NCLEX vs. CMSCX
NCLEX (Nicholas Limited Edition Fund) and CMSCX (Columbia Small Cap Growth Fund) are both Small Cap Growth Equities funds. Over the past 10 years, NCLEX returned 7.50%/yr vs 16.27%/yr for CMSCX. Their correlation of 0.89 means they have usually moved in the same direction. NCLEX charges 0.85%/yr vs 0.96%/yr for CMSCX.
Performance
NCLEX vs. CMSCX - Performance Comparison
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Returns By Period
Over the past 10 years, NCLEX has underperformed CMSCX with an annualized return of 7.50%, while CMSCX has yielded a comparatively higher 16.27% annualized return.
NCLEX
- 1D
- -1.13%
- 1M
- 0.20%
- 6M
- 0.08%
- YTD
- 0.00%
- 1Y
- -2.29%
- 3Y*
- 0.57%
- 5Y*
- -0.61%
- 10Y*
- 7.50%
- ALL TIME*
- 9.15%
CMSCX
- 1D
- 4.11%
- 1M
- -5.76%
- 6M
- 12.30%
- YTD
- 18.57%
- 1Y
- 38.87%
- 3Y*
- 22.00%
- 5Y*
- 5.60%
- 10Y*
- 16.27%
- ALL TIME*
- 12.52%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
NCLEX vs. CMSCX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NCLEX Nicholas Limited Edition Fund | 0.00% | -10.41% | 11.91% | 17.17% | -23.71% | 19.07% | 22.67% | 27.36% | -0.94% | 19.93% |
CMSCX Columbia Small Cap Growth Fund | 18.57% | 21.68% | 24.27% | 26.17% | -36.62% | -2.22% | 70.31% | 40.98% | -1.99% | 28.68% |
Correlation
The correlation between NCLEX and CMSCX is 0.55, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.55 |
Correlation (3Y) Balances recent behavior with more history. | 0.76 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.84 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.86 |
Correlation (All Time) Calculated using the full available price history since Sep 30, 1996 | 0.89 |
Over the past year, the correlation between NCLEX and CMSCX has dropped to 0.55 - well below their long-term average of 0.89, suggesting their price drivers have been diverging.
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Return for Risk
NCLEX vs. CMSCX — Risk / Return Rank
NCLEX
CMSCX
NCLEX vs. CMSCX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nicholas Limited Edition Fund (NCLEX) and Columbia Small Cap Growth Fund (CMSCX). 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 | CMSCX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.66 | ||
| Sortino ratioReturn per unit of downside risk | -2.25 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.23 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | -0.26 | 2.02 | -2.28 |
| Martin ratioReturn relative to average drawdown | -0.51 | 7.49 | -8.00 |
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Drawdowns
NCLEX vs. CMSCX - Drawdown Comparison
The maximum NCLEX drawdown since its inception was -48.68%, smaller than the maximum CMSCX drawdown of -55.64%. Use the drawdown chart below to compare losses from any high point for NCLEX and CMSCX.
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Drawdown Indicators
| NCLEX | CMSCX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.68% | -55.64% | +6.96% |
Max Drawdown (1Y)Largest decline over 1 year | -20.88% | -17.60% | -3.28% |
Max Drawdown (3Y)Largest decline over 3 years | -28.50% | -28.41% | -0.09% |
Max Drawdown (5Y)Largest decline over 5 years | -28.50% | -49.84% | +21.34% |
Max Drawdown (10Y)Largest decline over 10 years | -35.79% | -52.44% | +16.65% |
Current DrawdownCurrent decline from peak | -16.34% | -9.03% | -7.31% |
Average DrawdownAverage peak-to-trough decline | -8.32% | -15.89% | +7.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.65% | 4.73% | +5.92% |
Volatility
NCLEX vs. CMSCX - Volatility Comparison
The current volatility for Nicholas Limited Edition Fund (NCLEX) is 4.95%, while Columbia Small Cap Growth Fund (CMSCX) has a volatility of 7.78%. This indicates that NCLEX experiences smaller price fluctuations and is considered to be less risky than CMSCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NCLEX | CMSCX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.95% | 7.78% | -2.83% |
Volatility (6M)Calculated over the trailing 6-month period | 12.80% | 21.15% | -8.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.31% | 26.42% | -9.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.62% | 27.39% | -7.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.22% | 26.04% | -6.82% |
NCLEX vs. CMSCX - Expense Ratio Comparison
NCLEX has a 0.85% expense ratio, which is lower than CMSCX's 0.96% expense ratio.
Dividends
NCLEX vs. CMSCX - Dividend Comparison
NCLEX's dividend yield for the trailing twelve months is around 7.53%, more than CMSCX's 4.16% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CMSCX Columbia Small Cap Growth Fund | 4.16% | 4.93% | 0.00% | 0.00% | 0.00% | 10.28% | 6.90% | 8.86% | 21.17% | 16.48% | 8.67% | 60.38% |
NCLEX Nicholas Limited Edition Fund | 7.53% | 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 CMSCX have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CMSCX has higher volatility (7.78%) compared to NCLEX (4.95%). In terms of maximum drawdown, NCLEX dropped -48.68% vs CMSCX's -55.64%.
CMSCX currently has the higher Sharpe Ratio (1.34 vs -0.32), 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.
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