RYWCX vs. NESGX

Last updated Jun 5, 2026

RYWCX (Rydex S&P SmallCap 600 Pure Growth Fund) and NESGX (Needham Small Cap Growth Fund) are both Small Cap Growth Equities funds. Over the past 10 years, RYWCX returned 7.11%/yr vs 20.06%/yr for NESGX. Their correlation of 0.84 suggests significant overlap in exposure. RYWCX charges 2.26%/yr vs 1.85%/yr for NESGX.

Performance

RYWCX vs. NESGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Rydex S&P SmallCap 600 Pure Growth Fund (RYWCX) and Needham Small Cap Growth Fund (NESGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RYWCX achieves a 17.04% return, which is significantly lower than NESGX's 80.30% return. Over the past 10 years, RYWCX has underperformed NESGX with an annualized return of 7.11%, while NESGX has yielded a comparatively higher 20.06% annualized return.

RYWCX

• 1D: -0.08%
• 1M: -1.66%
• YTD: 17.04%
• 6M: 15.35%
• 1Y: 28.08%
• 3Y*: 14.52%
• 5Y*: 2.37%
• 10Y*: 7.11%

NESGX

• 1D: -0.81%
• 1M: 19.56%
• YTD: 80.30%
• 6M: 75.15%
• 1Y: 121.15%
• 3Y*: 32.75%
• 5Y*: 9.82%
• 10Y*: 20.06%

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

RYWCX vs. NESGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RYWCX Rydex S&P SmallCap 600 Pure Growth Fund	17.04%	7.76%	7.20%	17.03%	-30.33%	16.37%	15.23%	11.58%	-9.55%	15.23%
NESGX Needham Small Cap Growth Fund	80.30%	10.50%	12.76%	5.68%	-30.21%	10.59%	71.90%	54.42%	-5.43%	11.96%

Correlation

The correlation between RYWCX and NESGX is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since Jan 4, 2005	0.84

The correlation between RYWCX and NESGX has been stable across timeframes, ranging from 0.77 to 0.84 - a consistent structural relationship.

Return for Risk

RYWCX vs. NESGX — Risk / Return Rank

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

RYWCX

RYWCX Risk / Return Rank: 44
RYWCX Sharpe Ratio Rank: 31
RYWCX Sortino Ratio Rank: 33
RYWCX Omega Ratio Rank: 28
RYWCX Calmar Ratio Rank: 75
RYWCX Martin Ratio Rank: 55

NESGX

NESGX Risk / Return Rank: 94
NESGX Sharpe Ratio Rank: 98
NESGX Sortino Ratio Rank: 90
NESGX Omega Ratio Rank: 85
NESGX Calmar Ratio Rank: 97
NESGX Martin Ratio Rank: 98

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.

RYWCX vs. NESGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Rydex S&P SmallCap 600 Pure Growth Fund (RYWCX) and Needham Small Cap Growth Fund (NESGX). 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.

	RYWCX	NESGX	Difference
Sharpe ratio: Return per unit of total volatility	1.53	4.08	-2.55
Sortino ratio: Return per unit of downside risk	2.31	4.47	-2.16
Omega ratio: Gain probability vs. loss probability	1.27	1.58	-0.31
Calmar ratio: Return relative to maximum drawdown	3.30	7.16	-3.86
Martin ratio: Return relative to average drawdown	10.78	29.70	-18.91
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RYWCX vs. NESGX - Sharpe Ratio Comparison

The current RYWCX Sharpe Ratio is 1.53, which is lower than the NESGX Sharpe Ratio of 4.08. The chart below compares the historical Sharpe Ratios of RYWCX and NESGX, 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

	RYWCX	NESGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.53	4.08	-2.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.10	0.34	-0.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.29	0.78	-0.49
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.61	-0.35

Drawdowns

RYWCX vs. NESGX - Drawdown Comparison

The maximum RYWCX drawdown since its inception was -60.64%, which is greater than NESGX's maximum drawdown of -50.29%. Use the drawdown chart below to compare losses from any high point for RYWCX and NESGX.

Drawdown Indicators

	RYWCX	NESGX	Difference
Max Drawdown Largest peak-to-trough decline	-60.64%	-50.29%	-10.35%
Max Drawdown (1Y) Largest decline over 1 year	-8.49%	-17.16%	+8.67%
Max Drawdown (3Y) Largest decline over 3 years	-26.39%	-35.27%	+8.88%
Max Drawdown (5Y) Largest decline over 5 years	-40.28%	-50.05%	+9.77%
Max Drawdown (10Y) Largest decline over 10 years	-54.65%	-50.29%	-4.36%
Current Drawdown Current decline from peak	-1.78%	-0.81%	-0.97%
Average Drawdown Average peak-to-trough decline	-13.45%	-11.66%	-1.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.60%	4.13%	-1.53%

Volatility

RYWCX vs. NESGX - Volatility Comparison

The current volatility for Rydex S&P SmallCap 600 Pure Growth Fund (RYWCX) is 4.62%, while Needham Small Cap Growth Fund (NESGX) has a volatility of 8.83%. This indicates that RYWCX experiences smaller price fluctuations and is considered to be less risky than NESGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RYWCX	NESGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.62%	8.83%	-4.21%
Volatility (6M) Calculated over the trailing 6-month period	13.27%	21.09%	-7.82%
Volatility (1Y) Calculated over the trailing 1-year period	18.30%	30.26%	-11.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.86%	29.27%	-6.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.72%	25.83%	-1.11%

RYWCX vs. NESGX - Expense Ratio Comparison

RYWCX has a 2.26% expense ratio, which is higher than NESGX's 1.85% expense ratio.

Dividends

RYWCX vs. NESGX - Dividend Comparison

Neither RYWCX nor NESGX has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NESGX Needham Small Cap Growth Fund	0.00%	0.00%	0.00%	0.00%	4.16%	25.09%	13.69%	8.43%	22.26%	8.94%	6.67%	2.52%
RYWCX Rydex S&P SmallCap 600 Pure Growth Fund	0.00%	0.00%	14.52%	0.00%	0.00%	59.93%	0.00%	0.00%	9.26%	3.92%	0.00%	0.00%

Frequently Asked Questions

Can I hold both RYWCX and NESGX in my portfolio?

RYWCX and NESGX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RYWCX or NESGX?

NESGX has higher volatility (8.83%) compared to RYWCX (4.62%). In terms of maximum drawdown, RYWCX dropped -60.64% vs NESGX's -50.29%.

Which has better risk-adjusted returns?

NESGX currently has the higher Sharpe Ratio (4.08 vs 1.53), 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.