NICSX vs. NCLEX

Last updated Jun 4, 2026

NICSX (Nicholas Fund) and NCLEX (Nicholas Limited Edition Fund) are both mutual funds - NICSX is a Large Cap Growth Equities fund managed by Nicholas, while NCLEX is a Small Cap Growth Equities fund managed by Nicholas. Over the past 10 years, NICSX returned 11.66%/yr vs 7.27%/yr for NCLEX. Their correlation of 0.82 suggests significant overlap in exposure. NICSX charges 0.71%/yr vs 0.85%/yr for NCLEX.

Performance

NICSX vs. NCLEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nicholas Fund (NICSX) and Nicholas Limited Edition Fund (NCLEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NICSX achieves a 4.29% return, which is significantly higher than NCLEX's -6.20% return. Over the past 10 years, NICSX has outperformed NCLEX with an annualized return of 11.66%, while NCLEX has yielded a comparatively lower 7.27% annualized return.

NICSX

• 1D: -0.47%
• 1M: 4.38%
• YTD: 4.29%
• 6M: 3.60%
• 1Y: 8.78%
• 3Y*: 11.78%
• 5Y*: 9.25%
• 10Y*: 11.66%

NCLEX

• 1D: -0.63%
• 1M: 1.63%
• YTD: -6.20%
• 6M: -7.32%
• 1Y: -11.96%
• 3Y*: 0.87%
• 5Y*: -0.95%
• 10Y*: 7.27%

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

NICSX vs. NCLEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NICSX Nicholas Fund	4.29%	4.45%	11.80%	34.17%	-18.15%	26.58%	18.91%	33.68%	-3.71%	17.55%
NCLEX Nicholas Limited Edition Fund	-6.20%	-10.41%	11.91%	17.17%	-23.71%	19.07%	22.67%	27.36%	-0.94%	19.93%

Correlation

The correlation between NICSX and NCLEX is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since May 19, 1987	0.82

The correlation between NICSX and NCLEX has been stable across timeframes, ranging from 0.75 to 0.83 - a consistent structural relationship.

Return for Risk

NICSX vs. NCLEX — Risk / Return Rank

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

NICSX

NICSX Risk / Return Rank: 8
NICSX Sharpe Ratio Rank: 10
NICSX Sortino Ratio Rank: 9
NICSX Omega Ratio Rank: 9
NICSX Calmar Ratio Rank: 7
NICSX Martin Ratio Rank: 8

NCLEX

NCLEX Risk / Return Rank: 1
NCLEX Sharpe Ratio Rank: 1
NCLEX Sortino Ratio Rank: 1
NCLEX Omega Ratio Rank: 1
NCLEX Calmar Ratio Rank: 1
NCLEX Martin Ratio Rank: 1

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. NCLEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nicholas Fund (NICSX) and Nicholas Limited Edition Fund (NCLEX). 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.

	NICSX	NCLEX	Difference
Sharpe ratio: Return per unit of total volatility	0.76	-0.64	+1.40
Sortino ratio: Return per unit of downside risk	1.12	-0.81	+1.93
Omega ratio: Gain probability vs. loss probability	1.14	0.91	+0.23
Calmar ratio: Return relative to maximum drawdown	0.69	-0.51	+1.19
Martin ratio: Return relative to average drawdown	2.36	-1.06	+3.42
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NICSX vs. NCLEX - Sharpe Ratio Comparison

The current NICSX Sharpe Ratio is 0.76, which is higher than the NCLEX Sharpe Ratio of -0.64. The chart below compares the historical Sharpe Ratios of NICSX and NCLEX, 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

	NICSX	NCLEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.76	-0.64	+1.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	-0.05	+0.58
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.65	0.38	+0.27
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	0.51	+0.14

Drawdowns

NICSX vs. NCLEX - Drawdown Comparison

The maximum NICSX drawdown since its inception was -50.20%, roughly equal to the maximum NCLEX drawdown of -48.68%. Use the drawdown chart below to compare losses from any high point for NICSX and NCLEX.

Drawdown Indicators

	NICSX	NCLEX	Difference
Max Drawdown Largest peak-to-trough decline	-50.20%	-48.68%	-1.52%
Max Drawdown (1Y) Largest decline over 1 year	-13.20%	-21.36%	+8.16%
Max Drawdown (3Y) Largest decline over 3 years	-18.90%	-28.50%	+9.60%
Max Drawdown (5Y) Largest decline over 5 years	-25.32%	-28.50%	+3.18%
Max Drawdown (10Y) Largest decline over 10 years	-33.44%	-35.79%	+2.35%
Current Drawdown Current decline from peak	-0.47%	-21.53%	+21.06%
Average Drawdown Average peak-to-trough decline	-7.64%	-8.28%	+0.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.83%	10.19%	-6.36%

Volatility

NICSX vs. NCLEX - Volatility Comparison

The current volatility for Nicholas Fund (NICSX) is 2.66%, while Nicholas Limited Edition Fund (NCLEX) has a volatility of 5.11%. This indicates that NICSX experiences smaller price fluctuations and is considered to be less risky than NCLEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NICSX	NCLEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.66%	5.11%	-2.45%
Volatility (6M) Calculated over the trailing 6-month period	8.99%	12.12%	-3.13%
Volatility (1Y) Calculated over the trailing 1-year period	11.90%	16.90%	-5.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.35%	19.52%	-2.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.96%	19.21%	-1.25%

NICSX vs. NCLEX - Expense Ratio Comparison

NICSX has a 0.71% expense ratio, which is lower than NCLEX's 0.85% expense ratio.

Dividends

NICSX vs. NCLEX - Dividend Comparison

NICSX's dividend yield for the trailing twelve months is around 8.84%, more than NCLEX's 8.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NCLEX Nicholas Limited Edition Fund	8.03%	7.53%	2.51%	2.43%	6.22%	16.44%	5.10%	5.66%	10.72%	7.97%	10.68%	8.05%
NICSX Nicholas Fund	8.84%	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 NCLEX in my portfolio?

NICSX and NCLEX have a correlation of 0.75, 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 NCLEX?

NCLEX has higher volatility (5.11%) compared to NICSX (2.66%). In terms of maximum drawdown, NICSX dropped -50.20% vs NCLEX's -48.68%.

Which has better risk-adjusted returns?

NICSX currently has the higher Sharpe Ratio (0.76 vs -0.64), 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.