NPSGX vs. NCLEX
NPSGX (Nicholas Partners Small Cap Growth Fund) and NCLEX (Nicholas Limited Edition Fund) are both Small Cap Growth Equities funds from Nicholas. Over the past 5 years, NPSGX returned 6.99%/yr vs -0.61%/yr for NCLEX. Their correlation of 0.82 means they have usually moved in the same direction. NPSGX charges 1.13%/yr vs 0.85%/yr for NCLEX.
Performance
NPSGX vs. NCLEX - Performance Comparison
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Returns By Period
NPSGX
- 1D
- 3.61%
- 1M
- -5.65%
- 6M
- 10.69%
- YTD
- 18.68%
- 1Y
- 39.20%
- 3Y*
- 19.79%
- 5Y*
- 6.99%
- 10Y*
- —
- ALL TIME*
- 16.65%
NCLEX
- 1D
- -1.13%
- 1M
- 0.20%
- 6M
- 0.08%
- YTD
- 0.00%
- 1Y
- -2.29%
- 3Y*
- 0.57%
- 5Y*
- -0.61%
- 10Y*
- 7.50%
- ALL TIME*
- 9.15%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
NPSGX vs. NCLEX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
NPSGX Nicholas Partners Small Cap Growth Fund | 18.68% | 17.88% | 20.83% | 20.05% | -31.62% | 10.52% | 69.72% | 22.14% |
NCLEX Nicholas Limited Edition Fund | 0.00% | -10.41% | 11.91% | 17.17% | -23.71% | 19.07% | 22.67% | 19.72% |
Correlation
The correlation between NPSGX and NCLEX is 0.46, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.46 |
Correlation (3Y) Balances recent behavior with more history. | 0.72 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.80 |
Correlation (All Time) Calculated using the full available price history since Jan 25, 2019 | 0.82 |
Over the past year, the correlation between NPSGX and NCLEX has dropped to 0.46 - well below their long-term average of 0.82, suggesting their price drivers have been diverging.
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Return for Risk
NPSGX vs. NCLEX — Risk / Return Rank
NPSGX
NCLEX
NPSGX vs. NCLEX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nicholas Partners Small Cap Growth Fund (NPSGX) 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.
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.
| NPSGX | NCLEX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.70 | ||
| Sortino ratioReturn per unit of downside risk | +2.29 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 0.96 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | 2.72 | -0.26 | +2.98 |
| Martin ratioReturn relative to average drawdown | 8.54 | -0.51 | +9.06 |
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Drawdowns
NPSGX vs. NCLEX - Drawdown Comparison
The maximum NPSGX drawdown since its inception was -46.95%, roughly equal to the maximum NCLEX drawdown of -48.68%. Use the drawdown chart below to compare losses from any high point for NPSGX and NCLEX.
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Drawdown Indicators
| NPSGX | NCLEX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.95% | -48.68% | +1.73% |
Max Drawdown (1Y)Largest decline over 1 year | -13.62% | -20.88% | +7.26% |
Max Drawdown (3Y)Largest decline over 3 years | -28.03% | -28.50% | +0.47% |
Max Drawdown (5Y)Largest decline over 5 years | -46.95% | -28.50% | -18.45% |
Max Drawdown (10Y)Largest decline over 10 years | — | -35.79% | — |
Current DrawdownCurrent decline from peak | -10.50% | -16.34% | +5.84% |
Average DrawdownAverage peak-to-trough decline | -17.62% | -8.32% | -9.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.33% | 10.65% | -6.32% |
Volatility
NPSGX vs. NCLEX - Volatility Comparison
Nicholas Partners Small Cap Growth Fund (NPSGX) has a higher volatility of 8.27% compared to Nicholas Limited Edition Fund (NCLEX) at 4.95%. This indicates that NPSGX's price experiences larger fluctuations and is considered to be riskier than NCLEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NPSGX | NCLEX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.27% | 4.95% | +3.32% |
Volatility (6M)Calculated over the trailing 6-month period | 21.91% | 12.80% | +9.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.76% | 17.31% | +9.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.47% | 19.62% | +8.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.71% | 19.22% | +9.49% |
NPSGX vs. NCLEX - Expense Ratio Comparison
NPSGX has a 1.13% expense ratio, which is higher than NCLEX's 0.85% expense ratio.
Dividends
NPSGX vs. NCLEX - Dividend Comparison
NPSGX's dividend yield for the trailing twelve months is around 3.80%, less than NCLEX's 7.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NCLEX Nicholas Limited Edition Fund | 7.53% | 7.53% | 2.51% | 2.43% | 6.22% | 16.44% | 5.10% | 5.66% | 10.72% | 7.97% | 10.68% | 8.05% |
NPSGX Nicholas Partners Small Cap Growth Fund | 3.80% | 4.50% | 5.89% | 0.00% | 0.00% | 21.28% | 9.50% | 3.24% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
NPSGX and NCLEX have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NPSGX has higher volatility (8.27%) compared to NCLEX (4.95%). In terms of maximum drawdown, NPSGX dropped -46.95% vs NCLEX's -48.68%.
NPSGX currently has the higher Sharpe Ratio (1.39 vs -0.32), 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.
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