NCTWX vs. OEGYX

Last updated Jun 4, 2026

NCTWX (Nicholas II Fund) and OEGYX (Invesco Discovery Mid Cap Growth Fund) are both Mid Cap Growth Equities funds. Over the past 10 years, NCTWX returned 9.25%/yr vs 13.79%/yr for OEGYX. Their correlation of 0.89 suggests significant overlap in exposure. NCTWX charges 0.59%/yr vs 0.78%/yr for OEGYX.

Performance

NCTWX vs. OEGYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nicholas II Fund (NCTWX) and Invesco Discovery Mid Cap Growth Fund (OEGYX). 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 OEGYX's 26.11% return. Over the past 10 years, NCTWX has underperformed OEGYX with an annualized return of 9.25%, while OEGYX has yielded a comparatively higher 13.79% annualized 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%

OEGYX

• 1D: 2.37%
• 1M: 5.88%
• YTD: 26.11%
• 6M: 23.35%
• 1Y: 33.88%
• 3Y*: 21.12%
• 5Y*: 8.35%
• 10Y*: 13.79%

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

NCTWX vs. OEGYX - 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%	25.65%
OEGYX Invesco Discovery Mid Cap Growth Fund	26.11%	5.08%	24.38%	13.24%	-30.92%	18.76%	40.53%	39.33%	-6.50%	28.34%

Correlation

The correlation between NCTWX and OEGYX is 0.57, 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	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Nov 1, 2000	0.89

Over the past year, the correlation between NCTWX and OEGYX has dropped to 0.57 - well below their long-term average of 0.89, suggesting their price drivers have been diverging.

Return for Risk

NCTWX vs. OEGYX — 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

OEGYX

OEGYX Risk / Return Rank: 48
OEGYX Sharpe Ratio Rank: 36
OEGYX Sortino Ratio Rank: 32
OEGYX Omega Ratio Rank: 32
OEGYX Calmar Ratio Rank: 76
OEGYX Martin Ratio Rank: 64

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. OEGYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nicholas II Fund (NCTWX) and Invesco Discovery Mid Cap Growth Fund (OEGYX). 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	OEGYX	Difference
Sharpe ratio Return per unit of total volatility	-0.05	1.72	-1.77
Sortino ratio Return per unit of downside risk	0.04	2.35	-2.31
Omega ratio Gain probability vs. loss probability	1.00	1.30	-0.29
Calmar ratio Return relative to maximum drawdown	-0.04	3.45	-3.50
Martin ratio Return relative to average drawdown	-0.11	12.51	-12.62
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. OEGYX - Sharpe Ratio Comparison

The current NCTWX Sharpe Ratio is -0.05, which is lower than the OEGYX Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of NCTWX and OEGYX, 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	OEGYX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.05	1.72	-1.77
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.15	0.38	-0.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	0.63	-0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.39	+0.19

Drawdowns

NCTWX vs. OEGYX - Drawdown Comparison

The maximum NCTWX drawdown since its inception was -46.46%, smaller than the maximum OEGYX drawdown of -53.44%. Use the drawdown chart below to compare losses from any high point for NCTWX and OEGYX.

Drawdown Indicators

	NCTWX	OEGYX	Difference
Max Drawdown Largest peak-to-trough decline	-46.46%	-53.44%	+6.98%
Max Drawdown (1Y) Largest decline over 1 year	-15.43%	-10.14%	-5.29%
Max Drawdown (3Y) Largest decline over 3 years	-20.63%	-28.58%	+7.95%
Max Drawdown (5Y) Largest decline over 5 years	-25.89%	-39.25%	+13.36%
Max Drawdown (10Y) Largest decline over 10 years	-36.61%	-39.25%	+2.64%
Current Drawdown Current decline from peak	-8.47%	0.00%	-8.47%
Average Drawdown Average peak-to-trough decline	-6.89%	-12.50%	+5.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.38%	2.79%	+3.59%

Volatility

NCTWX vs. OEGYX - Volatility Comparison

The current volatility for Nicholas II Fund (NCTWX) is 4.09%, while Invesco Discovery Mid Cap Growth Fund (OEGYX) has a volatility of 6.46%. This indicates that NCTWX experiences smaller price fluctuations and is considered to be less risky than OEGYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NCTWX	OEGYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.09%	6.46%	-2.37%
Volatility (6M) Calculated over the trailing 6-month period	11.55%	16.63%	-5.08%
Volatility (1Y) Calculated over the trailing 1-year period	14.91%	20.32%	-5.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.09%	22.10%	-4.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.29%	22.05%	-3.76%

NCTWX vs. OEGYX - Expense Ratio Comparison

NCTWX has a 0.59% expense ratio, which is lower than OEGYX's 0.78% expense ratio.

Dividends

NCTWX vs. OEGYX - Dividend Comparison

NCTWX's dividend yield for the trailing twelve months is around 12.46%, more than OEGYX's 5.91% 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%
OEGYX Invesco Discovery Mid Cap Growth Fund	5.91%	7.45%	4.13%	0.00%	0.00%	16.02%	3.08%	3.85%	9.31%	8.34%	0.81%	3.88%

Frequently Asked Questions

Can I hold both NCTWX and OEGYX in my portfolio?

NCTWX and OEGYX have a correlation of 0.57, 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 OEGYX?

OEGYX has higher volatility (6.46%) compared to NCTWX (4.09%). In terms of maximum drawdown, NCTWX dropped -46.46% vs OEGYX's -53.44%.

Which has better risk-adjusted returns?

OEGYX currently has the higher Sharpe Ratio (1.72 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.