NCLEX vs. FGROX
NCLEX (Nicholas Limited Edition Fund) and FGROX (Emerald Growth Fund Institutional Class) are both Small Cap Growth Equities funds. Over the past 10 years, NCLEX returned 7.50%/yr vs 14.95%/yr for FGROX. Their correlation of 0.90 means they have usually moved in the same direction. NCLEX charges 0.85%/yr vs 0.78%/yr for FGROX.
Performance
NCLEX vs. FGROX - Performance Comparison
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Returns By Period
Over the past 10 years, NCLEX has underperformed FGROX with an annualized return of 7.50%, while FGROX has yielded a comparatively higher 14.95% 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%
FGROX
- 1D
- 3.24%
- 1M
- -7.22%
- 6M
- 17.28%
- YTD
- 23.86%
- 1Y
- 52.15%
- 3Y*
- 25.21%
- 5Y*
- 11.88%
- 10Y*
- 14.95%
- ALL TIME*
- 12.99%
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. FGROX - 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% |
FGROX Emerald Growth Fund Institutional Class | 23.86% | 31.85% | 20.04% | 19.04% | -24.42% | 3.91% | 38.92% | 28.71% | -11.85% | 28.11% |
Correlation
The correlation between NCLEX and FGROX 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. | 0.74 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.83 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.86 |
Correlation (All Time) Calculated using the full available price history since Oct 20, 2008 | 0.90 |
Over the past year, the correlation between NCLEX and FGROX has dropped to 0.55 - well below their long-term average of 0.90, suggesting their price drivers have been diverging.
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Return for Risk
NCLEX vs. FGROX — Risk / Return Rank
NCLEX
FGROX
NCLEX vs. FGROX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nicholas Limited Edition Fund (NCLEX) and Emerald Growth Fund Institutional Class (FGROX). 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 | FGROX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.12 | ||
| Sortino ratioReturn per unit of downside risk | -2.77 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.29 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.26 | 3.48 | -3.74 |
| Martin ratioReturn relative to average drawdown | -0.51 | 12.27 | -12.79 |
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Drawdowns
NCLEX vs. FGROX - Drawdown Comparison
The maximum NCLEX drawdown since its inception was -48.68%, which is greater than FGROX's maximum drawdown of -41.48%. Use the drawdown chart below to compare losses from any high point for NCLEX and FGROX.
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Drawdown Indicators
| NCLEX | FGROX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.68% | -41.48% | -7.20% |
Max Drawdown (1Y)Largest decline over 1 year | -20.88% | -14.36% | -6.52% |
Max Drawdown (3Y)Largest decline over 3 years | -28.50% | -28.61% | +0.11% |
Max Drawdown (5Y)Largest decline over 5 years | -28.50% | -38.52% | +10.02% |
Max Drawdown (10Y)Largest decline over 10 years | -35.79% | -41.48% | +5.69% |
Current DrawdownCurrent decline from peak | -16.34% | -10.43% | -5.91% |
Average DrawdownAverage peak-to-trough decline | -8.32% | -10.20% | +1.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.65% | 4.06% | +6.59% |
Volatility
NCLEX vs. FGROX - Volatility Comparison
The current volatility for Nicholas Limited Edition Fund (NCLEX) is 4.95%, while Emerald Growth Fund Institutional Class (FGROX) has a volatility of 8.24%. This indicates that NCLEX experiences smaller price fluctuations and is considered to be less risky than FGROX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NCLEX | FGROX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.95% | 8.24% | -3.29% |
Volatility (6M)Calculated over the trailing 6-month period | 12.80% | 21.61% | -8.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.31% | 27.66% | -10.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.62% | 26.02% | -6.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.22% | 25.36% | -6.14% |
NCLEX vs. FGROX - Expense Ratio Comparison
NCLEX has a 0.85% expense ratio, which is higher than FGROX's 0.78% expense ratio.
Dividends
NCLEX vs. FGROX - Dividend Comparison
NCLEX's dividend yield for the trailing twelve months is around 7.53%, less than FGROX's 9.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FGROX Emerald Growth Fund Institutional Class | 9.20% | 11.39% | 13.92% | 5.91% | 8.13% | 17.87% | 8.04% | 1.38% | 11.36% | 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 FGROX 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.
FGROX has higher volatility (8.24%) compared to NCLEX (4.95%). In terms of maximum drawdown, NCLEX dropped -48.68% vs FGROX's -41.48%.
FGROX currently has the higher Sharpe Ratio (1.81 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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