NCTWX vs. NEEIX

Last updated Jun 4, 2026

NCTWX (Nicholas II Fund) and NEEIX (Needham Growth Fund Institutional Class) are both Mid Cap Growth Equities funds. Over the past 5 years, NCTWX returned 2.76%/yr vs 15.02%/yr for NEEIX. A 0.79 correlation means they provide meaningful diversification when combined. NCTWX charges 0.59%/yr vs 1.21%/yr for NEEIX.

Performance

NCTWX vs. NEEIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nicholas II Fund (NCTWX) and Needham Growth Fund Institutional Class (NEEIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NCTWX achieves a -0.24% return, which is significantly lower than NEEIX's 52.41% return.

NCTWX

• 1D: -0.24%
• 1M: 4.92%
• YTD: -0.24%
• 6M: -0.85%
• 1Y: -1.51%
• 3Y*: 5.91%
• 5Y*: 2.76%
• 10Y*: 9.25%

NEEIX

• 1D: 0.43%
• 1M: 11.39%
• YTD: 52.41%
• 6M: 53.04%
• 1Y: 93.97%
• 3Y*: 28.88%
• 5Y*: 15.02%
• 10Y*: —

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

NCTWX vs. NEEIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NCTWX Nicholas II Fund	-0.24%	-1.27%	6.74%	19.89%	-18.03%	21.58%	15.73%	34.90%	-4.20%	24.58%
NEEIX Needham Growth Fund Institutional Class	52.41%	9.32%	19.26%	27.30%	-33.26%	28.13%	42.39%	43.15%	-10.13%	8.47%

Correlation

The correlation between NCTWX and NEEIX is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (All Time) Calculated using the full available price history since Jan 4, 2017	0.79

Over the past year, the correlation between NCTWX and NEEIX has dropped to 0.55 - well below their long-term average of 0.79, suggesting their price drivers have been diverging.

Return for Risk

NCTWX vs. NEEIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

NCTWX

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

NEEIX

NEEIX Risk / Return Rank: 91
NEEIX Sharpe Ratio Rank: 96
NEEIX Sortino Ratio Rank: 86
NEEIX Omega Ratio Rank: 81
NEEIX Calmar Ratio Rank: 97
NEEIX Martin Ratio Rank: 96

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.

NCTWX vs. NEEIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nicholas II Fund (NCTWX) and Needham Growth Fund Institutional Class (NEEIX). 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.

	NCTWX	NEEIX	Difference
Sharpe ratio Return per unit of total volatility	-0.05	3.54	-3.59
Sortino ratio Return per unit of downside risk	0.04	4.08	-4.04
Omega ratio Gain probability vs. loss probability	1.00	1.53	-0.53
Calmar ratio Return relative to maximum drawdown	-0.04	6.92	-6.96
Martin ratio Return relative to average drawdown	-0.11	23.60	-23.71
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NCTWX vs. NEEIX - Sharpe Ratio Comparison

The current NCTWX Sharpe Ratio is -0.05, which is lower than the NEEIX Sharpe Ratio of 3.54. The chart below compares the historical Sharpe Ratios of NCTWX and NEEIX, 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

	NCTWX	NEEIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.05	3.54	-3.59
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.15	0.53	-0.38
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.65	-0.07

Drawdowns

NCTWX vs. NEEIX - Drawdown Comparison

The maximum NCTWX drawdown since its inception was -46.46%, which is greater than NEEIX's maximum drawdown of -43.11%. Use the drawdown chart below to compare losses from any high point for NCTWX and NEEIX.

Drawdown Indicators

	NCTWX	NEEIX	Difference
Max Drawdown Largest peak-to-trough decline	-46.46%	-43.11%	-3.35%
Max Drawdown (1Y) Largest decline over 1 year	-15.43%	-13.22%	-2.21%
Max Drawdown (3Y) Largest decline over 3 years	-20.63%	-36.13%	+15.50%
Max Drawdown (5Y) Largest decline over 5 years	-25.89%	-43.11%	+17.22%
Max Drawdown (10Y) Largest decline over 10 years	-36.61%	—	—
Current Drawdown Current decline from peak	-8.47%	0.00%	-8.47%
Average Drawdown Average peak-to-trough decline	-6.89%	-10.87%	+3.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.38%	3.88%	+2.50%

Volatility

NCTWX vs. NEEIX - Volatility Comparison

The current volatility for Nicholas II Fund (NCTWX) is 4.09%, while Needham Growth Fund Institutional Class (NEEIX) has a volatility of 8.79%. This indicates that NCTWX experiences smaller price fluctuations and is considered to be less risky than NEEIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NCTWX	NEEIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.09%	8.79%	-4.70%
Volatility (6M) Calculated over the trailing 6-month period	11.55%	20.47%	-8.92%
Volatility (1Y) Calculated over the trailing 1-year period	14.91%	26.79%	-11.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.09%	28.24%	-10.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.29%	25.75%	-7.46%

NCTWX vs. NEEIX - Expense Ratio Comparison

NCTWX has a 0.59% expense ratio, which is lower than NEEIX's 1.21% expense ratio.

Dividends

NCTWX vs. NEEIX - Dividend Comparison

NCTWX's dividend yield for the trailing twelve months is around 12.46%, more than NEEIX's 4.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NCTWX Nicholas II Fund	12.46%	12.43%	5.21%	0.72%	3.92%	9.86%	3.79%	11.36%	12.57%	11.02%	5.11%	6.40%
NEEIX Needham Growth Fund Institutional Class	4.70%	7.16%	7.48%	0.00%	1.72%	6.70%	5.58%	11.09%	17.58%	9.64%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NCTWX and NEEIX in my portfolio?

NCTWX and NEEIX have a correlation of 0.55, 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 NEEIX?

NEEIX has higher volatility (8.79%) compared to NCTWX (4.09%). In terms of maximum drawdown, NCTWX dropped -46.46% vs NEEIX's -43.11%.

Which has better risk-adjusted returns?

NEEIX currently has the higher Sharpe Ratio (3.54 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.