NCLEX vs. RYWCX
NCLEX (Nicholas Limited Edition Fund) and RYWCX (Rydex S&P SmallCap 600 Pure Growth Fund) are both Small Cap Growth Equities funds. Over the past 10 years, NCLEX returned 7.50%/yr vs 7.33%/yr for RYWCX. Their correlation of 0.92 means they have usually moved in the same direction. NCLEX charges 0.85%/yr vs 2.26%/yr for RYWCX.
Performance
NCLEX vs. RYWCX - Performance Comparison
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Returns By Period
Both investments have delivered pretty close results over the past 10 years, with NCLEX having a 7.50% annualized return and RYWCX not far behind at 7.33%.
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%
RYWCX
- 1D
- 2.25%
- 1M
- -3.49%
- 6M
- 19.44%
- YTD
- 25.73%
- 1Y
- 34.86%
- 3Y*
- 14.11%
- 5Y*
- 3.50%
- 10Y*
- 7.33%
- ALL TIME*
- 6.75%
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. RYWCX - 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% |
RYWCX Rydex S&P SmallCap 600 Pure Growth Fund | 25.73% | 7.76% | 7.20% | 17.03% | -30.33% | 16.37% | 15.23% | 11.58% | -9.55% | 15.23% |
Correlation
The correlation between NCLEX and RYWCX is 0.71, 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. | 0.71 |
Correlation (3Y) Balances recent behavior with more history. | 0.83 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.88 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.88 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 2005 | 0.92 |
Over the past year, the correlation between NCLEX and RYWCX has dropped to 0.71 - well below their long-term average of 0.92, suggesting their price drivers have been diverging.
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Return for Risk
NCLEX vs. RYWCX — Risk / Return Rank
NCLEX
RYWCX
NCLEX vs. RYWCX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nicholas Limited Edition Fund (NCLEX) and Rydex S&P SmallCap 600 Pure Growth Fund (RYWCX). 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 | RYWCX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.01 | ||
| Sortino ratioReturn per unit of downside risk | -2.91 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.29 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.26 | 3.77 | -4.04 |
| Martin ratioReturn relative to average drawdown | -0.51 | 11.60 | -12.11 |
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Drawdowns
NCLEX vs. RYWCX - Drawdown Comparison
The maximum NCLEX drawdown since its inception was -48.68%, smaller than the maximum RYWCX drawdown of -60.64%. Use the drawdown chart below to compare losses from any high point for NCLEX and RYWCX.
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Drawdown Indicators
| NCLEX | RYWCX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.68% | -60.64% | +11.96% |
Max Drawdown (1Y)Largest decline over 1 year | -20.88% | -8.49% | -12.39% |
Max Drawdown (3Y)Largest decline over 3 years | -28.50% | -26.39% | -2.11% |
Max Drawdown (5Y)Largest decline over 5 years | -28.50% | -40.28% | +11.78% |
Max Drawdown (10Y)Largest decline over 10 years | -35.79% | -54.65% | +18.86% |
Current DrawdownCurrent decline from peak | -16.34% | -5.02% | -11.32% |
Average DrawdownAverage peak-to-trough decline | -8.32% | -13.37% | +5.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.65% | 2.76% | +7.89% |
Volatility
NCLEX vs. RYWCX - Volatility Comparison
The current volatility for Nicholas Limited Edition Fund (NCLEX) is 4.95%, while Rydex S&P SmallCap 600 Pure Growth Fund (RYWCX) has a volatility of 5.65%. This indicates that NCLEX experiences smaller price fluctuations and is considered to be less risky than RYWCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NCLEX | RYWCX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.95% | 5.65% | -0.70% |
Volatility (6M)Calculated over the trailing 6-month period | 12.80% | 14.48% | -1.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.31% | 18.97% | -1.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.62% | 22.92% | -3.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.22% | 24.72% | -5.50% |
NCLEX vs. RYWCX - Expense Ratio Comparison
NCLEX has a 0.85% expense ratio, which is lower than RYWCX's 2.26% expense ratio.
Dividends
NCLEX vs. RYWCX - Dividend Comparison
NCLEX's dividend yield for the trailing twelve months is around 7.53%, while RYWCX 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% |
RYWCX Rydex S&P SmallCap 600 Pure Growth Fund | 0.00% | 0.00% | 14.52% | 0.00% | 0.00% | 59.93% | 0.00% | 0.00% | 9.26% | 3.92% | 0.00% | 0.00% |
Frequently Asked Questions
NCLEX and RYWCX have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RYWCX has higher volatility (5.65%) compared to NCLEX (4.95%). In terms of maximum drawdown, NCLEX dropped -48.68% vs RYWCX's -60.64%.
RYWCX currently has the higher Sharpe Ratio (1.69 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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