EMSQX vs. NASDX

Last updated Jun 20, 2026

EMSQX (Shelton Emerging Markets Fund) and NASDX (Shelton Capital Management Nasdaq-100 Index Fund Direct Shares) are both mutual funds - EMSQX is a Emerging Markets Diversified fund managed by Shelton Capital Management, while NASDX is a Large Cap Growth Equities fund tracking the NASDAQ-100 Index. Over the past 5 years, EMSQX returned 10.94%/yr vs 19.33%/yr for NASDX. At a 0.48 correlation, their price movements are largely independent. EMSQX charges 1.77%/yr vs 0.63%/yr for NASDX.

Performance

EMSQX vs. NASDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Shelton Emerging Markets Fund (EMSQX) and Shelton Capital Management Nasdaq-100 Index Fund Direct Shares (NASDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMSQX achieves a 23.37% return, which is significantly higher than NASDX's 20.41% return.

EMSQX

• 1D: 0.47%
• 1M: 4.75%
• YTD: 23.37%
• 6M: 26.08%
• 1Y: 48.43%
• 3Y*: 19.01%
• 5Y*: 10.94%
• 10Y*: —

NASDX

• 1D: 2.48%
• 1M: 3.62%
• YTD: 20.41%
• 6M: 20.15%
• 1Y: 41.12%
• 3Y*: 30.69%
• 5Y*: 19.33%
• 10Y*: 22.78%

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

EMSQX vs. NASDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
EMSQX Shelton Emerging Markets Fund	23.37%	32.98%	3.45%	15.43%	-14.33%	0.77%	44.90%
NASDX Shelton Capital Management Nasdaq-100 Index Fund Direct Shares	20.41%	21.00%	36.91%	54.69%	-32.57%	27.32%	29.70%

Correlation

The correlation between EMSQX and NASDX is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (All Time) Calculated using the full available price history since Jun 30, 2020	0.48

The correlation between EMSQX and NASDX shifts across timeframes, from 0.33 (1 year) to 0.48 (all time), reflecting how their relationship changes across market environments.

Return for Risk

EMSQX vs. NASDX — Risk / Return Rank

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

EMSQX

EMSQX Risk / Return Rank: 76
EMSQX Sharpe Ratio Rank: 81
EMSQX Sortino Ratio Rank: 69
EMSQX Omega Ratio Rank: 75
EMSQX Calmar Ratio Rank: 81
EMSQX Martin Ratio Rank: 73

NASDX

NASDX Risk / Return Rank: 74
NASDX Sharpe Ratio Rank: 77
NASDX Sortino Ratio Rank: 66
NASDX Omega Ratio Rank: 67
NASDX Calmar Ratio Rank: 81
NASDX Martin Ratio Rank: 76

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.

EMSQX vs. NASDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Shelton Emerging Markets Fund (EMSQX) and Shelton Capital Management Nasdaq-100 Index Fund Direct Shares (NASDX). 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.

	EMSQX	NASDX	Difference
Sharpe ratio: Return per unit of total volatility	2.44	2.30	+0.14
Sortino ratio: Return per unit of downside risk	3.12	2.99	+0.13
Omega ratio: Gain probability vs. loss probability	1.44	1.40	+0.04
Calmar ratio: Return relative to maximum drawdown	3.49	3.42	+0.07
Martin ratio: Return relative to average drawdown	12.83	12.86	-0.04

EMSQX vs. NASDX - Sharpe Ratio Comparison

The current EMSQX Sharpe Ratio is 2.44, which is comparable to the NASDX Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of EMSQX and NASDX, 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

EMSQX vs. NASDX - Drawdown Comparison

The maximum EMSQX drawdown since its inception was -29.96%, smaller than the maximum NASDX drawdown of -83.16%. Use the drawdown chart below to compare losses from any high point for EMSQX and NASDX.

Drawdown Indicators

	EMSQX	NASDX	Difference
Max Drawdown Largest peak-to-trough decline	-29.96%	-83.16%	+53.20%
Max Drawdown (1Y) Largest decline over 1 year	-13.60%	-11.90%	-1.70%
Max Drawdown (3Y) Largest decline over 3 years	-14.66%	-22.71%	+8.05%
Max Drawdown (5Y) Largest decline over 5 years	-27.29%	-35.33%	+8.04%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.33%	—
Current Drawdown Current decline from peak	-0.72%	-0.80%	+0.08%
Average Drawdown Average peak-to-trough decline	-7.97%	-34.31%	+26.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.69%	3.16%	+0.53%

Volatility

EMSQX vs. NASDX - Volatility Comparison

Shelton Emerging Markets Fund (EMSQX) and Shelton Capital Management Nasdaq-100 Index Fund Direct Shares (NASDX) have volatilities of 8.90% and 8.48%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMSQX	NASDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.90%	8.48%	+0.42%
Volatility (6M) Calculated over the trailing 6-month period	16.52%	14.35%	+2.17%
Volatility (1Y) Calculated over the trailing 1-year period	19.46%	17.71%	+1.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.93%	23.29%	-6.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.96%	22.80%	-5.84%

EMSQX vs. NASDX - Expense Ratio Comparison

EMSQX has a 1.77% expense ratio, which is higher than NASDX's 0.63% expense ratio.

Dividends

EMSQX vs. NASDX - Dividend Comparison

EMSQX's dividend yield for the trailing twelve months is around 13.26%, more than NASDX's 3.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMSQX Shelton Emerging Markets Fund	13.26%	16.36%	7.85%	10.06%	1.52%	1.94%	0.18%	0.00%	0.00%	0.00%	0.00%	0.00%
NASDX Shelton Capital Management Nasdaq-100 Index Fund Direct Shares	3.01%	3.76%	16.95%	7.61%	3.75%	2.59%	1.28%	7.09%	2.47%	1.65%	0.75%	0.85%

Frequently Asked Questions

Can I hold both EMSQX and NASDX in my portfolio?

EMSQX and NASDX have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EMSQX or NASDX?

EMSQX has higher volatility (8.90%) compared to NASDX (8.48%). In terms of maximum drawdown, EMSQX dropped -29.96% vs NASDX's -83.16%.

Which has better risk-adjusted returns?

EMSQX currently has the higher Sharpe Ratio (2.44 vs 2.30), 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.