JMIGX vs. NESGX

Last updated Jun 3, 2026

JMIGX (Jacob Discovery Fund) and NESGX (Needham Small Cap Growth Fund) are both Small Cap Growth Equities funds. Over the past 10 years, JMIGX returned 13.33%/yr vs 19.69%/yr for NESGX. A 0.78 correlation means they provide meaningful diversification when combined. JMIGX charges 1.75%/yr vs 1.85%/yr for NESGX.

Performance

JMIGX vs. NESGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Jacob Discovery Fund (JMIGX) and Needham Small Cap Growth Fund (NESGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JMIGX achieves a 1.62% return, which is significantly lower than NESGX's 74.77% return. Over the past 10 years, JMIGX has underperformed NESGX with an annualized return of 13.33%, while NESGX has yielded a comparatively higher 19.69% annualized return.

JMIGX

• 1D: -0.53%
• 1M: -1.81%
• YTD: 1.62%
• 6M: 4.75%
• 1Y: 50.34%
• 3Y*: 12.43%
• 5Y*: -4.41%
• 10Y*: 13.33%

NESGX

• 1D: 1.48%
• 1M: 18.07%
• YTD: 74.77%
• 6M: 77.64%
• 1Y: 122.24%
• 3Y*: 31.38%
• 5Y*: 9.34%
• 10Y*: 19.69%

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

JMIGX vs. NESGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JMIGX Jacob Discovery Fund	1.62%	32.71%	10.64%	4.38%	-41.64%	14.60%	74.01%	42.89%	10.52%	28.91%
NESGX Needham Small Cap Growth Fund	74.77%	10.50%	12.76%	5.68%	-30.21%	10.59%	71.90%	54.42%	-5.43%	11.96%

Correlation

The correlation between JMIGX and NESGX 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	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.74
Correlation (All Time) Calculated using the full available price history since May 24, 2002	0.78

The correlation between JMIGX and NESGX shifts across timeframes, from 0.65 (1 year) to 0.78 (all time), reflecting how their relationship changes across market environments.

Return for Risk

JMIGX vs. NESGX — Risk / Return Rank

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

JMIGX

JMIGX Risk / Return Rank: 48
JMIGX Sharpe Ratio Rank: 51
JMIGX Sortino Ratio Rank: 47
JMIGX Omega Ratio Rank: 39
JMIGX Calmar Ratio Rank: 58
JMIGX Martin Ratio Rank: 42

NESGX

NESGX Risk / Return Rank: 94
NESGX Sharpe Ratio Rank: 98
NESGX Sortino Ratio Rank: 91
NESGX Omega Ratio Rank: 86
NESGX Calmar Ratio Rank: 97
NESGX Martin Ratio Rank: 97

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.

JMIGX vs. NESGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Jacob Discovery Fund (JMIGX) and Needham Small Cap Growth Fund (NESGX). 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.

	JMIGX	NESGX	Difference
Sharpe ratio Return per unit of total volatility	2.10	4.11	-2.01
Sortino ratio Return per unit of downside risk	2.90	4.49	-1.59
Omega ratio Gain probability vs. loss probability	1.34	1.58	-0.25
Calmar ratio Return relative to maximum drawdown	2.92	6.96	-4.03
Martin ratio Return relative to average drawdown	9.08	28.90	-19.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JMIGX vs. NESGX - Sharpe Ratio Comparison

The current JMIGX Sharpe Ratio is 2.10, which is lower than the NESGX Sharpe Ratio of 4.11. The chart below compares the historical Sharpe Ratios of JMIGX and NESGX, 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

	JMIGX	NESGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.10	4.11	-2.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.16	0.32	-0.48
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	0.77	-0.26
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.61	-0.31

Drawdowns

JMIGX vs. NESGX - Drawdown Comparison

The maximum JMIGX drawdown since its inception was -70.25%, which is greater than NESGX's maximum drawdown of -50.29%. Use the drawdown chart below to compare losses from any high point for JMIGX and NESGX.

Drawdown Indicators

	JMIGX	NESGX	Difference
Max Drawdown Largest peak-to-trough decline	-70.25%	-50.29%	-19.96%
Max Drawdown (1Y) Largest decline over 1 year	-17.70%	-17.16%	-0.54%
Max Drawdown (3Y) Largest decline over 3 years	-29.40%	-35.27%	+5.87%
Max Drawdown (5Y) Largest decline over 5 years	-59.40%	-50.05%	-9.35%
Max Drawdown (10Y) Largest decline over 10 years	-61.67%	-50.29%	-11.38%
Current Drawdown Current decline from peak	-27.56%	0.00%	-27.56%
Average Drawdown Average peak-to-trough decline	-26.87%	-11.66%	-15.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.70%	4.13%	+1.57%

Volatility

JMIGX vs. NESGX - Volatility Comparison

The current volatility for Jacob Discovery Fund (JMIGX) is 6.84%, while Needham Small Cap Growth Fund (NESGX) has a volatility of 8.14%. This indicates that JMIGX experiences smaller price fluctuations and is considered to be less risky than NESGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JMIGX	NESGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.84%	8.14%	-1.30%
Volatility (6M) Calculated over the trailing 6-month period	17.20%	20.82%	-3.62%
Volatility (1Y) Calculated over the trailing 1-year period	25.52%	30.08%	-4.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.02%	29.22%	-2.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.22%	25.80%	+0.42%

JMIGX vs. NESGX - Expense Ratio Comparison

JMIGX has a 1.75% expense ratio, which is lower than NESGX's 1.85% expense ratio.

Dividends

JMIGX vs. NESGX - Dividend Comparison

JMIGX's dividend yield for the trailing twelve months is around 0.49%, while NESGX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JMIGX Jacob Discovery Fund	0.49%	0.50%	0.00%	0.00%	0.00%	2.30%	6.37%	0.00%	0.00%	0.00%	0.00%	27.75%
NESGX Needham Small Cap Growth Fund	0.00%	0.00%	0.00%	0.00%	4.16%	25.09%	13.69%	8.43%	22.26%	8.94%	6.67%	2.52%

Frequently Asked Questions

Can I hold both JMIGX and NESGX in my portfolio?

JMIGX and NESGX 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, JMIGX or NESGX?

NESGX has higher volatility (8.14%) compared to JMIGX (6.84%). In terms of maximum drawdown, JMIGX dropped -70.25% vs NESGX's -50.29%.

Which has better risk-adjusted returns?

NESGX currently has the higher Sharpe Ratio (4.11 vs 2.10), 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.