NESGX vs. NEEIX

Last updated Aug 1, 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 5.21%/yr vs 10.10%/yr for NEEIX. Their correlation of 0.89 means they have usually moved in the same direction. 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 52.82% return, which is significantly higher than NEEIX's 34.81% return.

NESGX

• 1D: 5.19%
• 1M: -10.43%
• 6M: 37.28%
• YTD: 52.82%
• 1Y: 74.25%
• 3Y*: 23.55%
• 5Y*: 5.21%
• 10Y*: 17.52%
• ALL TIME*: 12.75%

NEEIX

• 1D: 5.86%
• 1M: -9.99%
• 6M: 17.35%
• YTD: 34.81%
• 1Y: 52.00%
• 3Y*: 18.86%
• 5Y*: 10.10%
• 10Y*: —
• ALL TIME*: 14.98%

*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)
NEEIX Needham Growth Fund Institutional Class	$0.00	$0.00	$0.00
NESGX Needham Small Cap Growth Fund	$0.00	$0.00	$0.00

NESGX vs. NEEIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NESGX Needham Small Cap Growth Fund	52.82%	10.50%	12.76%	5.68%	-30.21%	10.59%	71.90%	54.42%	-5.43%	11.96%
NEEIX Needham Growth Fund Institutional Class	34.81%	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 0.94, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.94
Correlation (3Y) Balances recent behavior with more history.	0.90
Correlation (5Y) Shows whether the relationship held over a longer period.	0.90
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.89

The correlation between NESGX and NEEIX has been stable across timeframes, ranging from 0.89 to 0.94 - a consistent structural relationship.

Return for Risk

NESGX vs. NEEIX — Risk / Return Rank

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

NESGX

NESGX Risk / Return Rank: 80
NESGX Sharpe Ratio Rank: 82
NESGX Sortino Ratio Rank: 73
NESGX Omega Ratio Rank: 71
NESGX Calmar Ratio Rank: 86
NESGX Martin Ratio Rank: 88

NEEIX

NEEIX Risk / Return Rank: 53
NEEIX Sharpe Ratio Rank: 54
NEEIX Sortino Ratio Rank: 47
NEEIX Omega Ratio Rank: 46
NEEIX Calmar Ratio Rank: 55
NEEIX Martin Ratio Rank: 64

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.

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.

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.

	NESGX	NEEIX	Difference
Sharpe ratio: Return per unit of total volatility	1.94	1.44	+0.50
Sortino ratio: Return per unit of downside risk	2.47	1.95	+0.53
Omega ratio: Gain probability vs. loss probability	1.31	1.25	+0.06
Calmar ratio: Return relative to maximum drawdown	3.00	2.03	+0.98
Martin ratio: Return relative to average drawdown	11.77	8.46	+3.31

NESGX vs. NEEIX - Sharpe Ratio Comparison

The current NESGX Sharpe Ratio is 1.94, which is higher than the NEEIX Sharpe Ratio of 1.44. 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.

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	-22.14%	-23.12%	+0.98%
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	-18.09%	-18.62%	+0.53%
Average Drawdown Average peak-to-trough decline	-11.64%	-10.82%	-0.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.67%	5.66%	+0.01%

Volatility

NESGX vs. NEEIX - Volatility Comparison

Needham Small Cap Growth Fund (NESGX) and Needham Growth Fund Institutional Class (NEEIX) have volatilities of 13.35% and 12.98%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. 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	13.35%	12.98%	+0.37%
Volatility (6M) Calculated over the trailing 6-month period	26.13%	26.84%	-0.71%
Volatility (1Y) Calculated over the trailing 1-year period	34.31%	32.46%	+1.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.16%	29.43%	+0.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.40%	26.32%	+0.08%

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 5.31%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NEEIX Needham Growth Fund Institutional Class	5.31%	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 0.94, 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?

NESGX has higher volatility (13.35%) compared to NEEIX (12.98%). 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 (1.94 vs 1.44), 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.