NCLEX vs. NCTWX
NCLEX (Nicholas Limited Edition Fund) and NCTWX (Nicholas II Fund) are both mutual funds - NCLEX is a Small Cap Growth Equities fund managed by Nicholas, while NCTWX is a Mid Cap Growth Equities fund managed by Nicholas. Over the past 10 years, NCLEX returned 7.50%/yr vs 9.76%/yr for NCTWX. Their correlation of 0.89 means they have usually moved in the same direction. NCLEX charges 0.85%/yr vs 0.59%/yr for NCTWX.
Performance
NCLEX vs. NCTWX - Performance Comparison
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Returns By Period
Over the past 10 years, NCLEX has underperformed NCTWX with an annualized return of 7.50%, while NCTWX has yielded a comparatively higher 9.76% 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%
NCTWX
- 1D
- -0.42%
- 1M
- 2.38%
- 6M
- 4.02%
- YTD
- 5.91%
- 1Y
- 3.38%
- 3Y*
- 5.49%
- 5Y*
- 2.70%
- 10Y*
- 9.76%
- ALL TIME*
- 9.92%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
NCTWX Nicholas II Fund | $0.00 | $0.00 | $0.00 |
NCLEX vs. NCTWX - 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% |
NCTWX Nicholas II Fund | 5.91% | -1.27% | 6.74% | 19.89% | -18.03% | 21.58% | 15.73% | 34.90% | -4.20% | 25.65% |
Correlation
The correlation between NCLEX and NCTWX is 0.91, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.91 |
Correlation (3Y) Balances recent behavior with more history. | 0.91 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.93 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.92 |
Correlation (All Time) Calculated using the full available price history since May 18, 1987 | 0.89 |
The correlation between NCLEX and NCTWX has been stable across timeframes, ranging from 0.89 to 0.93 - a consistent structural relationship.
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Return for Risk
NCLEX vs. NCTWX — Risk / Return Rank
NCLEX
NCTWX
NCLEX vs. NCTWX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nicholas Limited Edition Fund (NCLEX) and Nicholas II Fund (NCTWX). 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 | NCTWX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.37 | ||
| Sortino ratioReturn per unit of downside risk | -0.52 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.02 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | -0.26 | 0.05 | -0.31 |
| Martin ratioReturn relative to average drawdown | -0.51 | 0.13 | -0.65 |
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Drawdowns
NCLEX vs. NCTWX - Drawdown Comparison
The maximum NCLEX drawdown since its inception was -48.68%, roughly equal to the maximum NCTWX drawdown of -46.46%. Use the drawdown chart below to compare losses from any high point for NCLEX and NCTWX.
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Drawdown Indicators
| NCLEX | NCTWX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.68% | -46.46% | -2.22% |
Max Drawdown (1Y)Largest decline over 1 year | -20.88% | -14.83% | -6.05% |
Max Drawdown (3Y)Largest decline over 3 years | -28.50% | -20.63% | -7.87% |
Max Drawdown (5Y)Largest decline over 5 years | -28.50% | -25.89% | -2.61% |
Max Drawdown (10Y)Largest decline over 10 years | -35.79% | -36.61% | +0.82% |
Current DrawdownCurrent decline from peak | -16.34% | -2.83% | -13.51% |
Average DrawdownAverage peak-to-trough decline | -8.32% | -6.89% | -1.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.65% | 6.07% | +4.58% |
Volatility
NCLEX vs. NCTWX - Volatility Comparison
Nicholas Limited Edition Fund (NCLEX) has a higher volatility of 4.95% compared to Nicholas II Fund (NCTWX) at 3.85%. This indicates that NCLEX's price experiences larger fluctuations and is considered to be riskier than NCTWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NCLEX | NCTWX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.95% | 3.85% | +1.10% |
Volatility (6M)Calculated over the trailing 6-month period | 12.80% | 11.90% | +0.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.31% | 15.43% | +1.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.62% | 18.18% | +1.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.22% | 18.25% | +0.97% |
NCLEX vs. NCTWX - Expense Ratio Comparison
NCLEX has a 0.85% expense ratio, which is higher than NCTWX's 0.59% expense ratio.
Dividends
NCLEX vs. NCTWX - Dividend Comparison
NCLEX's dividend yield for the trailing twelve months is around 7.53%, less than NCTWX's 11.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
NCTWX Nicholas II Fund | 11.74% | 12.43% | 5.21% | 0.72% | 3.92% | 9.86% | 3.79% | 11.36% | 12.57% | 11.02% | 5.11% | 6.40% |
Frequently Asked Questions
With a correlation of 0.91, NCLEX and NCTWX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
NCLEX has higher volatility (4.95%) compared to NCTWX (3.85%). In terms of maximum drawdown, NCLEX dropped -48.68% vs NCTWX's -46.46%.
NCTWX currently has the higher Sharpe Ratio (0.05 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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