IOLZX vs. NASDX

Last updated Jun 24, 2026

IOLZX (ICON Equity Fund) and NASDX (Shelton Capital Management Nasdaq-100 Index Fund Direct Shares) are both Large Cap Growth Equities funds. Over the past 10 years, IOLZX returned 15.49%/yr vs 23.09%/yr for NASDX. A 0.76 correlation means they provide meaningful diversification when combined. IOLZX charges 1.04%/yr vs 0.63%/yr for NASDX.

Performance

IOLZX vs. NASDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ICON Equity Fund (IOLZX) 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, IOLZX achieves a 30.88% return, which is significantly higher than NASDX's 20.21% return. Over the past 10 years, IOLZX has underperformed NASDX with an annualized return of 15.49%, while NASDX has yielded a comparatively higher 23.09% annualized return.

IOLZX

• 1D: 0.36%
• 1M: 7.28%
• YTD: 30.88%
• 6M: 29.23%
• 1Y: 53.97%
• 3Y*: 25.06%
• 5Y*: 11.89%
• 10Y*: 15.49%

NASDX

• 1D: -0.16%
• 1M: 3.00%
• YTD: 20.21%
• 6M: 18.70%
• 1Y: 39.39%
• 3Y*: 31.17%
• 5Y*: 18.92%
• 10Y*: 23.09%

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

IOLZX vs. NASDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IOLZX ICON Equity Fund	30.88%	15.81%	16.87%	12.13%	-17.78%	26.72%	16.00%	38.22%	-16.69%	26.78%
NASDX Shelton Capital Management Nasdaq-100 Index Fund Direct Shares	20.21%	21.00%	36.91%	54.69%	-32.57%	27.32%	48.59%	38.22%	-1.21%	31.27%

Correlation

The correlation between IOLZX and NASDX is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (10Y) Calculated over the trailing 10-year period	0.71
Correlation (All Time) Calculated using the full available price history since Feb 3, 2004	0.76

The correlation between IOLZX and NASDX shifts across timeframes, from 0.61 (3 years) to 0.76 (all time), reflecting how their relationship changes across market environments.

Return for Risk

IOLZX vs. NASDX — Risk / Return Rank

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

IOLZX

IOLZX Risk / Return Rank: 85
IOLZX Sharpe Ratio Rank: 92
IOLZX Sortino Ratio Rank: 86
IOLZX Omega Ratio Rank: 80
IOLZX Calmar Ratio Rank: 86
IOLZX Martin Ratio Rank: 80

NASDX

NASDX Risk / Return Rank: 71
NASDX Sharpe Ratio Rank: 75
NASDX Sortino Ratio Rank: 62
NASDX Omega Ratio Rank: 64
NASDX Calmar Ratio Rank: 80
NASDX Martin Ratio Rank: 73

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.

IOLZX vs. NASDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ICON Equity Fund (IOLZX) 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.

	IOLZX	NASDX	Difference
Sharpe ratio: Return per unit of total volatility	2.87	2.32	+0.55
Sortino ratio: Return per unit of downside risk	3.79	3.01	+0.78
Omega ratio: Gain probability vs. loss probability	1.48	1.40	+0.07
Calmar ratio: Return relative to maximum drawdown	3.91	3.45	+0.46
Martin ratio: Return relative to average drawdown	13.84	12.98	+0.86

IOLZX vs. NASDX - Sharpe Ratio Comparison

The current IOLZX Sharpe Ratio is 2.87, which is comparable to the NASDX Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of IOLZX 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

IOLZX vs. NASDX - Drawdown Comparison

The maximum IOLZX drawdown since its inception was -56.03%, smaller than the maximum NASDX drawdown of -83.16%. Use the drawdown chart below to compare losses from any high point for IOLZX and NASDX.

Drawdown Indicators

	IOLZX	NASDX	Difference
Max Drawdown Largest peak-to-trough decline	-56.03%	-83.16%	+27.13%
Max Drawdown (1Y) Largest decline over 1 year	-14.35%	-11.90%	-2.45%
Max Drawdown (3Y) Largest decline over 3 years	-24.71%	-22.71%	-2.00%
Max Drawdown (5Y) Largest decline over 5 years	-27.77%	-35.33%	+7.56%
Max Drawdown (10Y) Largest decline over 10 years	-41.04%	-35.33%	-5.71%
Current Drawdown Current decline from peak	0.00%	-0.96%	+0.96%
Average Drawdown Average peak-to-trough decline	-12.61%	-34.30%	+21.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.05%	3.16%	+0.89%

Volatility

IOLZX vs. NASDX - Volatility Comparison

The current volatility for ICON Equity Fund (IOLZX) is 7.17%, while Shelton Capital Management Nasdaq-100 Index Fund Direct Shares (NASDX) has a volatility of 8.36%. This indicates that IOLZX experiences smaller price fluctuations and is considered to be less risky than NASDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IOLZX	NASDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.17%	8.36%	-1.19%
Volatility (6M) Calculated over the trailing 6-month period	15.88%	14.19%	+1.69%
Volatility (1Y) Calculated over the trailing 1-year period	19.60%	17.74%	+1.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.54%	23.29%	-1.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.43%	22.81%	-0.38%

IOLZX vs. NASDX - Expense Ratio Comparison

IOLZX has a 1.04% expense ratio, which is higher than NASDX's 0.63% expense ratio.

Dividends

IOLZX vs. NASDX - Dividend Comparison

IOLZX's dividend yield for the trailing twelve months is around 8.17%, more than NASDX's 3.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IOLZX ICON Equity Fund	8.17%	10.69%	22.21%	4.75%	18.57%	14.12%	0.00%	3.46%	1.60%	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 IOLZX and NASDX in my portfolio?

IOLZX and NASDX 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.

Which is riskier, IOLZX or NASDX?

NASDX has higher volatility (8.36%) compared to IOLZX (7.17%). In terms of maximum drawdown, IOLZX dropped -56.03% vs NASDX's -83.16%.

Which has better risk-adjusted returns?

IOLZX currently has the higher Sharpe Ratio (2.87 vs 2.32), 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.