NCLEX vs. VSGAX

Last updated Aug 1, 2026

NCLEX (Nicholas Limited Edition Fund) and VSGAX (Vanguard Small-Cap Growth Index Fund Admiral Shares) are both Small Cap Growth Equities funds. Over the past 10 years, NCLEX returned 7.50%/yr vs 10.76%/yr for VSGAX. Their correlation of 0.93 means they have usually moved in the same direction. NCLEX charges 0.85%/yr vs 0.07%/yr for VSGAX.

Performance

NCLEX vs. VSGAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nicholas Limited Edition Fund (NCLEX) and Vanguard Small-Cap Growth Index Fund Admiral Shares (VSGAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

Over the past 10 years, NCLEX has underperformed VSGAX with an annualized return of 7.50%, while VSGAX has yielded a comparatively higher 10.76% 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%

VSGAX

• 1D: 2.22%
• 1M: -4.69%
• 6M: 9.35%
• YTD: 13.34%
• 1Y: 23.55%
• 3Y*: 13.20%
• 5Y*: 4.17%
• 10Y*: 10.76%
• ALL TIME*: 11.94%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
NCLEX Nicholas Limited Edition Fund	$0.00	$0.00	$0.00
VSGAX Vanguard Small-Cap Growth Index Fund Admiral Shares	$0.00	$0.00	$0.00

NCLEX vs. VSGAX - 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%
VSGAX Vanguard Small-Cap Growth Index Fund Admiral Shares	13.34%	8.44%	14.94%	23.04%	-28.39%	5.70%	35.26%	32.76%	-5.69%	21.92%

Correlation

The correlation between NCLEX and VSGAX is 0.66, 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.	0.66
Correlation (3Y) Balances recent behavior with more history.	0.83
Correlation (5Y) Shows whether the relationship held over a longer period.	0.90
Correlation (10Y) Provides a long-term view across more market conditions.	0.91
Correlation (All Time) Calculated using the full available price history since Sep 27, 2011	0.93

Over the past year, the correlation between NCLEX and VSGAX has dropped to 0.66 - well below their long-term average of 0.93, suggesting their price drivers have been diverging.

Return for Risk

NCLEX vs. VSGAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

NCLEX

NCLEX Risk / Return Rank: 2
NCLEX Sharpe Ratio Rank: 2
NCLEX Sortino Ratio Rank: 2
NCLEX Omega Ratio Rank: 2
NCLEX Calmar Ratio Rank: 2
NCLEX Martin Ratio Rank: 3

VSGAX

VSGAX Risk / Return Rank: 37
VSGAX Sharpe Ratio Rank: 31
VSGAX Sortino Ratio Rank: 32
VSGAX Omega Ratio Rank: 29
VSGAX Calmar Ratio Rank: 48
VSGAX Martin Ratio Rank: 43

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

NCLEX vs. VSGAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nicholas Limited Edition Fund (NCLEX) and Vanguard Small-Cap Growth Index Fund Admiral Shares (VSGAX). 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	VSGAX	Difference
Sharpe ratio: Return per unit of total volatility	-0.32	0.97	-1.29
Sortino ratio: Return per unit of downside risk	-0.34	1.46	-1.80
Omega ratio: Gain probability vs. loss probability	0.96	1.17	-0.21
Calmar ratio: Return relative to maximum drawdown	-0.26	1.77	-2.04
Martin ratio: Return relative to average drawdown	-0.51	6.03	-6.54

NCLEX vs. VSGAX - Sharpe Ratio Comparison

The current NCLEX Sharpe Ratio is -0.32, which is lower than the VSGAX Sharpe Ratio of 0.97. The chart below compares the historical Sharpe Ratios of NCLEX and VSGAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

NCLEX vs. VSGAX - Drawdown Comparison

The maximum NCLEX drawdown since its inception was -48.68%, which is greater than VSGAX's maximum drawdown of -38.70%. Use the drawdown chart below to compare losses from any high point for NCLEX and VSGAX.

Drawdown Indicators

	NCLEX	VSGAX	Difference
Max Drawdown Largest peak-to-trough decline	-48.68%	-38.70%	-9.98%
Max Drawdown (1Y) Largest decline over 1 year	-20.88%	-11.37%	-9.51%
Max Drawdown (3Y) Largest decline over 3 years	-28.50%	-27.47%	-1.03%
Max Drawdown (5Y) Largest decline over 5 years	-28.50%	-38.36%	+9.86%
Max Drawdown (10Y) Largest decline over 10 years	-35.79%	-38.70%	+2.91%
Current Drawdown Current decline from peak	-16.34%	-6.66%	-9.68%
Average Drawdown Average peak-to-trough decline	-8.32%	-8.49%	+0.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.65%	3.35%	+7.30%

Volatility

NCLEX vs. VSGAX - Volatility Comparison

The current volatility for Nicholas Limited Edition Fund (NCLEX) is 4.95%, while Vanguard Small-Cap Growth Index Fund Admiral Shares (VSGAX) has a volatility of 5.24%. This indicates that NCLEX experiences smaller price fluctuations and is considered to be less risky than VSGAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NCLEX	VSGAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.95%	5.24%	-0.29%
Volatility (6M) Calculated over the trailing 6-month period	12.80%	16.13%	-3.33%
Volatility (1Y) Calculated over the trailing 1-year period	17.31%	20.70%	-3.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.62%	23.74%	-4.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.22%	23.05%	-3.83%

NCLEX vs. VSGAX - Expense Ratio Comparison

NCLEX has a 0.85% expense ratio, which is higher than VSGAX's 0.07% expense ratio.

Dividends

NCLEX vs. VSGAX - Dividend Comparison

NCLEX's dividend yield for the trailing twelve months is around 7.53%, more than VSGAX's 0.44% 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%
VSGAX Vanguard Small-Cap Growth Index Fund Admiral Shares	0.44%	0.54%	0.54%	0.67%	0.55%	0.36%	0.44%	0.57%	0.79%	0.81%	1.08%	0.98%

Frequently Asked Questions

Can I hold both NCLEX and VSGAX in my portfolio?

NCLEX and VSGAX have a correlation of 0.66, 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 VSGAX?

VSGAX has higher volatility (5.24%) compared to NCLEX (4.95%). In terms of maximum drawdown, NCLEX dropped -48.68% vs VSGAX's -38.70%.

Which has better risk-adjusted returns?

VSGAX currently has the higher Sharpe Ratio (0.97 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.