NEEIX vs. NESGX

Last updated Jun 4, 2026

NEEIX (Needham Growth Fund Institutional Class) and NESGX (Needham Small Cap Growth Fund) are both mutual funds - NEEIX is a Mid Cap Growth Equities fund actively managed by Needham, while NESGX is a Small Cap Growth Equities fund managed by Needham. Over the past 5 years, NEEIX returned 16.33%/yr vs 10.36%/yr for NESGX. Their correlation of 0.88 suggests significant overlap in exposure. NEEIX charges 1.21%/yr vs 1.85%/yr for NESGX.

Performance

NEEIX vs. NESGX - Performance Comparison

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

Returns By Period

In the year-to-date period, NEEIX achieves a 59.61% return, which is significantly lower than NESGX's 81.77% return.

NEEIX

• 1D: 4.73%
• 1M: 16.98%
• YTD: 59.61%
• 6M: 57.27%
• 1Y: 98.30%
• 3Y*: 30.88%
• 5Y*: 16.33%
• 10Y*: —

NESGX

• 1D: 4.01%
• 1M: 22.89%
• YTD: 81.77%
• 6M: 79.23%
• 1Y: 124.03%
• 3Y*: 33.11%
• 5Y*: 10.36%
• 10Y*: 20.16%

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

NEEIX vs. NESGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NEEIX Needham Growth Fund Institutional Class	59.61%	9.32%	19.26%	27.30%	-33.26%	28.13%	42.39%	43.15%	-10.13%	8.47%
NESGX Needham Small Cap Growth Fund	81.77%	10.50%	12.76%	5.68%	-30.21%	10.59%	71.90%	54.42%	-5.43%	12.03%

Correlation

The correlation between NEEIX and NESGX is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (All Time) Calculated using the full available price history since Jan 4, 2017	0.88

The correlation between NEEIX and NESGX has been stable across timeframes, ranging from 0.88 to 0.93 - a consistent structural relationship.

Return for Risk

NEEIX vs. NESGX — Risk / Return Rank

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

NEEIX

NEEIX Risk / Return Rank: 93
NEEIX Sharpe Ratio Rank: 98
NEEIX Sortino Ratio Rank: 88
NEEIX Omega Ratio Rank: 83
NEEIX Calmar Ratio Rank: 98
NEEIX Martin Ratio Rank: 97

NESGX

NESGX Risk / Return Rank: 95
NESGX Sharpe Ratio Rank: 99
NESGX Sortino Ratio Rank: 93
NESGX Omega Ratio Rank: 87
NESGX Calmar Ratio Rank: 98
NESGX Martin Ratio Rank: 98

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.

NEEIX vs. NESGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Needham Growth Fund Institutional Class (NEEIX) and Needham Small Cap Growth Fund (NESGX). 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.

	NEEIX	NESGX	Difference
Sharpe ratio: Return per unit of total volatility	3.83	4.36	-0.54
Sortino ratio: Return per unit of downside risk	4.35	4.69	-0.34
Omega ratio: Gain probability vs. loss probability	1.57	1.61	-0.04
Calmar ratio: Return relative to maximum drawdown	7.85	7.69	+0.16
Martin ratio: Return relative to average drawdown	26.70	31.87	-5.17
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NEEIX vs. NESGX - Sharpe Ratio Comparison

The current NEEIX Sharpe Ratio is 3.83, which is comparable to the NESGX Sharpe Ratio of 4.36. The chart below compares the historical Sharpe Ratios of NEEIX and NESGX, 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

	NEEIX	NESGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.83	4.36	-0.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.58	0.36	+0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.78	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	0.61	+0.06

Drawdowns

NEEIX vs. NESGX - Drawdown Comparison

The maximum NEEIX drawdown since its inception was -43.11%, smaller than the maximum NESGX drawdown of -50.29%. Use the drawdown chart below to compare losses from any high point for NEEIX and NESGX.

Drawdown Indicators

	NEEIX	NESGX	Difference
Max Drawdown Largest peak-to-trough decline	-43.11%	-50.29%	+7.18%
Max Drawdown (1Y) Largest decline over 1 year	-13.22%	-17.16%	+3.94%
Max Drawdown (3Y) Largest decline over 3 years	-36.13%	-35.27%	-0.86%
Max Drawdown (5Y) Largest decline over 5 years	-43.11%	-50.05%	+6.94%
Max Drawdown (10Y) Largest decline over 10 years	—	-50.29%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-10.87%	-11.66%	+0.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.88%	4.13%	-0.25%

Volatility

NEEIX vs. NESGX - Volatility Comparison

Needham Growth Fund Institutional Class (NEEIX) has a higher volatility of 9.69% compared to Needham Small Cap Growth Fund (NESGX) at 8.70%. This indicates that NEEIX's price experiences larger fluctuations and is considered to be riskier than NESGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NEEIX	NESGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.69%	8.70%	+0.99%
Volatility (6M) Calculated over the trailing 6-month period	20.89%	21.09%	-0.20%
Volatility (1Y) Calculated over the trailing 1-year period	27.10%	30.24%	-3.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.31%	29.27%	-0.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.79%	25.83%	-0.04%

NEEIX vs. NESGX - Expense Ratio Comparison

NEEIX has a 1.21% expense ratio, which is lower than NESGX's 1.85% expense ratio.

Dividends

NEEIX vs. NESGX - Dividend Comparison

NEEIX's dividend yield for the trailing twelve months is around 4.49%, while NESGX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NEEIX Needham Growth Fund Institutional Class	4.49%	7.16%	7.48%	0.00%	1.72%	6.70%	5.58%	11.09%	17.58%	9.64%	0.00%	0.00%
NESGX Needham Small Cap Growth Fund	0.00%	0.00%	0.00%	0.00%	4.16%	25.09%	13.69%	8.43%	22.26%	8.94%	6.67%	2.52%

Frequently Asked Questions

Can I hold both NEEIX and NESGX in my portfolio?

With a correlation of 0.93, NEEIX and NESGX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, NEEIX or NESGX?

NEEIX has higher volatility (9.69%) compared to NESGX (8.70%). In terms of maximum drawdown, NEEIX dropped -43.11% vs NESGX's -50.29%.

Which has better risk-adjusted returns?

NESGX currently has the higher Sharpe Ratio (4.36 vs 3.83), 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.