NLCAX vs. SLYG

Last updated Jun 4, 2026

NLCAX (Voya Large-Cap Growth Fund) and SLYG (SPDR S&P 600 Small Cap Growth ETF) are both funds - NLCAX is a Large Cap Growth Equities fund managed by Voya, while SLYG is a Small Cap Growth Equities fund tracking the S&P SmallCap 600 Growth Index. Over the past 10 years, NLCAX returned 15.83%/yr vs 10.83%/yr for SLYG. A 0.77 correlation means they provide meaningful diversification when combined. NLCAX charges 0.97%/yr vs 0.15%/yr for SLYG.

Performance

NLCAX vs. SLYG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Voya Large-Cap Growth Fund (NLCAX) and SPDR S&P 600 Small Cap Growth ETF (SLYG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NLCAX achieves a 10.89% return, which is significantly lower than SLYG's 15.50% return. Over the past 10 years, NLCAX has outperformed SLYG with an annualized return of 15.83%, while SLYG has yielded a comparatively lower 10.83% annualized return.

NLCAX

• 1D: -0.07%
• 1M: 8.72%
• YTD: 10.89%
• 6M: 9.71%
• 1Y: 27.26%
• 3Y*: 24.88%
• 5Y*: 13.35%
• 10Y*: 15.83%

SLYG

• 1D: -0.58%
• 1M: 0.98%
• YTD: 15.50%
• 6M: 13.61%
• 1Y: 26.20%
• 3Y*: 14.46%
• 5Y*: 5.49%
• 10Y*: 10.83%

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

NLCAX vs. SLYG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NLCAX Voya Large-Cap Growth Fund	10.89%	14.63%	34.62%	37.74%	-31.26%	18.63%	30.75%	32.35%	-1.91%	29.29%
SLYG SPDR S&P 600 Small Cap Growth ETF	15.50%	5.20%	9.38%	17.27%	-21.26%	22.42%	19.48%	20.97%	-4.20%	14.62%

Correlation

The correlation between NLCAX and SLYG is 0.52, 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	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Oct 3, 2000	0.77

Over the past year, the correlation between NLCAX and SLYG has dropped to 0.52 - well below their long-term average of 0.77, suggesting their price drivers have been diverging.

Return for Risk

NLCAX vs. SLYG — Risk / Return Rank

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

NLCAX

NLCAX Risk / Return Rank: 32
NLCAX Sharpe Ratio Rank: 41
NLCAX Sortino Ratio Rank: 39
NLCAX Omega Ratio Rank: 37
NLCAX Calmar Ratio Rank: 22
NLCAX Martin Ratio Rank: 23

SLYG

SLYG Risk / Return Rank: 48
SLYG Sharpe Ratio Rank: 42
SLYG Sortino Ratio Rank: 44
SLYG Omega Ratio Rank: 40
SLYG Calmar Ratio Rank: 58
SLYG Martin Ratio Rank: 57

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.

NLCAX vs. SLYG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Voya Large-Cap Growth Fund (NLCAX) and SPDR S&P 600 Small Cap Growth ETF (SLYG). 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.

	NLCAX	SLYG	Difference
Sharpe ratio Return per unit of total volatility	1.88	1.50	+0.38
Sortino ratio Return per unit of downside risk	2.61	2.24	+0.37
Omega ratio Gain probability vs. loss probability	1.32	1.26	+0.06
Calmar ratio Return relative to maximum drawdown	1.75	2.89	-1.14
Martin ratio Return relative to average drawdown	5.81	10.11	-4.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NLCAX vs. SLYG - Sharpe Ratio Comparison

The current NLCAX Sharpe Ratio is 1.88, which is comparable to the SLYG Sharpe Ratio of 1.50. The chart below compares the historical Sharpe Ratios of NLCAX and SLYG, 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

	NLCAX	SLYG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.88	1.50	+0.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.62	0.26	+0.36
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.75	0.48	+0.28
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.31	+0.13

Drawdowns

NLCAX vs. SLYG - Drawdown Comparison

The maximum NLCAX drawdown since its inception was -76.45%, which is greater than SLYG's maximum drawdown of -62.15%. Use the drawdown chart below to compare losses from any high point for NLCAX and SLYG.

Drawdown Indicators

	NLCAX	SLYG	Difference
Max Drawdown Largest peak-to-trough decline	-76.45%	-62.15%	-14.30%
Max Drawdown (1Y) Largest decline over 1 year	-17.52%	-9.10%	-8.42%
Max Drawdown (3Y) Largest decline over 3 years	-24.76%	-27.39%	+2.63%
Max Drawdown (5Y) Largest decline over 5 years	-35.36%	-29.18%	-6.18%
Max Drawdown (10Y) Largest decline over 10 years	-35.36%	-41.86%	+6.50%
Current Drawdown Current decline from peak	-0.07%	-1.42%	+1.35%
Average Drawdown Average peak-to-trough decline	-31.27%	-14.55%	-16.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.08%	2.60%	+2.48%

Volatility

NLCAX vs. SLYG - Volatility Comparison

The current volatility for Voya Large-Cap Growth Fund (NLCAX) is 3.74%, while SPDR S&P 600 Small Cap Growth ETF (SLYG) has a volatility of 4.59%. This indicates that NLCAX experiences smaller price fluctuations and is considered to be less risky than SLYG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NLCAX	SLYG	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.74%	4.59%	-0.85%
Volatility (6M) Calculated over the trailing 6-month period	12.50%	12.47%	+0.03%
Volatility (1Y) Calculated over the trailing 1-year period	16.32%	17.57%	-1.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.15%	21.51%	+0.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.28%	22.74%	-1.46%

NLCAX vs. SLYG - Expense Ratio Comparison

NLCAX has a 0.97% expense ratio, which is higher than SLYG's 0.15% expense ratio.

Dividends

NLCAX vs. SLYG - Dividend Comparison

NLCAX's dividend yield for the trailing twelve months is around 14.58%, more than SLYG's 0.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NLCAX Voya Large-Cap Growth Fund	14.58%	16.16%	4.69%	0.00%	24.97%	18.15%	13.40%	4.61%	7.42%	5.86%	5.52%	7.37%
SLYG SPDR S&P 600 Small Cap Growth ETF	0.71%	0.86%	1.22%	1.18%	1.18%	0.68%	0.71%	1.08%	1.06%	4.74%	1.13%	5.75%

Frequently Asked Questions

Can I hold both NLCAX and SLYG in my portfolio?

NLCAX and SLYG have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NLCAX or SLYG?

SLYG has higher volatility (4.59%) compared to NLCAX (3.74%). In terms of maximum drawdown, NLCAX dropped -76.45% vs SLYG's -62.15%.

Which has better risk-adjusted returns?

NLCAX currently has the higher Sharpe Ratio (1.88 vs 1.50), 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.