NCLEX vs. BIASX
NCLEX (Nicholas Limited Edition Fund) and BIASX (Brown Advisory Small-Cap Growth Fund) are both Small Cap Growth Equities funds. Over the past 10 years, NCLEX returned 7.62%/yr vs 9.49%/yr for BIASX. Their correlation of 0.90 suggests significant overlap in exposure. NCLEX charges 0.85%/yr vs 1.11%/yr for BIASX.
Performance
NCLEX vs. BIASX - Performance Comparison
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Returns By Period
In the year-to-date period, NCLEX achieves a -0.91% return, which is significantly lower than BIASX's 16.97% return. Over the past 10 years, NCLEX has underperformed BIASX with an annualized return of 7.62%, while BIASX has yielded a comparatively higher 9.49% annualized return.
NCLEX
- 1D
- 0.04%
- 1M
- 5.82%
- 6M
- -5.07%
- YTD
- -0.91%
- 1Y
- -6.44%
- 3Y*
- 1.20%
- 5Y*
- -0.46%
- 10Y*
- 7.62%
BIASX
- 1D
- 0.27%
- 1M
- 4.53%
- 6M
- 11.22%
- YTD
- 16.97%
- 1Y
- 19.06%
- 3Y*
- 8.11%
- 5Y*
- 1.80%
- 10Y*
- 9.49%
NCLEX vs. BIASX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NCLEX Nicholas Limited Edition Fund | -0.91% | -10.41% | 11.91% | 17.17% | -23.71% | 19.07% | 22.67% | 27.36% | -0.94% | 19.93% |
BIASX Brown Advisory Small-Cap Growth Fund | 16.97% | 2.29% | 4.29% | 12.43% | -20.27% | 7.31% | 31.78% | 36.26% | -4.47% | 16.91% |
Correlation
The correlation between NCLEX and BIASX is 0.85, 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 | 0.85 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.90 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since Jun 28, 1999 | 0.90 |
The correlation between NCLEX and BIASX has been stable across timeframes, ranging from 0.85 to 0.93 - a consistent structural relationship.
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Return for Risk
NCLEX vs. BIASX — Risk / Return Rank
NCLEX
BIASX
NCLEX vs. BIASX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nicholas Limited Edition Fund (NCLEX) and Brown Advisory Small-Cap Growth Fund (BIASX). 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.
| NCLEX | BIASX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.49 | ||
| Sortino ratioReturn per unit of downside risk | -2.15 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.17 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | -0.40 | 1.61 | -2.01 |
| Martin ratioReturn relative to average drawdown | -0.80 | 5.87 | -6.66 |
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Drawdowns
NCLEX vs. BIASX - Drawdown Comparison
The maximum NCLEX drawdown since its inception was -48.68%, smaller than the maximum BIASX drawdown of -73.26%. Use the drawdown chart below to compare losses from any high point for NCLEX and BIASX.
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Drawdown Indicators
| NCLEX | BIASX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.68% | -73.26% | +24.58% |
Max Drawdown (1Y)Largest decline over 1 year | -20.88% | -10.93% | -9.95% |
Max Drawdown (3Y)Largest decline over 3 years | -28.50% | -24.98% | -3.52% |
Max Drawdown (5Y)Largest decline over 5 years | -28.50% | -30.61% | +2.11% |
Max Drawdown (10Y)Largest decline over 10 years | -35.79% | -38.04% | +2.25% |
Current DrawdownCurrent decline from peak | -17.10% | -1.37% | -15.73% |
Average DrawdownAverage peak-to-trough decline | -8.31% | -23.39% | +15.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.59% | 3.07% | +7.52% |
Volatility
NCLEX vs. BIASX - Volatility Comparison
The current volatility for Nicholas Limited Edition Fund (NCLEX) is 4.95%, while Brown Advisory Small-Cap Growth Fund (BIASX) has a volatility of 5.23%. This indicates that NCLEX experiences smaller price fluctuations and is considered to be less risky than BIASX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NCLEX | BIASX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.95% | 5.23% | -0.28% |
Volatility (6M)Calculated over the trailing 6-month period | 12.67% | 12.97% | -0.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.20% | 17.61% | -0.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.60% | 19.91% | -0.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.19% | 19.91% | -0.72% |
NCLEX vs. BIASX - Expense Ratio Comparison
NCLEX has a 0.85% expense ratio, which is lower than BIASX's 1.11% expense ratio.
Dividends
NCLEX vs. BIASX - Dividend Comparison
NCLEX's dividend yield for the trailing twelve months is around 7.60%, less than BIASX's 16.77% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BIASX Brown Advisory Small-Cap Growth Fund | 16.77% | 19.62% | 5.78% | 0.00% | 8.22% | 13.22% | 0.78% | 4.00% | 5.17% | 1.69% | 3.50% | 16.77% |
NCLEX Nicholas Limited Edition Fund | 7.60% | 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
NCLEX and BIASX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BIASX has higher volatility (5.23%) compared to NCLEX (4.95%). In terms of maximum drawdown, NCLEX dropped -48.68% vs BIASX's -73.26%.
BIASX currently has the higher Sharpe Ratio (1.00 vs -0.49), 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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