NCTWX vs. MXMGX

Last updated Aug 1, 2026

NCTWX (Nicholas II Fund) and MXMGX (Great-West T. Rowe Price Mid Cap Growth Fund) are both Mid Cap Growth Equities funds. Over the past 10 years, NCTWX returned 9.76%/yr vs 8.68%/yr for MXMGX. Their correlation of 0.89 means they have usually moved in the same direction. NCTWX charges 0.59%/yr vs 1.02%/yr for MXMGX.

Performance

NCTWX vs. MXMGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nicholas II Fund (NCTWX) and Great-West T. Rowe Price Mid Cap Growth Fund (MXMGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NCTWX achieves a 5.91% return, which is significantly higher than MXMGX's 2.39% return. Over the past 10 years, NCTWX has outperformed MXMGX with an annualized return of 9.76%, while MXMGX has yielded a comparatively lower 8.68% annualized return.

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%

MXMGX

• 1D: 0.49%
• 1M: -1.74%
• 6M: 2.12%
• YTD: 2.39%
• 1Y: 3.95%
• 3Y*: 5.58%
• 5Y*: 1.73%
• 10Y*: 8.68%
• ALL TIME*: 5.89%

*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)
MXMGX Great-West T. Rowe Price Mid Cap Growth Fund	$0.00	$0.00	$0.00
NCTWX Nicholas II Fund	$0.00	$0.00	$0.00

NCTWX vs. MXMGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NCTWX Nicholas II Fund	5.91%	-1.27%	6.74%	19.89%	-18.03%	21.58%	15.73%	34.90%	-4.20%	25.65%
MXMGX Great-West T. Rowe Price Mid Cap Growth Fund	2.39%	2.99%	9.02%	19.61%	-22.82%	15.25%	23.65%	31.28%	-2.80%	23.89%

Correlation

The correlation between NCTWX and MXMGX is 0.85, 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.	0.85
Correlation (3Y) Balances recent behavior with more history.	0.82
Correlation (5Y) Shows whether the relationship held over a longer period.	0.87
Correlation (10Y) Provides a long-term view across more market conditions.	0.89
Correlation (All Time) Calculated using the full available price history since Jul 1, 1997	0.89

The correlation between NCTWX and MXMGX has been stable across timeframes, ranging from 0.82 to 0.89 - a consistent structural relationship.

Return for Risk

NCTWX vs. MXMGX — Risk / Return Rank

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

NCTWX

NCTWX Risk / Return Rank: 5
NCTWX Sharpe Ratio Rank: 5
NCTWX Sortino Ratio Rank: 5
NCTWX Omega Ratio Rank: 5
NCTWX Calmar Ratio Rank: 5
NCTWX Martin Ratio Rank: 5

MXMGX

MXMGX Risk / Return Rank: 8
MXMGX Sharpe Ratio Rank: 8
MXMGX Sortino Ratio Rank: 8
MXMGX Omega Ratio Rank: 8
MXMGX Calmar Ratio Rank: 9
MXMGX Martin Ratio Rank: 9

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.

NCTWX vs. MXMGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nicholas II Fund (NCTWX) and Great-West T. Rowe Price Mid Cap Growth Fund (MXMGX). 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.

	NCTWX	MXMGX	Difference
Sharpe ratio: Return per unit of total volatility	0.05	0.25	-0.19
Sortino ratio: Return per unit of downside risk	0.18	0.45	-0.27
Omega ratio: Gain probability vs. loss probability	1.02	1.05	-0.03
Calmar ratio: Return relative to maximum drawdown	0.05	0.32	-0.27
Martin ratio: Return relative to average drawdown	0.13	1.07	-0.94

NCTWX vs. MXMGX - Sharpe Ratio Comparison

The current NCTWX Sharpe Ratio is 0.05, which is lower than the MXMGX Sharpe Ratio of 0.25. The chart below compares the historical Sharpe Ratios of NCTWX and MXMGX, 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

NCTWX vs. MXMGX - Drawdown Comparison

The maximum NCTWX drawdown since its inception was -46.46%, smaller than the maximum MXMGX drawdown of -60.97%. Use the drawdown chart below to compare losses from any high point for NCTWX and MXMGX.

Drawdown Indicators

	NCTWX	MXMGX	Difference
Max Drawdown Largest peak-to-trough decline	-46.46%	-60.97%	+14.51%
Max Drawdown (1Y) Largest decline over 1 year	-14.83%	-10.29%	-4.54%
Max Drawdown (3Y) Largest decline over 3 years	-20.63%	-23.17%	+2.54%
Max Drawdown (5Y) Largest decline over 5 years	-25.89%	-32.33%	+6.44%
Max Drawdown (10Y) Largest decline over 10 years	-36.61%	-35.88%	-0.73%
Current Drawdown Current decline from peak	-2.83%	-2.15%	-0.68%
Average Drawdown Average peak-to-trough decline	-6.89%	-11.74%	+4.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.07%	3.09%	+2.98%

Volatility

NCTWX vs. MXMGX - Volatility Comparison

Nicholas II Fund (NCTWX) has a higher volatility of 3.85% compared to Great-West T. Rowe Price Mid Cap Growth Fund (MXMGX) at 2.53%. This indicates that NCTWX's price experiences larger fluctuations and is considered to be riskier than MXMGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NCTWX	MXMGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.85%	2.53%	+1.32%
Volatility (6M) Calculated over the trailing 6-month period	11.90%	10.53%	+1.37%
Volatility (1Y) Calculated over the trailing 1-year period	15.43%	13.59%	+1.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.18%	19.05%	-0.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.25%	18.89%	-0.64%

NCTWX vs. MXMGX - Expense Ratio Comparison

NCTWX has a 0.59% expense ratio, which is lower than MXMGX's 1.02% expense ratio.

Dividends

NCTWX vs. MXMGX - Dividend Comparison

NCTWX's dividend yield for the trailing twelve months is around 11.74%, more than MXMGX's 1.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MXMGX Great-West T. Rowe Price Mid Cap Growth Fund	1.64%	1.68%	3.66%	2.39%	2.66%	4.92%	2.74%	2.19%	6.13%	4.53%	0.00%	0.00%
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

Can I hold both NCTWX and MXMGX in my portfolio?

NCTWX and MXMGX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NCTWX or MXMGX?

NCTWX has higher volatility (3.85%) compared to MXMGX (2.53%). In terms of maximum drawdown, NCTWX dropped -46.46% vs MXMGX's -60.97%.

Which has better risk-adjusted returns?

MXMGX currently has the higher Sharpe Ratio (0.25 vs 0.05), 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.