Y)Largest decline over 3 years | -25.88% | -28.50% | +2.62% |
Max Drawdown (5Y)Largest decline over 5 years | -47.88% | -28.50% | -19.38% |
Max Drawdown (10Y)Largest decline over 10 years | -51.51% | -35.79% | -15.72% |
Current DrawdownCurrent decline from peak | -8.53% | -16.34% | +7.81% |
Average DrawdownAverage peak-to-trough decline | -14.66% | -8.32% | -6.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.11% | 10.65% | -6.54% |
Volatility
ARTSX vs. NCLEX - Volatility Comparison
Artisan Small Cap Fund (ARTSX) has a higher volatility of 6.69% compared to Nicholas Limited Edition Fund (NCLEX) at 4.95%. This indicates that ARTSX'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
| ARTSX | NCLEX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.69% | 4.95% | +1.74% |
Volatility (6M)Calculated over the trailing 6-month period | 19.45% | 12.80% | +6.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.39% | 17.31% | +6.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.65% | 19.62% | +8.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.64% | 19.22% | +6.42% |
ARTSX vs. NCLEX - Expense Ratio Comparison
ARTSX has a 1.19% expense ratio, which is higher than NCLEX's 0.85% expense ratio.
Dividends
ARTSX vs. NCLEX - Dividend Comparison
ARTSX's dividend yield for the trailing twelve months is around 7.34%, less than NCLEX's 7.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ARTSX Artisan Small Cap Fund | 7.34% | 8.24% | 10.40% | 0.00% | 0.26% | 12.11% | 5.26% | 7.83% | 20.83% | 16.26% | 1.18% | 10.12% |
NCLEX Nicholas Limited Edition Fund | 7.53% | 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
ARTSX and NCLEX have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ARTSX has higher volatility (6.69%) compared to NCLEX (4.95%). In terms of maximum drawdown, ARTSX dropped -62.77% vs NCLEX's -48.68%.
ARTSX currently has the higher Sharpe Ratio (0.99 vs -0.32), 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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