NPSGX vs. VSGIX

Last updated Jun 26, 2026

NPSGX (Nicholas Partners Small Cap Growth Fund) and VSGIX (Vanguard Small-Cap Growth Index Fund Institutional Shares) are both Small Cap Growth Equities funds. Over the past 5 years, NPSGX returned 8.65%/yr vs 4.60%/yr for VSGIX. Their correlation of 0.94 suggests significant overlap in exposure. NPSGX charges 1.13%/yr vs 0.06%/yr for VSGIX.

Performance

NPSGX vs. VSGIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nicholas Partners Small Cap Growth Fund (NPSGX) and Vanguard Small-Cap Growth Index Fund Institutional Shares (VSGIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NPSGX achieves a 29.19% return, which is significantly higher than VSGIX's 17.55% return.

NPSGX

• 1D: -0.26%
• 1M: 0.96%
• YTD: 29.19%
• 6M: 25.75%
• 1Y: 59.53%
• 3Y*: 26.12%
• 5Y*: 8.65%
• 10Y*: —

VSGIX

• 1D: 0.57%
• 1M: 0.48%
• YTD: 17.55%
• 6M: 14.44%
• 1Y: 30.91%
• 3Y*: 17.82%
• 5Y*: 4.60%
• 10Y*: 12.10%

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

NPSGX vs. VSGIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
NPSGX Nicholas Partners Small Cap Growth Fund	29.19%	17.88%	20.83%	20.05%	-31.62%	10.52%	69.72%	22.14%
VSGIX Vanguard Small-Cap Growth Index Fund Institutional Shares	17.55%	8.44%	14.95%	23.07%	-28.39%	5.70%	35.29%	21.61%

Correlation

The correlation between NPSGX and VSGIX is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Jan 25, 2019	0.94

The correlation between NPSGX and VSGIX has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

Return for Risk

NPSGX vs. VSGIX — Risk / Return Rank

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

NPSGX

NPSGX Risk / Return Rank: 81
NPSGX Sharpe Ratio Rank: 82
NPSGX Sortino Ratio Rank: 73
NPSGX Omega Ratio Rank: 68
NPSGX Calmar Ratio Rank: 92
NPSGX Martin Ratio Rank: 92

VSGIX

VSGIX Risk / Return Rank: 43
VSGIX Sharpe Ratio Rank: 35
VSGIX Sortino Ratio Rank: 34
VSGIX Omega Ratio Rank: 31
VSGIX Calmar Ratio Rank: 60
VSGIX Martin Ratio Rank: 56

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.

NPSGX vs. VSGIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nicholas Partners Small Cap Growth Fund (NPSGX) and Vanguard Small-Cap Growth Index Fund Institutional Shares (VSGIX). 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	VSGIX	Difference
Sharpe ratio: Return per unit of total volatility	2.27	1.45	+0.81
Sortino ratio: Return per unit of downside risk	2.91	2.05	+0.86
Omega ratio: Gain probability vs. loss probability	1.37	1.25	+0.12
Calmar ratio: Return relative to maximum drawdown	4.32	2.59	+1.72
Martin ratio: Return relative to average drawdown	15.69	9.69	+5.99

NPSGX vs. VSGIX - Sharpe Ratio Comparison

The current NPSGX Sharpe Ratio is 2.27, which is higher than the VSGIX Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of NPSGX and VSGIX, 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

NPSGX vs. VSGIX - Drawdown Comparison

The maximum NPSGX drawdown since its inception was -46.95%, smaller than the maximum VSGIX drawdown of -58.66%. Use the drawdown chart below to compare losses from any high point for NPSGX and VSGIX.

Drawdown Indicators

	NPSGX	VSGIX	Difference
Max Drawdown Largest peak-to-trough decline	-46.95%	-58.66%	+11.71%
Max Drawdown (1Y) Largest decline over 1 year	-13.45%	-11.38%	-2.07%
Max Drawdown (3Y) Largest decline over 3 years	-28.03%	-27.47%	-0.56%
Max Drawdown (5Y) Largest decline over 5 years	-46.95%	-38.36%	-8.59%
Max Drawdown (10Y) Largest decline over 10 years	—	-38.70%	—
Current Drawdown Current decline from peak	-2.53%	-1.01%	-1.52%
Average Drawdown Average peak-to-trough decline	-17.77%	-11.31%	-6.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.69%	3.04%	+0.65%

Volatility

NPSGX vs. VSGIX - Volatility Comparison

Nicholas Partners Small Cap Growth Fund (NPSGX) has a higher volatility of 9.73% compared to Vanguard Small-Cap Growth Index Fund Institutional Shares (VSGIX) at 7.08%. This indicates that NPSGX's price experiences larger fluctuations and is considered to be riskier than VSGIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NPSGX	VSGIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.73%	7.08%	+2.65%
Volatility (6M) Calculated over the trailing 6-month period	20.79%	15.77%	+5.02%
Volatility (1Y) Calculated over the trailing 1-year period	25.63%	20.35%	+5.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.32%	23.71%	+4.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.72%	23.03%	+5.69%

NPSGX vs. VSGIX - Expense Ratio Comparison

NPSGX has a 1.13% expense ratio, which is higher than VSGIX's 0.06% expense ratio.

Dividends

NPSGX vs. VSGIX - Dividend Comparison

NPSGX's dividend yield for the trailing twelve months is around 3.49%, more than VSGIX's 0.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NPSGX Nicholas Partners Small Cap Growth Fund	3.49%	4.50%	5.89%	0.00%	0.00%	21.28%	9.50%	3.24%	0.00%	0.00%	0.00%	0.00%
VSGIX Vanguard Small-Cap Growth Index Fund Institutional Shares	0.45%	0.55%	0.55%	0.68%	0.56%	0.37%	0.45%	0.58%	0.80%	0.82%	1.09%	0.98%

Frequently Asked Questions

Can I hold both NPSGX and VSGIX in my portfolio?

With a correlation of 0.91, NPSGX and VSGIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, NPSGX or VSGIX?

NPSGX has higher volatility (9.73%) compared to VSGIX (7.08%). In terms of maximum drawdown, NPSGX dropped -46.95% vs VSGIX's -58.66%.

Which has better risk-adjusted returns?

NPSGX currently has the higher Sharpe Ratio (2.27 vs 1.45), 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.