TCMSX vs. NESGX

Last updated Jul 14, 2026

TCMSX (Voya Small Cap Growth Fund) and NESGX (Needham Small Cap Growth Fund) are both Small Cap Growth Equities funds. Over the past 10 years, TCMSX returned 14.66%/yr vs 18.94%/yr for NESGX. Their correlation of 0.85 suggests significant overlap in exposure. TCMSX charges 0.93%/yr vs 1.85%/yr for NESGX.

Performance

TCMSX vs. NESGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Voya Small Cap Growth Fund (TCMSX) 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, TCMSX achieves a 20.57% return, which is significantly lower than NESGX's 69.18% return. Over the past 10 years, TCMSX has underperformed NESGX with an annualized return of 14.66%, while NESGX has yielded a comparatively higher 18.94% annualized return.

TCMSX

• 1D: -0.67%
• 1M: 1.34%
• 6M: 12.03%
• YTD: 20.57%
• 1Y: 41.27%
• 3Y*: 20.58%
• 5Y*: 9.54%
• 10Y*: 14.66%

NESGX

• 1D: -0.89%
• 1M: -5.40%
• 6M: 54.01%
• YTD: 69.18%
• 1Y: 87.15%
• 3Y*: 29.42%
• 5Y*: 7.79%
• 10Y*: 18.94%

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

TCMSX vs. NESGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TCMSX Voya Small Cap Growth Fund	20.57%	14.32%	18.46%	20.32%	-23.60%	18.45%	27.99%	33.27%	-6.04%	24.78%
NESGX Needham Small Cap Growth Fund	69.18%	10.50%	12.76%	5.68%	-30.21%	10.59%	71.90%	54.42%	-5.43%	11.96%

Correlation

The correlation between TCMSX and NESGX is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Jan 3, 2005	0.85

The correlation between TCMSX and NESGX has been stable across timeframes, ranging from 0.80 to 0.85 - a consistent structural relationship.

Return for Risk

TCMSX vs. NESGX — Risk / Return Rank

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

TCMSX

TCMSX Risk / Return Rank: 69
TCMSX Sharpe Ratio Rank: 73
TCMSX Sortino Ratio Rank: 67
TCMSX Omega Ratio Rank: 59
TCMSX Calmar Ratio Rank: 75
TCMSX Martin Ratio Rank: 73

NESGX

NESGX Risk / Return Rank: 89
NESGX Sharpe Ratio Rank: 93
NESGX Sortino Ratio Rank: 82
NESGX Omega Ratio Rank: 79
NESGX Calmar Ratio Rank: 96
NESGX Martin Ratio Rank: 96

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.

TCMSX vs. NESGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Voya Small Cap Growth Fund (TCMSX) 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.

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.

	TCMSX	NESGX	Difference
Sharpe ratio: Return per unit of total volatility	1.91	2.60	-0.69
Sortino ratio: Return per unit of downside risk	2.55	3.09	-0.54
Omega ratio: Gain probability vs. loss probability	1.32	1.40	-0.08
Calmar ratio: Return relative to maximum drawdown	2.73	4.97	-2.24
Martin ratio: Return relative to average drawdown	10.53	18.91	-8.38

TCMSX vs. NESGX - Sharpe Ratio Comparison

The current TCMSX Sharpe Ratio is 1.91, which is comparable to the NESGX Sharpe Ratio of 2.60. The chart below compares the historical Sharpe Ratios of TCMSX 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.

Drawdowns

TCMSX vs. NESGX - Drawdown Comparison

The maximum TCMSX drawdown since its inception was -55.98%, which is greater than NESGX's maximum drawdown of -50.29%. Use the drawdown chart below to compare losses from any high point for TCMSX and NESGX.

Drawdown Indicators

	TCMSX	NESGX	Difference
Max Drawdown Largest peak-to-trough decline	-55.98%	-50.29%	-5.69%
Max Drawdown (1Y) Largest decline over 1 year	-16.86%	-17.16%	+0.30%
Max Drawdown (3Y) Largest decline over 3 years	-30.74%	-35.27%	+4.53%
Max Drawdown (5Y) Largest decline over 5 years	-34.60%	-50.05%	+15.45%
Max Drawdown (10Y) Largest decline over 10 years	-39.29%	-50.29%	+11.00%
Current Drawdown Current decline from peak	-4.70%	-9.32%	+4.62%
Average Drawdown Average peak-to-trough decline	-11.72%	-11.63%	-0.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.18%	4.50%	-0.32%

Volatility

TCMSX vs. NESGX - Volatility Comparison

The current volatility for Voya Small Cap Growth Fund (TCMSX) is 7.45%, while Needham Small Cap Growth Fund (NESGX) has a volatility of 13.34%. This indicates that TCMSX 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

	TCMSX	NESGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.45%	13.34%	-5.89%
Volatility (6M) Calculated over the trailing 6-month period	18.82%	24.35%	-5.53%
Volatility (1Y) Calculated over the trailing 1-year period	24.13%	32.76%	-8.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.58%	29.90%	-5.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.68%	26.19%	-2.51%

TCMSX vs. NESGX - Expense Ratio Comparison

TCMSX has a 0.93% expense ratio, which is lower than NESGX's 1.85% expense ratio.

Dividends

TCMSX vs. NESGX - Dividend Comparison

TCMSX's dividend yield for the trailing twelve months is around 4.62%, while NESGX has not 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%
TCMSX Voya Small Cap Growth Fund	4.62%	5.57%	10.53%	0.00%	0.00%	20.02%	6.69%	1.40%	14.82%	16.10%	0.00%	16.82%

Frequently Asked Questions

Can I hold both TCMSX and NESGX in my portfolio?

TCMSX and NESGX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TCMSX or NESGX?

NESGX has higher volatility (13.34%) compared to TCMSX (7.45%). In terms of maximum drawdown, TCMSX dropped -55.98% vs NESGX's -50.29%.

Which has better risk-adjusted returns?

NESGX currently has the higher Sharpe Ratio (2.60 vs 1.91), 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.