NCLEX vs. CTSIX
NCLEX (Nicholas Limited Edition Fund) and CTSIX (Calamos Timpani Small Cap Growth Fund) are both Small Cap Growth Equities funds. Over the past 5 years, NCLEX returned -0.61%/yr vs 7.39%/yr for CTSIX. Their correlation of 0.80 means they have usually moved in the same direction. NCLEX charges 0.85%/yr vs 1.05%/yr for CTSIX.
Performance
NCLEX vs. CTSIX - Performance Comparison
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Returns By Period
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%
CTSIX
- 1D
- 3.86%
- 1M
- -9.55%
- 6M
- 20.97%
- YTD
- 19.41%
- 1Y
- 40.16%
- 3Y*
- 27.23%
- 5Y*
- 7.39%
- 10Y*
- —
- ALL TIME*
- 14.57%
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. CTSIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
NCLEX Nicholas Limited Edition Fund | 0.00% | -10.41% | 11.91% | 17.17% | -23.71% | 19.07% | 22.67% | 9.83% |
CTSIX Calamos Timpani Small Cap Growth Fund | 19.41% | 25.90% | 44.34% | 7.57% | -37.30% | 9.12% | 63.38% | 1.20% |
Correlation
The correlation between NCLEX and CTSIX is 0.45, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.45 |
Correlation (3Y) Balances recent behavior with more history. | 0.69 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.78 |
Correlation (All Time) Calculated using the full available price history since Jun 10, 2019 | 0.80 |
Over the past year, the correlation between NCLEX and CTSIX has dropped to 0.45 - well below their long-term average of 0.80, suggesting their price drivers have been diverging.
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Return for Risk
NCLEX vs. CTSIX — Risk / Return Rank
NCLEX
CTSIX
NCLEX vs. CTSIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nicholas Limited Edition Fund (NCLEX) and Calamos Timpani Small Cap Growth Fund (CTSIX). 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 | CTSIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.57 | ||
| Sortino ratioReturn per unit of downside risk | -2.13 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.22 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | -0.26 | 2.15 | -2.41 |
| Martin ratioReturn relative to average drawdown | -0.51 | 9.15 | -9.67 |
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Drawdowns
NCLEX vs. CTSIX - Drawdown Comparison
The maximum NCLEX drawdown since its inception was -48.68%, roughly equal to the maximum CTSIX drawdown of -50.83%. Use the drawdown chart below to compare losses from any high point for NCLEX and CTSIX.
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Drawdown Indicators
| NCLEX | CTSIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.68% | -50.83% | +2.15% |
Max Drawdown (1Y)Largest decline over 1 year | -20.88% | -17.99% | -2.89% |
Max Drawdown (3Y)Largest decline over 3 years | -28.50% | -28.40% | -0.10% |
Max Drawdown (5Y)Largest decline over 5 years | -28.50% | -50.60% | +22.10% |
Max Drawdown (10Y)Largest decline over 10 years | -35.79% | — | — |
Current DrawdownCurrent decline from peak | -16.34% | -14.82% | -1.52% |
Average DrawdownAverage peak-to-trough decline | -8.32% | -20.30% | +11.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.65% | 4.22% | +6.43% |
Volatility
NCLEX vs. CTSIX - Volatility Comparison
The current volatility for Nicholas Limited Edition Fund (NCLEX) is 4.95%, while Calamos Timpani Small Cap Growth Fund (CTSIX) has a volatility of 10.53%. This indicates that NCLEX experiences smaller price fluctuations and is considered to be less risky than CTSIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NCLEX | CTSIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.95% | 10.53% | -5.58% |
Volatility (6M)Calculated over the trailing 6-month period | 12.80% | 25.50% | -12.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.31% | 31.00% | -13.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.62% | 28.61% | -8.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.22% | 30.02% | -10.80% |
NCLEX vs. CTSIX - Expense Ratio Comparison
NCLEX has a 0.85% expense ratio, which is lower than CTSIX's 1.05% expense ratio.
Dividends
NCLEX vs. CTSIX - Dividend Comparison
NCLEX's dividend yield for the trailing twelve months is around 7.53%, while CTSIX has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CTSIX Calamos Timpani Small Cap Growth Fund | 0.00% | 0.00% | 2.58% | 0.00% | 0.00% | 0.00% | 3.77% | 4.95% | 0.00% | 0.00% | 0.00% | 0.00% |
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 CTSIX have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CTSIX has higher volatility (10.53%) compared to NCLEX (4.95%). In terms of maximum drawdown, NCLEX dropped -48.68% vs CTSIX's -50.83%.
CTSIX currently has the higher Sharpe Ratio (1.25 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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