ORIGX vs. NCLEX

Last updated Jun 25, 2026

ORIGX (North Square Spectrum Alpha Fund) and NCLEX (Nicholas Limited Edition Fund) are both Small Cap Growth Equities funds. Over the past 10 years, ORIGX returned 10.77%/yr vs 7.45%/yr for NCLEX. Their correlation of 0.88 suggests significant overlap in exposure. ORIGX charges 1.60%/yr vs 0.85%/yr for NCLEX.

Performance

ORIGX vs. NCLEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in North Square Spectrum Alpha Fund (ORIGX) 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, ORIGX achieves a 19.73% return, which is significantly higher than NCLEX's -7.39% return. Over the past 10 years, ORIGX has outperformed NCLEX with an annualized return of 10.77%, while NCLEX has yielded a comparatively lower 7.45% annualized return.

ORIGX

• 1D: -0.28%
• 1M: 4.98%
• YTD: 19.73%
• 6M: 17.13%
• 1Y: 35.82%
• 3Y*: 20.69%
• 5Y*: 6.88%
• 10Y*: 10.77%

NCLEX

• 1D: 0.13%
• 1M: 1.43%
• YTD: -7.39%
• 6M: -9.44%
• 1Y: -13.10%
• 3Y*: 0.20%
• 5Y*: -1.80%
• 10Y*: 7.45%

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

ORIGX vs. NCLEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ORIGX North Square Spectrum Alpha Fund	19.73%	9.45%	15.06%	24.70%	-27.57%	10.38%	29.92%	22.34%	-7.09%	18.20%
NCLEX Nicholas Limited Edition Fund	-7.39%	-10.41%	11.91%	17.17%	-23.71%	19.07%	22.67%	27.36%	-0.94%	19.93%

Correlation

The correlation between ORIGX and NCLEX is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Dec 31, 1993	0.88

The correlation between ORIGX and NCLEX has been stable across timeframes, ranging from 0.82 to 0.91 - a consistent structural relationship.

Return for Risk

ORIGX vs. NCLEX — Risk / Return Rank

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

ORIGX

ORIGX Risk / Return Rank: 69
ORIGX Sharpe Ratio Rank: 65
ORIGX Sortino Ratio Rank: 65
ORIGX Omega Ratio Rank: 54
ORIGX Calmar Ratio Rank: 88
ORIGX Martin Ratio Rank: 72

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.

ORIGX vs. NCLEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for North Square Spectrum Alpha Fund (ORIGX) 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.

	ORIGX	NCLEX	Difference
Sharpe ratio: Return per unit of total volatility	2.07	-0.71	+2.78
Sortino ratio: Return per unit of downside risk	2.95	-0.91	+3.85
Omega ratio: Gain probability vs. loss probability	1.35	0.90	+0.45
Calmar ratio: Return relative to maximum drawdown	3.95	-0.56	+4.51
Martin ratio: Return relative to average drawdown	12.27	-1.11	+13.37

ORIGX vs. NCLEX - Sharpe Ratio Comparison

The current ORIGX Sharpe Ratio is 2.07, which is higher than the NCLEX Sharpe Ratio of -0.71. The chart below compares the historical Sharpe Ratios of ORIGX 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.

Drawdowns

ORIGX vs. NCLEX - Drawdown Comparison

The maximum ORIGX drawdown since its inception was -49.06%, roughly equal to the maximum NCLEX drawdown of -48.68%. Use the drawdown chart below to compare losses from any high point for ORIGX and NCLEX.

Drawdown Indicators

	ORIGX	NCLEX	Difference
Max Drawdown Largest peak-to-trough decline	-49.06%	-48.68%	-0.38%
Max Drawdown (1Y) Largest decline over 1 year	-9.55%	-21.36%	+11.81%
Max Drawdown (3Y) Largest decline over 3 years	-26.25%	-28.50%	+2.25%
Max Drawdown (5Y) Largest decline over 5 years	-38.60%	-28.50%	-10.10%
Max Drawdown (10Y) Largest decline over 10 years	-39.38%	-35.79%	-3.59%
Current Drawdown Current decline from peak	-0.28%	-22.52%	+22.24%
Average Drawdown Average peak-to-trough decline	-10.79%	-8.30%	-2.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.07%	10.76%	-7.69%

Volatility

ORIGX vs. NCLEX - Volatility Comparison

North Square Spectrum Alpha Fund (ORIGX) has a higher volatility of 5.35% compared to Nicholas Limited Edition Fund (NCLEX) at 4.53%. This indicates that ORIGX'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.

Volatility by Period

	ORIGX	NCLEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.35%	4.53%	+0.82%
Volatility (6M) Calculated over the trailing 6-month period	13.15%	12.40%	+0.75%
Volatility (1Y) Calculated over the trailing 1-year period	18.24%	17.00%	+1.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.87%	19.55%	+2.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.58%	19.20%	+2.38%

ORIGX vs. NCLEX - Expense Ratio Comparison

ORIGX has a 1.60% expense ratio, which is higher than NCLEX's 0.85% expense ratio.

Dividends

ORIGX vs. NCLEX - Dividend Comparison

ORIGX's dividend yield for the trailing twelve months is around 0.49%, less than NCLEX's 8.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NCLEX Nicholas Limited Edition Fund	8.14%	7.53%	2.51%	2.43%	6.22%	16.44%	5.10%	5.66%	10.72%	7.97%	10.68%	8.05%
ORIGX North Square Spectrum Alpha Fund	0.49%	0.00%	0.00%	0.00%	78.80%	15.09%	12.73%	16.48%	20.15%	146.42%	6.54%	6.73%

Frequently Asked Questions

Can I hold both ORIGX and NCLEX in my portfolio?

ORIGX and NCLEX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ORIGX or NCLEX?

ORIGX has higher volatility (5.35%) compared to NCLEX (4.53%). In terms of maximum drawdown, ORIGX dropped -49.06% vs NCLEX's -48.68%.

Which has better risk-adjusted returns?

ORIGX currently has the higher Sharpe Ratio (2.07 vs -0.71), 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.