CIPSX vs. NCLEX
CIPSX (Champlain Small Company Fund) and NCLEX (Nicholas Limited Edition Fund) are both Small Cap Growth Equities funds. Over the past 10 years, CIPSX returned 7.06%/yr vs 7.68%/yr for NCLEX. Their correlation of 0.94 means they have usually moved in the same direction. CIPSX charges 1.26%/yr vs 0.85%/yr for NCLEX.
Performance
CIPSX vs. NCLEX - Performance Comparison
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Returns By Period
In the year-to-date period, CIPSX achieves a 7.48% return, which is significantly higher than NCLEX's 0.43% return. Over the past 10 years, CIPSX has underperformed NCLEX with an annualized return of 7.06%, while NCLEX has yielded a comparatively higher 7.68% annualized return.
CIPSX
- 1D
- 0.56%
- 1M
- -1.25%
- 6M
- 5.84%
- YTD
- 7.48%
- 1Y
- -14.41%
- 3Y*
- 1.01%
- 5Y*
- -1.11%
- 10Y*
- 7.06%
- ALL TIME*
- 8.44%
NCLEX
- 1D
- 0.43%
- 1M
- 0.63%
- 6M
- 0.12%
- YTD
- 0.43%
- 1Y
- -1.86%
- 3Y*
- 0.61%
- 5Y*
- -0.53%
- 10Y*
- 7.68%
- ALL TIME*
- 9.16%
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 |
CIPSX vs. NCLEX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CIPSX Champlain Small Company Fund | 7.48% | -22.88% | 23.09% | 14.01% | -20.83% | 12.37% | 24.14% | 25.02% | -3.35% | 10.56% |
NCLEX Nicholas Limited Edition Fund | 0.43% | -10.41% | 11.91% | 17.17% | -23.71% | 19.07% | 22.67% | 27.36% | -0.94% | 19.93% |
Correlation
The correlation between CIPSX and NCLEX is 0.86, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.86 |
Correlation (3Y) Balances recent behavior with more history. | 0.89 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.93 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.92 |
Correlation (All Time) Calculated using the full available price history since Dec 1, 2004 | 0.94 |
The correlation between CIPSX and NCLEX has been stable across timeframes, ranging from 0.86 to 0.94 - a consistent structural relationship.
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Return for Risk
CIPSX vs. NCLEX — Risk / Return Rank
CIPSX
NCLEX
CIPSX vs. NCLEX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Champlain Small Company Fund (CIPSX) 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.
| CIPSX | NCLEX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.41 | ||
| Sortino ratioReturn per unit of downside risk | -0.44 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 0.98 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | -0.50 | -0.16 | -0.34 |
| Martin ratioReturn relative to average drawdown | -0.85 | -0.32 | -0.54 |
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Drawdowns
CIPSX vs. NCLEX - Drawdown Comparison
The maximum CIPSX drawdown since its inception was -46.42%, roughly equal to the maximum NCLEX drawdown of -48.68%. Use the drawdown chart below to compare losses from any high point for CIPSX and NCLEX.
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Drawdown Indicators
| CIPSX | NCLEX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.42% | -48.68% | +2.26% |
Max Drawdown (1Y)Largest decline over 1 year | -31.50% | -20.88% | -10.62% |
Max Drawdown (3Y)Largest decline over 3 years | -33.27% | -28.50% | -4.77% |
Max Drawdown (5Y)Largest decline over 5 years | -34.62% | -28.50% | -6.12% |
Max Drawdown (10Y)Largest decline over 10 years | -36.09% | -35.79% | -0.30% |
Current DrawdownCurrent decline from peak | -20.29% | -15.98% | -4.31% |
Average DrawdownAverage peak-to-trough decline | -8.55% | -8.32% | -0.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.36% | 10.65% | +7.71% |
Volatility
CIPSX vs. NCLEX - Volatility Comparison
The current volatility for Champlain Small Company Fund (CIPSX) is 3.92%, while Nicholas Limited Edition Fund (NCLEX) has a volatility of 4.95%. This indicates that CIPSX experiences smaller price fluctuations and is considered to be less risky 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
| CIPSX | NCLEX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.92% | 4.95% | -1.03% |
Volatility (6M)Calculated over the trailing 6-month period | 12.40% | 12.76% | -0.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.09% | 17.31% | +8.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.57% | 19.62% | +2.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.78% | 19.22% | +2.56% |
CIPSX vs. NCLEX - Expense Ratio Comparison
CIPSX has a 1.26% expense ratio, which is higher than NCLEX's 0.85% expense ratio.
Dividends
CIPSX vs. NCLEX - Dividend Comparison
CIPSX has not paid dividends to shareholders, while NCLEX's dividend yield for the trailing twelve months is around 7.50%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CIPSX Champlain Small Company Fund | 0.00% | 0.00% | 16.74% | 6.39% | 0.36% | 4.45% | 6.11% | 7.96% | 13.29% | 9.78% | 2.72% | 2.67% |
NCLEX Nicholas Limited Edition Fund | 7.50% | 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
CIPSX and NCLEX have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NCLEX has higher volatility (4.95%) compared to CIPSX (3.92%). In terms of maximum drawdown, CIPSX dropped -46.42% vs NCLEX's -48.68%.
NCLEX currently has the higher Sharpe Ratio (-0.20 vs -0.60), 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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