NCTWX vs. NCLEX
NCTWX (Nicholas II Fund) and NCLEX (Nicholas Limited Edition Fund) are both mutual funds - NCTWX is a Mid Cap Growth Equities fund managed by Nicholas, while NCLEX is a Small Cap Growth Equities fund managed by Nicholas. Over the past 10 years, NCTWX returned 9.26%/yr vs 7.29%/yr for NCLEX. Their correlation of 0.89 suggests significant overlap in exposure. NCTWX charges 0.59%/yr vs 0.85%/yr for NCLEX.
Performance
NCTWX vs. NCLEX - Performance Comparison
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Returns By Period
In the year-to-date period, NCTWX achieves a -1.64% return, which is significantly higher than NCLEX's -6.84% return. Over the past 10 years, NCTWX has outperformed NCLEX with an annualized return of 9.26%, while NCLEX has yielded a comparatively lower 7.29% annualized return.
NCTWX
- 1D
- 1.12%
- 1M
- 1.84%
- YTD
- -1.64%
- 6M
- -3.64%
- 1Y
- -1.98%
- 3Y*
- 4.37%
- 5Y*
- 2.51%
- 10Y*
- 9.26%
NCLEX
- 1D
- 1.25%
- 1M
- 2.03%
- YTD
- -6.84%
- 6M
- -9.03%
- 1Y
- -9.88%
- 3Y*
- -0.32%
- 5Y*
- -1.17%
- 10Y*
- 7.29%
NCTWX vs. NCLEX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NCTWX Nicholas II Fund | -1.64% | -1.27% | 6.74% | 19.89% | -18.03% | 21.58% | 15.73% | 34.90% | -4.20% | 25.65% |
NCLEX Nicholas Limited Edition Fund | -6.84% | -10.41% | 11.91% | 17.17% | -23.71% | 19.07% | 22.67% | 27.36% | -0.94% | 19.93% |
Correlation
The correlation between NCTWX and NCLEX is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.90 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.92 |
Correlation (All Time) Calculated using the full available price history since May 18, 1987 | 0.89 |
The correlation between NCTWX and NCLEX has been stable across timeframes, ranging from 0.89 to 0.93 - a consistent structural relationship.
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Return for Risk
NCTWX vs. NCLEX — Risk / Return Rank
NCTWX
NCLEX
NCTWX vs. NCLEX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nicholas II Fund (NCTWX) and Nicholas Limited Edition Fund (NCLEX). 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 | NCLEX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.48 | ||
| Sortino ratioReturn per unit of downside risk | +0.68 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 0.91 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | -0.14 | -0.49 | +0.35 |
| Martin ratioReturn relative to average drawdown | -0.32 | -0.98 | +0.66 |
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Drawdowns
NCTWX vs. NCLEX - Drawdown Comparison
The maximum NCTWX drawdown since its inception was -46.46%, roughly equal to the maximum NCLEX drawdown of -48.68%. Use the drawdown chart below to compare losses from any high point for NCTWX and NCLEX.
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Drawdown Indicators
| NCTWX | NCLEX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.46% | -48.68% | +2.22% |
Max Drawdown (1Y)Largest decline over 1 year | -15.43% | -21.36% | +5.93% |
Max Drawdown (3Y)Largest decline over 3 years | -20.63% | -28.50% | +7.87% |
Max Drawdown (5Y)Largest decline over 5 years | -25.89% | -28.50% | +2.61% |
Max Drawdown (10Y)Largest decline over 10 years | -36.61% | -35.79% | -0.82% |
Current DrawdownCurrent decline from peak | -9.75% | -22.06% | +12.31% |
Average DrawdownAverage peak-to-trough decline | -6.90% | -8.29% | +1.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.56% | 10.68% | -4.12% |
Volatility
NCTWX vs. NCLEX - Volatility Comparison
Nicholas II Fund (NCTWX) and Nicholas Limited Edition Fund (NCLEX) have volatilities of 5.02% and 4.99%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NCTWX | NCLEX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.02% | 4.99% | +0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 11.96% | 12.39% | -0.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.24% | 17.00% | -1.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.16% | 19.55% | -1.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.31% | 19.23% | -0.92% |
NCTWX vs. NCLEX - Expense Ratio Comparison
NCTWX has a 0.59% expense ratio, which is lower than NCLEX's 0.85% expense ratio.
Dividends
NCTWX vs. NCLEX - Dividend Comparison
NCTWX's dividend yield for the trailing twelve months is around 12.64%, more than NCLEX's 8.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NCLEX Nicholas Limited Edition Fund | 8.09% | 7.53% | 2.51% | 2.43% | 6.22% | 16.44% | 5.10% | 5.66% | 10.72% | 7.97% | 10.68% | 8.05% |
NCTWX Nicholas II Fund | 12.64% | 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
NCTWX and NCLEX have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NCTWX has higher volatility (5.02%) compared to NCLEX (4.99%). In terms of maximum drawdown, NCTWX dropped -46.46% vs NCLEX's -48.68%.
NCTWX currently has the higher Sharpe Ratio (-0.14 vs -0.62), 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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