CWSGX vs. NCLEX

Last updated Jun 24, 2026

CWSGX (Chartwell Small Cap Growth Fund) and NCLEX (Nicholas Limited Edition Fund) are both Small Cap Growth Equities funds. Over the past 5 years, CWSGX returned 12.66%/yr vs -1.65%/yr for NCLEX. Their correlation of 0.86 suggests significant overlap in exposure. CWSGX charges 1.05%/yr vs 0.85%/yr for NCLEX.

Performance

CWSGX vs. NCLEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Chartwell Small Cap Growth Fund (CWSGX) and Nicholas Limited Edition Fund (NCLEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CWSGX achieves a 35.95% return, which is significantly higher than NCLEX's -7.51% return.

CWSGX

• 1D: 1.87%
• 1M: 9.38%
• YTD: 35.95%
• 6M: 33.64%
• 1Y: 63.38%
• 3Y*: 32.88%
• 5Y*: 12.66%
• 10Y*: —

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%

*Multi-year figures are annualized to reflect compound growth (CAGR)

CWSGX vs. NCLEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CWSGX Chartwell Small Cap Growth Fund	35.95%	14.77%	35.94%	22.41%	-30.85%	15.83%	42.56%	27.38%	-8.37%	11.08%
NCLEX Nicholas Limited Edition Fund	-7.51%	-10.41%	11.91%	17.17%	-23.71%	19.07%	22.67%	27.36%	-0.94%	8.15%

Correlation

The correlation between CWSGX and NCLEX is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (All Time) Calculated using the full available price history since Jun 22, 2017	0.86

Over the past year, the correlation between CWSGX and NCLEX has dropped to 0.60 - well below their long-term average of 0.86, suggesting their price drivers have been diverging.

Return for Risk

CWSGX vs. NCLEX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CWSGX

CWSGX Risk / Return Rank: 86
CWSGX Sharpe Ratio Rank: 89
CWSGX Sortino Ratio Rank: 78
CWSGX Omega Ratio Rank: 74
CWSGX Calmar Ratio Rank: 95
CWSGX Martin Ratio Rank: 96

NCLEX

NCLEX Risk / Return Rank: 1
NCLEX Sharpe Ratio Rank: 1
NCLEX Sortino Ratio Rank: 1
NCLEX Omega Ratio Rank: 1
NCLEX Calmar Ratio Rank: 1
NCLEX Martin Ratio Rank: 1

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CWSGX vs. NCLEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Chartwell Small Cap Growth Fund (CWSGX) 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.

	CWSGX	NCLEX	Difference
Sharpe ratio: Return per unit of total volatility	2.73	-0.62	+3.35
Sortino ratio: Return per unit of downside risk	3.41	-0.78	+4.19
Omega ratio: Gain probability vs. loss probability	1.44	0.91	+0.53
Calmar ratio: Return relative to maximum drawdown	5.48	-0.49	+5.98
Martin ratio: Return relative to average drawdown	21.79	-0.98	+22.78

CWSGX vs. NCLEX - Sharpe Ratio Comparison

The current CWSGX Sharpe Ratio is 2.73, which is higher than the NCLEX Sharpe Ratio of -0.62. The chart below compares the historical Sharpe Ratios of CWSGX and NCLEX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CWSGX vs. NCLEX - Drawdown Comparison

The maximum CWSGX drawdown since its inception was -37.29%, smaller than the maximum NCLEX drawdown of -48.68%. Use the drawdown chart below to compare losses from any high point for CWSGX and NCLEX.

Drawdown Indicators

	CWSGX	NCLEX	Difference
Max Drawdown Largest peak-to-trough decline	-37.29%	-48.68%	+11.39%
Max Drawdown (1Y) Largest decline over 1 year	-11.97%	-21.36%	+9.39%
Max Drawdown (3Y) Largest decline over 3 years	-27.80%	-28.50%	+0.70%
Max Drawdown (5Y) Largest decline over 5 years	-37.29%	-28.50%	-8.79%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.79%	—
Current Drawdown Current decline from peak	0.00%	-22.62%	+22.62%
Average Drawdown Average peak-to-trough decline	-11.15%	-8.30%	-2.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.01%	10.72%	-7.71%

Volatility

CWSGX vs. NCLEX - Volatility Comparison

Chartwell Small Cap Growth Fund (CWSGX) has a higher volatility of 8.74% compared to Nicholas Limited Edition Fund (NCLEX) at 4.54%. This indicates that CWSGX'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.

Volatility by Period

	CWSGX	NCLEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.74%	4.54%	+4.20%
Volatility (6M) Calculated over the trailing 6-month period	18.91%	12.41%	+6.50%
Volatility (1Y) Calculated over the trailing 1-year period	24.09%	17.04%	+7.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.37%	19.55%	+4.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.22%	19.23%	+4.99%

CWSGX vs. NCLEX - Expense Ratio Comparison

CWSGX has a 1.05% expense ratio, which is higher than NCLEX's 0.85% expense ratio.

Dividends

CWSGX vs. NCLEX - Dividend Comparison

CWSGX's dividend yield for the trailing twelve months is around 0.64%, less than NCLEX's 8.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CWSGX Chartwell Small Cap Growth Fund	0.64%	0.87%	6.44%	0.00%	4.78%	21.74%	6.70%	0.03%	0.45%	0.02%	0.00%	0.00%
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

Can I hold both CWSGX and NCLEX in my portfolio?

CWSGX and NCLEX have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CWSGX or NCLEX?

CWSGX has higher volatility (8.74%) compared to NCLEX (4.54%). In terms of maximum drawdown, CWSGX dropped -37.29% vs NCLEX's -48.68%.

Which has better risk-adjusted returns?

CWSGX currently has the higher Sharpe Ratio (2.73 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.