MERDX vs. NCLEX
MERDX (Meridian Growth Fund) and NCLEX (Nicholas Limited Edition Fund) are both Small Cap Growth Equities funds. Over the past 10 years, MERDX returned 7.64%/yr vs 7.44%/yr for NCLEX. Their correlation of 0.85 suggests significant overlap in exposure. Both charge a 0.85% expense ratio.
Performance
MERDX vs. NCLEX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, MERDX achieves a 7.16% return, which is significantly higher than NCLEX's -7.51% return. Both investments have delivered pretty close results over the past 10 years, with MERDX having a 7.64% annualized return and NCLEX not far behind at 7.44%.
MERDX
- 1D
- 0.78%
- 1M
- 3.27%
- YTD
- 7.16%
- 6M
- 5.08%
- 1Y
- 7.25%
- 3Y*
- 3.60%
- 5Y*
- -2.42%
- 10Y*
- 7.64%
NCLEX
- 1D
- -0.72%
- 1M
- 1.30%
- YTD
- -7.51%
- 6M
- -9.33%
- 1Y
- -12.00%
- 3Y*
- 0.15%
- 5Y*
- -1.65%
- 10Y*
- 7.44%
MERDX vs. NCLEX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MERDX Meridian Growth Fund | 7.16% | -6.25% | 6.42% | 15.29% | -29.13% | 15.58% | 24.93% | 27.67% | -7.30% | 25.64% |
NCLEX Nicholas Limited Edition Fund | -7.51% | -10.41% | 11.91% | 17.17% | -23.71% | 19.07% | 22.67% | 27.36% | -0.94% | 19.93% |
Correlation
The correlation between MERDX and NCLEX is 0.84, 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 | 0.84 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.83 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.89 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.90 |
Correlation (All Time) Calculated using the full available price history since May 18, 1987 | 0.85 |
The correlation between MERDX and NCLEX has been stable across timeframes, ranging from 0.83 to 0.90 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
MERDX vs. NCLEX — Risk / Return Rank
MERDX
NCLEX
MERDX vs. NCLEX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Meridian Growth Fund (MERDX) 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.
| MERDX | NCLEX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.08 | ||
| Sortino ratioReturn per unit of downside risk | +1.55 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 0.91 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 0.56 | -0.49 | +1.05 |
| Martin ratioReturn relative to average drawdown | 1.52 | -0.98 | +2.50 |
Loading charts...
Drawdowns
MERDX vs. NCLEX - Drawdown Comparison
The maximum MERDX drawdown since its inception was -48.45%, roughly equal to the maximum NCLEX drawdown of -48.68%. Use the drawdown chart below to compare losses from any high point for MERDX and NCLEX.
Loading charts...
Drawdown Indicators
| MERDX | NCLEX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.45% | -48.68% | +0.23% |
Max Drawdown (1Y)Largest decline over 1 year | -14.50% | -21.36% | +6.86% |
Max Drawdown (3Y)Largest decline over 3 years | -24.32% | -28.50% | +4.18% |
Max Drawdown (5Y)Largest decline over 5 years | -37.93% | -28.50% | -9.43% |
Max Drawdown (10Y)Largest decline over 10 years | -40.64% | -35.79% | -4.85% |
Current DrawdownCurrent decline from peak | -19.35% | -22.62% | +3.27% |
Average DrawdownAverage peak-to-trough decline | -10.29% | -8.30% | -1.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.30% | 10.72% | -5.42% |
Volatility
MERDX vs. NCLEX - Volatility Comparison
Meridian Growth Fund (MERDX) has a higher volatility of 5.75% compared to Nicholas Limited Edition Fund (NCLEX) at 4.54%. This indicates that MERDX'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.
Loading charts...
Volatility by Period
| MERDX | NCLEX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.75% | 4.54% | +1.21% |
Volatility (6M)Calculated over the trailing 6-month period | 12.96% | 12.41% | +0.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.75% | 17.04% | +0.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.54% | 19.55% | +1.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.36% | 19.23% | +2.13% |
MERDX vs. NCLEX - Expense Ratio Comparison
Both MERDX and NCLEX have an expense ratio of 0.85%.
Dividends
MERDX vs. NCLEX - Dividend Comparison
MERDX's dividend yield for the trailing twelve months is around 8.42%, more than NCLEX's 8.15% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MERDX Meridian Growth Fund | 8.42% | 9.03% | 0.24% | 0.00% | 13.80% | 15.49% | 0.88% | 9.15% | 16.44% | 7.07% | 0.57% | 12.17% |
NCLEX Nicholas Limited Edition Fund | 8.15% | 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
MERDX and NCLEX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MERDX has higher volatility (5.75%) compared to NCLEX (4.54%). In terms of maximum drawdown, MERDX dropped -48.45% vs NCLEX's -48.68%.
MERDX currently has the higher Sharpe Ratio (0.46 vs -0.62), 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.
Find the right allocation for MERDX and NCLEX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer