NESGX vs. NEEIX

Last updated Jun 3, 2026

NESGX (Needham Small Cap Growth Fund) and NEEIX (Needham Growth Fund Institutional Class) are both mutual funds - NESGX is a Small Cap Growth Equities fund managed by Needham, while NEEIX is a Mid Cap Growth Equities fund actively managed by Needham. Over the past 5 years, NESGX returned 9.34%/yr vs 15.02%/yr for NEEIX. Their correlation of 0.88 suggests significant overlap in exposure. NESGX charges 1.85%/yr vs 1.21%/yr for NEEIX.

Performance

NESGX vs. NEEIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Needham Small Cap Growth Fund (NESGX) 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, NESGX achieves a 74.77% return, which is significantly higher than NEEIX's 52.41% return.

NESGX

• 1D: 1.48%
• 1M: 18.07%
• YTD: 74.77%
• 6M: 77.64%
• 1Y: 122.24%
• 3Y*: 31.38%
• 5Y*: 9.34%
• 10Y*: 19.69%

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)

NESGX vs. NEEIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NESGX Needham Small Cap Growth Fund	74.77%	10.50%	12.76%	5.68%	-30.21%	10.59%	71.90%	54.42%	-5.43%	12.03%
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 NESGX and NEEIX 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 NESGX and NEEIX has been stable across timeframes, ranging from 0.88 to 0.93 - a consistent structural relationship.

Return for Risk

NESGX vs. NEEIX — Risk / Return Rank

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

NESGX

NESGX Risk / Return Rank: 94
NESGX Sharpe Ratio Rank: 98
NESGX Sortino Ratio Rank: 91
NESGX Omega Ratio Rank: 86
NESGX Calmar Ratio Rank: 97
NESGX Martin Ratio Rank: 97

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.

NESGX vs. NEEIX - Risk-Adjusted Trends Comparison

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

	NESGX	NEEIX	Difference
Sharpe ratio Return per unit of total volatility	4.11	3.54	+0.57
Sortino ratio Return per unit of downside risk	4.49	4.08	+0.41
Omega ratio Gain probability vs. loss probability	1.58	1.53	+0.05
Calmar ratio Return relative to maximum drawdown	6.96	6.92	+0.04
Martin ratio Return relative to average drawdown	28.90	23.60	+5.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NESGX vs. NEEIX - Sharpe Ratio Comparison

The current NESGX Sharpe Ratio is 4.11, which is comparable to the NEEIX Sharpe Ratio of 3.54. The chart below compares the historical Sharpe Ratios of NESGX 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

	NESGX	NEEIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.11	3.54	+0.57
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.32	0.53	-0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.77	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	0.65	-0.05

Drawdowns

NESGX vs. NEEIX - Drawdown Comparison

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

Drawdown Indicators

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

Volatility

NESGX vs. NEEIX - Volatility Comparison

The current volatility for Needham Small Cap Growth Fund (NESGX) is 8.14%, while Needham Growth Fund Institutional Class (NEEIX) has a volatility of 8.79%. This indicates that NESGX 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

	NESGX	NEEIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.14%	8.79%	-0.65%
Volatility (6M) Calculated over the trailing 6-month period	20.82%	20.47%	+0.35%
Volatility (1Y) Calculated over the trailing 1-year period	30.08%	26.79%	+3.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.22%	28.24%	+0.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.80%	25.75%	+0.05%

NESGX vs. NEEIX - Expense Ratio Comparison

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

Dividends

NESGX vs. NEEIX - Dividend Comparison

NESGX has not paid dividends to shareholders, while NEEIX's dividend yield for the trailing twelve months is around 4.70%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
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 NESGX and NEEIX in my portfolio?

With a correlation of 0.93, NESGX and NEEIX 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, NESGX or NEEIX?

NEEIX has higher volatility (8.79%) compared to NESGX (8.14%). In terms of maximum drawdown, NESGX dropped -50.29% vs NEEIX's -43.11%.

Which has better risk-adjusted returns?

NESGX currently has the higher Sharpe Ratio (4.11 vs 3.54), 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.