FGROX vs. NCLEX
FGROX (Emerald Growth Fund Institutional Class) and NCLEX (Nicholas Limited Edition Fund) are both Small Cap Growth Equities funds. Over the past 10 years, FGROX returned 15.09%/yr vs 7.68%/yr for NCLEX. Their correlation of 0.90 means they have usually moved in the same direction. FGROX charges 0.78%/yr vs 0.85%/yr for NCLEX.
Performance
FGROX vs. NCLEX - Performance Comparison
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Returns By Period
In the year-to-date period, FGROX achieves a 23.70% return, which is significantly higher than NCLEX's 0.43% return. Over the past 10 years, FGROX has outperformed NCLEX with an annualized return of 15.09%, while NCLEX has yielded a comparatively lower 7.68% annualized return.
FGROX
- 1D
- -0.13%
- 1M
- -7.34%
- 6M
- 15.91%
- YTD
- 23.70%
- 1Y
- 51.95%
- 3Y*
- 25.37%
- 5Y*
- 11.85%
- 10Y*
- 15.09%
- ALL TIME*
- 12.98%
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 |
FGROX vs. NCLEX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FGROX Emerald Growth Fund Institutional Class | 23.70% | 31.85% | 20.04% | 19.04% | -24.42% | 3.91% | 38.92% | 28.71% | -11.85% | 28.11% |
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 FGROX and NCLEX is 0.55, 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. | 0.55 |
Correlation (3Y) Balances recent behavior with more history. | 0.74 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.83 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.86 |
Correlation (All Time) Calculated using the full available price history since Oct 20, 2008 | 0.90 |
Over the past year, the correlation between FGROX and NCLEX has dropped to 0.55 - well below their long-term average of 0.90, suggesting their price drivers have been diverging.
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Return for Risk
FGROX vs. NCLEX — Risk / Return Rank
FGROX
NCLEX
FGROX vs. NCLEX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Emerald Growth Fund Institutional Class (FGROX) 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.
| FGROX | NCLEX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.00 | ||
| Sortino ratioReturn per unit of downside risk | +2.59 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 0.98 | +0.31 |
| Calmar ratioReturn relative to maximum drawdown | 3.48 | -0.16 | +3.64 |
| Martin ratioReturn relative to average drawdown | 12.12 | -0.32 | +12.43 |
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Drawdowns
FGROX vs. NCLEX - Drawdown Comparison
The maximum FGROX drawdown since its inception was -41.48%, smaller than the maximum NCLEX drawdown of -48.68%. Use the drawdown chart below to compare losses from any high point for FGROX and NCLEX.
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Drawdown Indicators
| FGROX | NCLEX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.48% | -48.68% | +7.20% |
Max Drawdown (1Y)Largest decline over 1 year | -14.36% | -20.88% | +6.52% |
Max Drawdown (3Y)Largest decline over 3 years | -28.61% | -28.50% | -0.11% |
Max Drawdown (5Y)Largest decline over 5 years | -38.52% | -28.50% | -10.02% |
Max Drawdown (10Y)Largest decline over 10 years | -41.48% | -35.79% | -5.69% |
Current DrawdownCurrent decline from peak | -10.55% | -15.98% | +5.43% |
Average DrawdownAverage peak-to-trough decline | -10.20% | -8.32% | -1.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.11% | 10.65% | -6.54% |
Volatility
FGROX vs. NCLEX - Volatility Comparison
Emerald Growth Fund Institutional Class (FGROX) has a higher volatility of 8.22% compared to Nicholas Limited Edition Fund (NCLEX) at 4.95%. This indicates that FGROX'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
| FGROX | NCLEX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.22% | 4.95% | +3.27% |
Volatility (6M)Calculated over the trailing 6-month period | 21.61% | 12.76% | +8.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.66% | 17.31% | +10.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.01% | 19.62% | +6.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.36% | 19.22% | +6.14% |
FGROX vs. NCLEX - Expense Ratio Comparison
FGROX has a 0.78% expense ratio, which is lower than NCLEX's 0.85% expense ratio.
Dividends
FGROX vs. NCLEX - Dividend Comparison
FGROX's dividend yield for the trailing twelve months is around 9.21%, more than NCLEX's 7.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FGROX Emerald Growth Fund Institutional Class | 9.21% | 11.39% | 13.92% | 5.91% | 8.13% | 17.87% | 8.04% | 1.38% | 11.36% | 0.00% | 0.00% | 0.00% |
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
FGROX and NCLEX have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FGROX has higher volatility (8.22%) compared to NCLEX (4.95%). In terms of maximum drawdown, FGROX dropped -41.48% vs NCLEX's -48.68%.
FGROX currently has the higher Sharpe Ratio (1.81 vs -0.20), 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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