NICSX vs. DODGX

Last updated Jun 19, 2026

NICSX (Nicholas Fund) and DODGX (Dodge & Cox Stock Fund Class I) are both mutual funds - NICSX is a Large Cap Growth Equities fund managed by Nicholas, while DODGX is a Large Cap Value Equities fund actively managed by Dodge & Cox. Over the past 10 years, NICSX returned 11.65%/yr vs 12.85%/yr for DODGX. A 0.78 correlation means they provide meaningful diversification when combined. NICSX charges 0.71%/yr vs 0.51%/yr for DODGX.

Performance

NICSX vs. DODGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nicholas Fund (NICSX) and Dodge & Cox Stock Fund Class I (DODGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NICSX achieves a 1.36% return, which is significantly lower than DODGX's 2.93% return. Over the past 10 years, NICSX has underperformed DODGX with an annualized return of 11.65%, while DODGX has yielded a comparatively higher 12.85% annualized return.

NICSX

• 1D: -1.60%
• 1M: -0.16%
• YTD: 1.36%
• 6M: 1.99%
• 1Y: 6.47%
• 3Y*: 9.90%
• 5Y*: 8.51%
• 10Y*: 11.65%

DODGX

• 1D: -0.30%
• 1M: 0.12%
• YTD: 2.93%
• 6M: 3.36%
• 1Y: 11.56%
• 3Y*: 13.97%
• 5Y*: 9.41%
• 10Y*: 12.85%

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

NICSX vs. DODGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NICSX Nicholas Fund	1.36%	4.45%	11.80%	34.17%	-18.15%	26.58%	18.91%	33.68%	-3.71%	17.55%
DODGX Dodge & Cox Stock Fund Class I	2.93%	13.66%	14.36%	17.49%	-7.25%	31.72%	7.10%	24.30%	-7.15%	18.33%

Correlation

The correlation between NICSX and DODGX is 0.70, 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	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (10Y) Calculated over the trailing 10-year period	0.78
Correlation (All Time) Calculated using the full available price history since Jan 2, 1980	0.78

The correlation between NICSX and DODGX has been stable across timeframes, ranging from 0.70 to 0.78 - a consistent structural relationship.

Return for Risk

NICSX vs. DODGX — Risk / Return Rank

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

NICSX

NICSX Risk / Return Rank: 6
NICSX Sharpe Ratio Rank: 7
NICSX Sortino Ratio Rank: 6
NICSX Omega Ratio Rank: 6
NICSX Calmar Ratio Rank: 6
NICSX Martin Ratio Rank: 7

DODGX

DODGX Risk / Return Rank: 19
DODGX Sharpe Ratio Rank: 16
DODGX Sortino Ratio Rank: 16
DODGX Omega Ratio Rank: 15
DODGX Calmar Ratio Rank: 22
DODGX Martin Ratio Rank: 25

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.

NICSX vs. DODGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nicholas Fund (NICSX) and Dodge & Cox Stock Fund Class I (DODGX). 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.

	NICSX	DODGX	Difference
Sharpe ratio: Return per unit of total volatility	0.48	1.02	-0.53
Sortino ratio: Return per unit of downside risk	0.74	1.49	-0.75
Omega ratio: Gain probability vs. loss probability	1.09	1.18	-0.09
Calmar ratio: Return relative to maximum drawdown	0.45	1.55	-1.10
Martin ratio: Return relative to average drawdown	1.52	5.44	-3.92

NICSX vs. DODGX - Sharpe Ratio Comparison

The current NICSX Sharpe Ratio is 0.48, which is lower than the DODGX Sharpe Ratio of 1.02. The chart below compares the historical Sharpe Ratios of NICSX and DODGX, 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

NICSX vs. DODGX - Drawdown Comparison

The maximum NICSX drawdown since its inception was -50.20%, smaller than the maximum DODGX drawdown of -63.24%. Use the drawdown chart below to compare losses from any high point for NICSX and DODGX.

Drawdown Indicators

	NICSX	DODGX	Difference
Max Drawdown Largest peak-to-trough decline	-50.20%	-63.24%	+13.04%
Max Drawdown (1Y) Largest decline over 1 year	-13.20%	-7.48%	-5.72%
Max Drawdown (3Y) Largest decline over 3 years	-18.90%	-14.89%	-4.01%
Max Drawdown (5Y) Largest decline over 5 years	-25.32%	-21.85%	-3.47%
Max Drawdown (10Y) Largest decline over 10 years	-33.44%	-40.41%	+6.97%
Current Drawdown Current decline from peak	-3.27%	-1.98%	-1.29%
Average Drawdown Average peak-to-trough decline	-7.63%	-7.51%	-0.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.86%	2.13%	+1.73%

Volatility

NICSX vs. DODGX - Volatility Comparison

Nicholas Fund (NICSX) has a higher volatility of 4.36% compared to Dodge & Cox Stock Fund Class I (DODGX) at 3.77%. This indicates that NICSX's price experiences larger fluctuations and is considered to be riskier than DODGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NICSX	DODGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.36%	3.77%	+0.59%
Volatility (6M) Calculated over the trailing 6-month period	9.65%	8.43%	+1.22%
Volatility (1Y) Calculated over the trailing 1-year period	12.28%	11.43%	+0.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.42%	15.97%	+1.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.99%	19.23%	-1.24%

NICSX vs. DODGX - Expense Ratio Comparison

NICSX has a 0.71% expense ratio, which is higher than DODGX's 0.51% expense ratio.

Dividends

NICSX vs. DODGX - Dividend Comparison

NICSX's dividend yield for the trailing twelve months is around 3.77%, less than DODGX's 9.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DODGX Dodge & Cox Stock Fund Class I	9.45%	9.86%	8.20%	3.76%	5.47%	3.22%	6.74%	10.23%	9.69%	6.78%	6.26%	5.36%
NICSX Nicholas Fund	3.77%	9.22%	3.97%	6.81%	2.26%	11.84%	6.76%	8.13%	5.38%	15.55%	3.63%	6.19%

Frequently Asked Questions

Can I hold both NICSX and DODGX in my portfolio?

NICSX and DODGX have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NICSX or DODGX?

NICSX has higher volatility (4.36%) compared to DODGX (3.77%). In terms of maximum drawdown, NICSX dropped -50.20% vs DODGX's -63.24%.

Which has better risk-adjusted returns?

DODGX currently has the higher Sharpe Ratio (1.02 vs 0.48), 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.