NCLEX vs. GPSCX

Last updated Jun 4, 2026

NCLEX (Nicholas Limited Edition Fund) and GPSCX (Victory RS Small Cap Equity Fund) are both Small Cap Growth Equities funds. Their correlation of 0.89 suggests significant overlap in exposure. NCLEX charges 0.85%/yr vs 1.25%/yr for GPSCX.

Performance

NCLEX vs. GPSCX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nicholas Limited Edition Fund (NCLEX) and Victory RS Small Cap Equity Fund (GPSCX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

NCLEX

• 1D: -0.63%
• 1M: 1.63%
• YTD: -6.20%
• 6M: -7.32%
• 1Y: -11.96%
• 3Y*: 0.87%
• 5Y*: -0.95%
• 10Y*: 7.27%

GPSCX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

NCLEX vs. GPSCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NCLEX Nicholas Limited Edition Fund	-6.20%	-10.41%	11.91%	17.17%	-23.71%	19.07%	22.67%	27.36%	-0.94%	19.93%
GPSCX Victory RS Small Cap Equity Fund	0.00%	-13.27%	24.26%	7.27%	-37.24%	-7.96%	37.80%	38.52%	-8.92%	37.59%

Correlation

The correlation between NCLEX and GPSCX is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since Jan 5, 1998	0.89

The correlation between NCLEX and GPSCX shifts across timeframes, from 0.67 (3 years) to 0.89 (all time), reflecting how their relationship changes across market environments.

Return for Risk

NCLEX vs. GPSCX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

NCLEX

NCLEX Risk / Return Rank: 1
NCLEX Sharpe Ratio Rank: 1
NCLEX Sortino Ratio Rank: 1
NCLEX Omega Ratio Rank: 1
NCLEX Calmar Ratio Rank: 1
NCLEX Martin Ratio Rank: 1

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

NCLEX vs. GPSCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nicholas Limited Edition Fund (NCLEX) and Victory RS Small Cap Equity Fund (GPSCX). 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.

	NCLEX	GPSCX	Difference
Sharpe ratio Return per unit of total volatility	-0.64	—	—
Sortino ratio Return per unit of downside risk	-0.81	—	—
Omega ratio Gain probability vs. loss probability	0.91	—	—
Calmar ratio Return relative to maximum drawdown	-0.51	—	—
Martin ratio Return relative to average drawdown	-1.06	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	NCLEX	GPSCX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.64	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.05	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.38	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	—	—

Drawdowns

Drawdown Indicators

	NCLEX	GPSCX	Difference
Max Drawdown Largest peak-to-trough decline	-48.68%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-21.36%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-28.50%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-28.50%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-35.79%	—	—
Current Drawdown Current decline from peak	-21.53%	—	—
Average Drawdown Average peak-to-trough decline	-8.28%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	10.19%	—	—

Volatility

Volatility by Period

	NCLEX	GPSCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.11%	—	—
Volatility (6M) Calculated over the trailing 6-month period	12.12%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	16.90%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.52%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.21%	—	—

NCLEX vs. GPSCX - Expense Ratio Comparison

NCLEX has a 0.85% expense ratio, which is lower than GPSCX's 1.25% expense ratio.

Dividends

NCLEX vs. GPSCX - Dividend Comparison

NCLEX's dividend yield for the trailing twelve months is around 8.03%, while GPSCX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GPSCX Victory RS Small Cap Equity Fund	0.00%	0.48%	0.00%	0.00%	11.02%	24.10%	22.25%	11.69%	33.03%	5.00%	0.00%	40.41%
NCLEX Nicholas Limited Edition Fund	8.03%	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

Can I hold both NCLEX and GPSCX in my portfolio?

NCLEX and GPSCX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.