RFISX vs. NCLEX

Last updated Jun 5, 2026

RFISX (Ranger Small Cap Fund) and NCLEX (Nicholas Limited Edition Fund) are both Small Cap Growth Equities funds. Over the past 10 years, RFISX returned 8.69%/yr vs 7.10%/yr for NCLEX. Their correlation of 0.92 suggests significant overlap in exposure. RFISX charges 1.11%/yr vs 0.85%/yr for NCLEX.

Performance

RFISX vs. NCLEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Ranger Small Cap Fund (RFISX) 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, RFISX achieves a 9.10% return, which is significantly higher than NCLEX's -7.66% return. Over the past 10 years, RFISX has outperformed NCLEX with an annualized return of 8.69%, while NCLEX has yielded a comparatively lower 7.10% annualized return.

RFISX

• 1D: -0.63%
• 1M: 2.41%
• YTD: 9.10%
• 6M: 6.70%
• 1Y: 11.08%
• 3Y*: 7.03%
• 5Y*: 0.57%
• 10Y*: 8.69%

NCLEX

• 1D: -1.56%
• 1M: -0.81%
• YTD: -7.66%
• 6M: -9.13%
• 1Y: -13.51%
• 3Y*: 0.34%
• 5Y*: -1.40%
• 10Y*: 7.10%

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

RFISX vs. NCLEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RFISX Ranger Small Cap Fund	9.10%	-3.01%	6.32%	20.25%	-30.89%	17.29%	32.82%	29.66%	-7.80%	15.38%
NCLEX Nicholas Limited Edition Fund	-7.66%	-10.41%	11.91%	17.17%	-23.71%	19.07%	22.67%	27.36%	-0.94%	19.93%

Correlation

The correlation between RFISX and NCLEX is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Oct 5, 2011	0.92

The correlation between RFISX and NCLEX shifts across timeframes, from 0.81 (1 year) to 0.92 (all time), reflecting how their relationship changes across market environments.

Return for Risk

RFISX vs. NCLEX — Risk / Return Rank

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

RFISX

RFISX Risk / Return Rank: 9
RFISX Sharpe Ratio Rank: 9
RFISX Sortino Ratio Rank: 9
RFISX Omega Ratio Rank: 8
RFISX Calmar Ratio Rank: 9
RFISX Martin Ratio Rank: 10

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.

RFISX vs. NCLEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Ranger Small Cap Fund (RFISX) 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.

	RFISX	NCLEX	Difference
Sharpe ratio: Return per unit of total volatility	0.65	-0.79	+1.44
Sortino ratio: Return per unit of downside risk	1.08	-1.04	+2.12
Omega ratio: Gain probability vs. loss probability	1.12	0.88	+0.24
Calmar ratio: Return relative to maximum drawdown	0.82	-0.63	+1.45
Martin ratio: Return relative to average drawdown	2.84	-1.30	+4.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RFISX vs. NCLEX - Sharpe Ratio Comparison

The current RFISX Sharpe Ratio is 0.65, which is higher than the NCLEX Sharpe Ratio of -0.79. The chart below compares the historical Sharpe Ratios of RFISX 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.

Sharpe Ratios by Period

	RFISX	NCLEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.65	-0.79	+1.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.01	-0.07	+0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.14	0.37	-0.23
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	0.51	-0.32

Drawdowns

RFISX vs. NCLEX - Drawdown Comparison

The maximum RFISX drawdown since its inception was -72.32%, which is greater than NCLEX's maximum drawdown of -48.68%. Use the drawdown chart below to compare losses from any high point for RFISX and NCLEX.

Drawdown Indicators

	RFISX	NCLEX	Difference
Max Drawdown Largest peak-to-trough decline	-72.32%	-48.68%	-23.64%
Max Drawdown (1Y) Largest decline over 1 year	-14.67%	-21.36%	+6.69%
Max Drawdown (3Y) Largest decline over 3 years	-72.32%	-28.50%	-43.82%
Max Drawdown (5Y) Largest decline over 5 years	-72.32%	-28.50%	-43.82%
Max Drawdown (10Y) Largest decline over 10 years	-72.32%	-35.79%	-36.53%
Current Drawdown Current decline from peak	-63.74%	-22.75%	-40.99%
Average Drawdown Average peak-to-trough decline	-14.62%	-8.28%	-6.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.25%	10.24%	-5.99%

Volatility

RFISX vs. NCLEX - Volatility Comparison

Ranger Small Cap Fund (RFISX) has a higher volatility of 5.88% compared to Nicholas Limited Edition Fund (NCLEX) at 5.36%. This indicates that RFISX'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

	RFISX	NCLEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.88%	5.36%	+0.52%
Volatility (6M) Calculated over the trailing 6-month period	14.28%	12.20%	+2.08%
Volatility (1Y) Calculated over the trailing 1-year period	18.61%	16.95%	+1.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	86.87%	19.53%	+67.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	63.45%	19.21%	+44.24%

RFISX vs. NCLEX - Expense Ratio Comparison

RFISX has a 1.11% expense ratio, which is higher than NCLEX's 0.85% expense ratio.

Dividends

RFISX vs. NCLEX - Dividend Comparison

RFISX's dividend yield for the trailing twelve months is around 9.87%, more than NCLEX's 8.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NCLEX Nicholas Limited Edition Fund	8.16%	7.53%	2.51%	2.43%	6.22%	16.44%	5.10%	5.66%	10.72%	7.97%	10.68%	8.05%
RFISX Ranger Small Cap Fund	9.87%	10.77%	0.00%	6.35%	3.76%	10.05%	6.71%	6.62%	16.25%	8.08%	9.32%	6.87%

Frequently Asked Questions

Can I hold both RFISX and NCLEX in my portfolio?

RFISX and NCLEX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RFISX or NCLEX?

RFISX has higher volatility (5.88%) compared to NCLEX (5.36%). In terms of maximum drawdown, RFISX dropped -72.32% vs NCLEX's -48.68%.

Which has better risk-adjusted returns?

RFISX currently has the higher Sharpe Ratio (0.65 vs -0.79), 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.