NEAIX vs. CMCMX

Last updated Aug 4, 2026

NEAIX (Needham Aggressive Growth Fund Institutional Class) and CMCMX (Conestoga Micro Cap Fund) are both Small Cap Growth Equities funds. Over the past 3 years, NEAIX returned 25.33%/yr vs 10.42%/yr for CMCMX. Their 0.76 correlation means they have sometimes moved together and sometimes differently. NEAIX charges 1.20%/yr vs 1.50%/yr for CMCMX.

Performance

NEAIX vs. CMCMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Needham Aggressive Growth Fund Institutional Class (NEAIX) and Conestoga Micro Cap Fund (CMCMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NEAIX achieves a 33.50% return, which is significantly higher than CMCMX's 9.58% return.

NEAIX

• 1D: 1.00%
• 1M: -11.22%
• 6M: 19.29%
• YTD: 33.50%
• 1Y: 51.23%
• 3Y*: 25.33%
• 5Y*: 18.00%
• 10Y*: —
• ALL TIME*: 19.67%

CMCMX

• 1D: -0.30%
• 1M: -4.28%
• 6M: 6.11%
• YTD: 9.58%
• 1Y: 23.38%
• 3Y*: 10.42%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 9.23%

*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)
CMCMX Conestoga Micro Cap Fund	$0.00	$0.00	$0.00
NEAIX Needham Aggressive Growth Fund Institutional Class	$0.00	$0.00	$0.00

NEAIX vs. CMCMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
NEAIX Needham Aggressive Growth Fund Institutional Class	33.50%	26.99%	14.86%	38.37%	-0.49%
CMCMX Conestoga Micro Cap Fund	9.58%	16.41%	13.03%	-2.75%	3.42%

Correlation

The correlation between NEAIX and CMCMX is 0.68, 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.	0.68
Correlation (3Y) Balances recent behavior with more history.	0.74
Correlation (All Time) Calculated using the full available price history since May 16, 2022	0.76

The correlation between NEAIX and CMCMX has been stable across timeframes, ranging from 0.68 to 0.76 - a consistent structural relationship.

Return for Risk

NEAIX vs. CMCMX — Risk / Return Rank

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

NEAIX

NEAIX Risk / Return Rank: 53
NEAIX Sharpe Ratio Rank: 59
NEAIX Sortino Ratio Rank: 48
NEAIX Omega Ratio Rank: 47
NEAIX Calmar Ratio Rank: 50
NEAIX Martin Ratio Rank: 62

CMCMX

CMCMX Risk / Return Rank: 25
CMCMX Sharpe Ratio Rank: 25
CMCMX Sortino Ratio Rank: 29
CMCMX Omega Ratio Rank: 23
CMCMX Calmar Ratio Rank: 26
CMCMX Martin Ratio Rank: 22

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.

NEAIX vs. CMCMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Needham Aggressive Growth Fund Institutional Class (NEAIX) and Conestoga Micro Cap Fund (CMCMX). 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.

	NEAIX	CMCMX	Difference
Sharpe ratio: Return per unit of total volatility	1.57	0.95	+0.62
Sortino ratio: Return per unit of downside risk	2.06	1.53	+0.53
Omega ratio: Gain probability vs. loss probability	1.26	1.17	+0.10
Calmar ratio: Return relative to maximum drawdown	2.01	1.27	+0.74
Martin ratio: Return relative to average drawdown	8.54	3.33	+5.21

NEAIX vs. CMCMX - Sharpe Ratio Comparison

The current NEAIX Sharpe Ratio is 1.57, which is higher than the CMCMX Sharpe Ratio of 0.95. The chart below compares the historical Sharpe Ratios of NEAIX and CMCMX, 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

NEAIX vs. CMCMX - Drawdown Comparison

The maximum NEAIX drawdown since its inception was -35.93%, roughly equal to the maximum CMCMX drawdown of -35.11%. Use the drawdown chart below to compare losses from any high point for NEAIX and CMCMX.

Drawdown Indicators

	NEAIX	CMCMX	Difference
Max Drawdown Largest peak-to-trough decline	-35.93%	-35.11%	-0.82%
Max Drawdown (1Y) Largest decline over 1 year	-24.09%	-16.58%	-7.51%
Max Drawdown (3Y) Largest decline over 3 years	-28.21%	-24.22%	-3.99%
Max Drawdown (5Y) Largest decline over 5 years	-35.93%	—	—
Current Drawdown Current decline from peak	-19.69%	-5.00%	-14.69%
Average Drawdown Average peak-to-trough decline	-8.60%	-11.53%	+2.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.67%	6.33%	-0.66%

Volatility

NEAIX vs. CMCMX - Volatility Comparison

Needham Aggressive Growth Fund Institutional Class (NEAIX) has a higher volatility of 12.97% compared to Conestoga Micro Cap Fund (CMCMX) at 4.98%. This indicates that NEAIX's price experiences larger fluctuations and is considered to be riskier than CMCMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NEAIX	CMCMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.97%	4.98%	+7.99%
Volatility (6M) Calculated over the trailing 6-month period	26.27%	16.02%	+10.25%
Volatility (1Y) Calculated over the trailing 1-year period	30.84%	22.22%	+8.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.66%	25.17%	+0.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.06%	25.17%	-0.11%

NEAIX vs. CMCMX - Expense Ratio Comparison

NEAIX has a 1.20% expense ratio, which is lower than CMCMX's 1.50% expense ratio.

Dividends

NEAIX vs. CMCMX - Dividend Comparison

NEAIX's dividend yield for the trailing twelve months is around 1.51%, more than CMCMX's 0.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CMCMX Conestoga Micro Cap Fund	0.94%	1.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
NEAIX Needham Aggressive Growth Fund Institutional Class	1.51%	2.01%	0.00%	0.00%	0.00%	6.84%	3.80%	10.42%	16.35%	5.14%

Frequently Asked Questions

Can I hold both NEAIX and CMCMX in my portfolio?

NEAIX and CMCMX have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NEAIX or CMCMX?

NEAIX has higher volatility (12.97%) compared to CMCMX (4.98%). In terms of maximum drawdown, NEAIX dropped -35.93% vs CMCMX's -35.11%.

Which has better risk-adjusted returns?

NEAIX currently has the higher Sharpe Ratio (1.57 vs 0.95), 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.