NCLEX vs. NSEIX

Last updated Jun 4, 2026

NCLEX (Nicholas Limited Edition Fund) and NSEIX (Nicholas Equity Income Fund) are both mutual funds - NCLEX is a Small Cap Growth Equities fund managed by Nicholas, while NSEIX is a Large Cap Value Equities fund managed by Nicholas. Over the past 10 years, NCLEX returned 7.27%/yr vs 9.94%/yr for NSEIX. A 0.80 correlation means they provide meaningful diversification when combined. NCLEX charges 0.85%/yr vs 0.70%/yr for NSEIX.

Performance

NCLEX vs. NSEIX - Performance Comparison

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

Returns By Period

In the year-to-date period, NCLEX achieves a -6.20% return, which is significantly lower than NSEIX's 5.42% return. Over the past 10 years, NCLEX has underperformed NSEIX with an annualized return of 7.27%, while NSEIX has yielded a comparatively higher 9.94% annualized return.

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%

NSEIX

• 1D: 0.78%
• 1M: 1.36%
• YTD: 5.42%
• 6M: 5.53%
• 1Y: 13.81%
• 3Y*: 12.78%
• 5Y*: 7.25%
• 10Y*: 9.94%

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

NCLEX vs. NSEIX - 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%
NSEIX Nicholas Equity Income Fund	5.42%	13.80%	9.97%	7.87%	-6.90%	24.76%	5.60%	30.29%	-4.48%	12.42%

Correlation

The correlation between NCLEX and NSEIX is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since Nov 24, 1993	0.80

The correlation between NCLEX and NSEIX shifts across timeframes, from 0.67 (1 year) to 0.80 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

NCLEX vs. NSEIX — 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

NSEIX

NSEIX Risk / Return Rank: 27
NSEIX Sharpe Ratio Rank: 27
NSEIX Sortino Ratio Rank: 27
NSEIX Omega Ratio Rank: 26
NSEIX Calmar Ratio Rank: 29
NSEIX Martin Ratio Rank: 26

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. NSEIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nicholas Limited Edition Fund (NCLEX) and Nicholas Equity Income Fund (NSEIX). 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	NSEIX	Difference
Sharpe ratio: Return per unit of total volatility	-0.64	1.48	-2.12
Sortino ratio: Return per unit of downside risk	-0.81	2.18	-2.99
Omega ratio: Gain probability vs. loss probability	0.91	1.27	-0.36
Calmar ratio: Return relative to maximum drawdown	-0.51	2.01	-2.52
Martin ratio: Return relative to average drawdown	-1.06	6.23	-7.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NCLEX vs. NSEIX - Sharpe Ratio Comparison

The current NCLEX Sharpe Ratio is -0.64, which is lower than the NSEIX Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of NCLEX and NSEIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	NCLEX	NSEIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.64	1.48	-2.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.05	0.53	-0.58
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.38	0.63	-0.25
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	0.58	-0.06

Drawdowns

NCLEX vs. NSEIX - Drawdown Comparison

The maximum NCLEX drawdown since its inception was -48.68%, roughly equal to the maximum NSEIX drawdown of -48.12%. Use the drawdown chart below to compare losses from any high point for NCLEX and NSEIX.

Drawdown Indicators

	NCLEX	NSEIX	Difference
Max Drawdown Largest peak-to-trough decline	-48.68%	-48.12%	-0.56%
Max Drawdown (1Y) Largest decline over 1 year	-21.36%	-7.30%	-14.06%
Max Drawdown (3Y) Largest decline over 3 years	-28.50%	-14.68%	-13.82%
Max Drawdown (5Y) Largest decline over 5 years	-28.50%	-18.98%	-9.52%
Max Drawdown (10Y) Largest decline over 10 years	-35.79%	-33.47%	-2.32%
Current Drawdown Current decline from peak	-21.53%	-1.52%	-20.01%
Average Drawdown Average peak-to-trough decline	-8.28%	-5.81%	-2.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.19%	2.35%	+7.84%

Volatility

NCLEX vs. NSEIX - Volatility Comparison

Nicholas Limited Edition Fund (NCLEX) has a higher volatility of 5.11% compared to Nicholas Equity Income Fund (NSEIX) at 2.55%. This indicates that NCLEX's price experiences larger fluctuations and is considered to be riskier than NSEIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NCLEX	NSEIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.11%	2.55%	+2.56%
Volatility (6M) Calculated over the trailing 6-month period	12.12%	7.38%	+4.74%
Volatility (1Y) Calculated over the trailing 1-year period	16.90%	9.91%	+6.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.52%	13.68%	+5.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.21%	15.94%	+3.27%

NCLEX vs. NSEIX - Expense Ratio Comparison

NCLEX has a 0.85% expense ratio, which is higher than NSEIX's 0.70% expense ratio.

Dividends

NCLEX vs. NSEIX - Dividend Comparison

NCLEX's dividend yield for the trailing twelve months is around 8.03%, more than NSEIX's 3.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
NSEIX Nicholas Equity Income Fund	3.69%	10.85%	4.03%	4.28%	3.92%	11.53%	1.97%	13.05%	17.55%	6.83%	3.85%	7.26%

Frequently Asked Questions

Can I hold both NCLEX and NSEIX in my portfolio?

NCLEX and NSEIX have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NCLEX or NSEIX?

NCLEX has higher volatility (5.11%) compared to NSEIX (2.55%). In terms of maximum drawdown, NCLEX dropped -48.68% vs NSEIX's -48.12%.

Which has better risk-adjusted returns?

NSEIX currently has the higher Sharpe Ratio (1.48 vs -0.64), 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.