NCLEX vs. NESGX
NCLEX (Nicholas Limited Edition Fund) and NESGX (Needham Small Cap Growth Fund) are both Small Cap Growth Equities funds. Over the past 10 years, NCLEX returned 7.50%/yr vs 17.52%/yr for NESGX. Their correlation of 0.82 means they have usually moved in the same direction. NCLEX charges 0.85%/yr vs 1.85%/yr for NESGX.
Performance
NCLEX vs. NESGX - Performance Comparison
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Returns By Period
Over the past 10 years, NCLEX has underperformed NESGX with an annualized return of 7.50%, while NESGX has yielded a comparatively higher 17.52% 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%
NESGX
- 1D
- 5.19%
- 1M
- -10.43%
- 6M
- 37.28%
- YTD
- 52.82%
- 1Y
- 74.25%
- 3Y*
- 23.55%
- 5Y*
- 5.21%
- 10Y*
- 17.52%
- ALL TIME*
- 12.75%
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. NESGX - 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% |
NESGX Needham Small Cap Growth Fund | 52.82% | 10.50% | 12.76% | 5.68% | -30.21% | 10.59% | 71.90% | 54.42% | -5.43% | 11.96% |
Correlation
The correlation between NCLEX and NESGX is 0.49, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.49 |
Correlation (3Y) Balances recent behavior with more history. | 0.68 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.76 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.76 |
Correlation (All Time) Calculated using the full available price history since May 23, 2002 | 0.82 |
Over the past year, the correlation between NCLEX and NESGX has dropped to 0.49 - well below their long-term average of 0.82, suggesting their price drivers have been diverging.
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Return for Risk
NCLEX vs. NESGX — Risk / Return Rank
NCLEX
NESGX
NCLEX vs. NESGX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nicholas Limited Edition Fund (NCLEX) and Needham Small Cap Growth Fund (NESGX). 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 | NESGX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.26 | ||
| Sortino ratioReturn per unit of downside risk | -2.81 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.31 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.26 | 3.00 | -3.27 |
| Martin ratioReturn relative to average drawdown | -0.51 | 11.77 | -12.29 |
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Drawdowns
NCLEX vs. NESGX - Drawdown Comparison
The maximum NCLEX drawdown since its inception was -48.68%, roughly equal to the maximum NESGX drawdown of -50.29%. Use the drawdown chart below to compare losses from any high point for NCLEX and NESGX.
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Drawdown Indicators
| NCLEX | NESGX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.68% | -50.29% | +1.61% |
Max Drawdown (1Y)Largest decline over 1 year | -20.88% | -22.14% | +1.26% |
Max Drawdown (3Y)Largest decline over 3 years | -28.50% | -35.27% | +6.77% |
Max Drawdown (5Y)Largest decline over 5 years | -28.50% | -50.05% | +21.55% |
Max Drawdown (10Y)Largest decline over 10 years | -35.79% | -50.29% | +14.50% |
Current DrawdownCurrent decline from peak | -16.34% | -18.09% | +1.75% |
Average DrawdownAverage peak-to-trough decline | -8.32% | -11.64% | +3.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.65% | 5.67% | +4.98% |
Volatility
NCLEX vs. NESGX - Volatility Comparison
The current volatility for Nicholas Limited Edition Fund (NCLEX) is 4.95%, while Needham Small Cap Growth Fund (NESGX) has a volatility of 13.35%. This indicates that NCLEX experiences smaller price fluctuations and is considered to be less risky than NESGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NCLEX | NESGX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.95% | 13.35% | -8.40% |
Volatility (6M)Calculated over the trailing 6-month period | 12.80% | 26.13% | -13.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.31% | 34.31% | -17.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.62% | 30.16% | -10.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.22% | 26.40% | -7.18% |
NCLEX vs. NESGX - Expense Ratio Comparison
NCLEX has a 0.85% expense ratio, which is lower than NESGX's 1.85% expense ratio.
Dividends
NCLEX vs. NESGX - Dividend Comparison
NCLEX's dividend yield for the trailing twelve months is around 7.53%, while NESGX has not paid dividends to shareholders.
| 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% |
NESGX Needham Small Cap Growth Fund | 0.00% | 0.00% | 0.00% | 0.00% | 4.16% | 25.09% | 13.69% | 8.43% | 22.26% | 8.94% | 6.67% | 2.52% |
Frequently Asked Questions
NCLEX and NESGX have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NESGX has higher volatility (13.35%) compared to NCLEX (4.95%). In terms of maximum drawdown, NCLEX dropped -48.68% vs NESGX's -50.29%.
NESGX currently has the higher Sharpe Ratio (1.94 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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