NICSX vs. NSEIX

Last updated Jun 4, 2026

NICSX (Nicholas Fund) and NSEIX (Nicholas Equity Income Fund) are both mutual funds - NICSX is a Large Cap Growth Equities fund managed by Nicholas, while NSEIX is a Large Cap Value Equities fund managed by Nicholas. Over the past 10 years, NICSX returned 11.66%/yr vs 9.94%/yr for NSEIX. Their correlation of 0.85 suggests significant overlap in exposure. NICSX charges 0.71%/yr vs 0.70%/yr for NSEIX.

Performance

NICSX vs. NSEIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nicholas Fund (NICSX) and Nicholas Equity Income Fund (NSEIX). 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 lower than NSEIX's 5.42% return. Over the past 10 years, NICSX has outperformed NSEIX with an annualized return of 11.66%, while NSEIX has yielded a comparatively lower 9.94% 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%

NSEIX

• 1D: 0.78%
• 1M: 1.36%
• YTD: 5.42%
• 6M: 5.53%
• 1Y: 13.81%
• 3Y*: 12.78%
• 5Y*: 7.25%
• 10Y*: 9.94%

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

NICSX vs. NSEIX - 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%
NSEIX Nicholas Equity Income Fund	5.42%	13.80%	9.97%	7.87%	-6.90%	24.76%	5.60%	30.29%	-4.48%	12.42%

Correlation

The correlation between NICSX and NSEIX is 0.62, 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	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since Nov 24, 1993	0.85

Over the past year, the correlation between NICSX and NSEIX has dropped to 0.62 - well below their long-term average of 0.85, suggesting their price drivers have been diverging.

Return for Risk

NICSX vs. NSEIX — 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

NSEIX

NSEIX Risk / Return Rank: 27
NSEIX Sharpe Ratio Rank: 27
NSEIX Sortino Ratio Rank: 27
NSEIX Omega Ratio Rank: 26
NSEIX Calmar Ratio Rank: 29
NSEIX Martin Ratio Rank: 26

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. NSEIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nicholas Fund (NICSX) and Nicholas Equity Income Fund (NSEIX). 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	NSEIX	Difference
Sharpe ratio: Return per unit of total volatility	0.76	1.48	-0.72
Sortino ratio: Return per unit of downside risk	1.12	2.18	-1.06
Omega ratio: Gain probability vs. loss probability	1.14	1.27	-0.13
Calmar ratio: Return relative to maximum drawdown	0.69	2.01	-1.32
Martin ratio: Return relative to average drawdown	2.36	6.23	-3.86
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. NSEIX - Sharpe Ratio Comparison

The current NICSX Sharpe Ratio is 0.76, which is lower than the NSEIX Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of NICSX and NSEIX, 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	NSEIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.76	1.48	-0.72
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.53	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.65	0.63	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	0.58	+0.07

Drawdowns

NICSX vs. NSEIX - Drawdown Comparison

The maximum NICSX drawdown since its inception was -50.20%, roughly equal to the maximum NSEIX drawdown of -48.12%. Use the drawdown chart below to compare losses from any high point for NICSX and NSEIX.

Drawdown Indicators

	NICSX	NSEIX	Difference
Max Drawdown Largest peak-to-trough decline	-50.20%	-48.12%	-2.08%
Max Drawdown (1Y) Largest decline over 1 year	-13.20%	-7.30%	-5.90%
Max Drawdown (3Y) Largest decline over 3 years	-18.90%	-14.68%	-4.22%
Max Drawdown (5Y) Largest decline over 5 years	-25.32%	-18.98%	-6.34%
Max Drawdown (10Y) Largest decline over 10 years	-33.44%	-33.47%	+0.03%
Current Drawdown Current decline from peak	-0.47%	-1.52%	+1.05%
Average Drawdown Average peak-to-trough decline	-7.64%	-5.81%	-1.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.83%	2.35%	+1.48%

Volatility

NICSX vs. NSEIX - Volatility Comparison

Nicholas Fund (NICSX) and Nicholas Equity Income Fund (NSEIX) have volatilities of 2.66% and 2.55%, 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

	NICSX	NSEIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.66%	2.55%	+0.11%
Volatility (6M) Calculated over the trailing 6-month period	8.99%	7.38%	+1.61%
Volatility (1Y) Calculated over the trailing 1-year period	11.90%	9.91%	+1.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.35%	13.68%	+3.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.96%	15.94%	+2.02%

NICSX vs. NSEIX - Expense Ratio Comparison

NICSX has a 0.71% expense ratio, which is higher than NSEIX's 0.70% expense ratio.

Dividends

NICSX vs. NSEIX - Dividend Comparison

NICSX's dividend yield for the trailing twelve months is around 8.84%, more than NSEIX's 3.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
NSEIX Nicholas Equity Income Fund	3.69%	10.85%	4.03%	4.28%	3.92%	11.53%	1.97%	13.05%	17.55%	6.83%	3.85%	7.26%

Frequently Asked Questions

Can I hold both NICSX and NSEIX in my portfolio?

NICSX and NSEIX have a correlation of 0.62, 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 NSEIX?

NICSX has higher volatility (2.66%) compared to NSEIX (2.55%). In terms of maximum drawdown, NICSX dropped -50.20% vs NSEIX's -48.12%.

Which has better risk-adjusted returns?

NSEIX currently has the higher Sharpe Ratio (1.48 vs 0.76), 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.