IRONX vs. NASDX

Last updated Jun 4, 2026

IRONX (Ironclad Managed Risk Fund) and NASDX (Shelton Capital Management Nasdaq-100 Index Fund Direct Shares) are both mutual funds - IRONX is a Options Trading fund managed by BlackRock, while NASDX is a Large Cap Growth Equities fund tracking the NASDAQ-100 Index. Over the past 10 years, IRONX returned 26.84%/yr vs 22.58%/yr for NASDX. A 0.78 correlation means they provide meaningful diversification when combined. IRONX charges 1.25%/yr vs 0.63%/yr for NASDX.

Performance

IRONX vs. NASDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Ironclad Managed Risk Fund (IRONX) 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, IRONX achieves a 5.42% return, which is significantly lower than NASDX's 21.38% return. Over the past 10 years, IRONX has outperformed NASDX with an annualized return of 26.84%, while NASDX has yielded a comparatively lower 22.58% annualized return.

IRONX

• 1D: -0.07%
• 1M: 2.68%
• YTD: 5.42%
• 6M: 4.78%
• 1Y: 14.96%
• 3Y*: 12.28%
• 5Y*: 9.67%
• 10Y*: 26.84%

NASDX

• 1D: 0.47%
• 1M: 10.94%
• YTD: 21.38%
• 6M: 19.90%
• 1Y: 42.08%
• 3Y*: 32.65%
• 5Y*: 20.44%
• 10Y*: 22.58%

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

IRONX vs. NASDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IRONX Ironclad Managed Risk Fund	5.42%	10.57%	14.78%	10.61%	0.26%	13.24%	5.91%	458.33%	1.99%	3.33%
NASDX Shelton Capital Management Nasdaq-100 Index Fund Direct Shares	21.38%	21.00%	36.91%	54.69%	-32.57%	27.32%	48.59%	38.22%	-1.21%	31.27%

Correlation

The correlation between IRONX and NASDX is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Oct 15, 2010	0.78

The correlation between IRONX and NASDX shifts across timeframes, from 0.78 (all time) to 0.92 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

IRONX vs. NASDX — Risk / Return Rank

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

IRONX

IRONX Risk / Return Rank: 43
IRONX Sharpe Ratio Rank: 42
IRONX Sortino Ratio Rank: 39
IRONX Omega Ratio Rank: 41
IRONX Calmar Ratio Rank: 46
IRONX Martin Ratio Rank: 46

NASDX

NASDX Risk / Return Rank: 75
NASDX Sharpe Ratio Rank: 84
NASDX Sortino Ratio Rank: 71
NASDX Omega Ratio Rank: 67
NASDX Calmar Ratio Rank: 80
NASDX Martin Ratio Rank: 75

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.

IRONX vs. NASDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Ironclad Managed Risk Fund (IRONX) 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.

	IRONX	NASDX	Difference
Sharpe ratio: Return per unit of total volatility	1.89	2.70	-0.80
Sortino ratio: Return per unit of downside risk	2.61	3.51	-0.90
Omega ratio: Gain probability vs. loss probability	1.34	1.46	-0.12
Calmar ratio: Return relative to maximum drawdown	2.57	3.65	-1.07
Martin ratio: Return relative to average drawdown	9.61	14.16	-4.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IRONX vs. NASDX - Sharpe Ratio Comparison

The current IRONX Sharpe Ratio is 1.89, which is comparable to the NASDX Sharpe Ratio of 2.70. The chart below compares the historical Sharpe Ratios of IRONX 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.

Sharpe Ratios by Period

	IRONX	NASDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.89	2.70	-0.80
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.03	0.89	+0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.66	1.00	-0.34
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	0.33	+0.24

Drawdowns

IRONX vs. NASDX - Drawdown Comparison

The maximum IRONX drawdown since its inception was -13.71%, smaller than the maximum NASDX drawdown of -83.16%. Use the drawdown chart below to compare losses from any high point for IRONX and NASDX.

Drawdown Indicators

	IRONX	NASDX	Difference
Max Drawdown Largest peak-to-trough decline	-13.71%	-83.16%	+69.45%
Max Drawdown (1Y) Largest decline over 1 year	-5.99%	-11.90%	+5.91%
Max Drawdown (3Y) Largest decline over 3 years	-11.68%	-22.71%	+11.03%
Max Drawdown (5Y) Largest decline over 5 years	-11.68%	-35.33%	+23.65%
Max Drawdown (10Y) Largest decline over 10 years	-13.71%	-35.33%	+21.62%
Current Drawdown Current decline from peak	-0.07%	0.00%	-0.07%
Average Drawdown Average peak-to-trough decline	-1.78%	-34.37%	+32.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.60%	3.06%	-1.46%

Volatility

IRONX vs. NASDX - Volatility Comparison

The current volatility for Ironclad Managed Risk Fund (IRONX) is 1.84%, while Shelton Capital Management Nasdaq-100 Index Fund Direct Shares (NASDX) has a volatility of 4.51%. This indicates that IRONX 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

	IRONX	NASDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.84%	4.51%	-2.67%
Volatility (6M) Calculated over the trailing 6-month period	5.96%	12.19%	-6.23%
Volatility (1Y) Calculated over the trailing 1-year period	8.14%	16.10%	-7.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.45%	23.06%	-13.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.76%	22.68%	+18.08%

IRONX vs. NASDX - Expense Ratio Comparison

IRONX has a 1.25% expense ratio, which is higher than NASDX's 0.63% expense ratio.

Dividends

IRONX vs. NASDX - Dividend Comparison

IRONX's dividend yield for the trailing twelve months is around 0.06%, less than NASDX's 2.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IRONX Ironclad Managed Risk Fund	0.06%	0.06%	0.19%	5.17%	2.97%	13.84%	4.16%	121.75%	8.85%	9.93%	1.42%	0.38%
NASDX Shelton Capital Management Nasdaq-100 Index Fund Direct Shares	2.98%	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 IRONX and NASDX in my portfolio?

With a correlation of 0.92, IRONX and NASDX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, IRONX or NASDX?

NASDX has higher volatility (4.51%) compared to IRONX (1.84%). In terms of maximum drawdown, IRONX dropped -13.71% vs NASDX's -83.16%.

Which has better risk-adjusted returns?

NASDX currently has the higher Sharpe Ratio (2.70 vs 1.89), 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.