TELNY vs. NASDX

Last updated Jun 24, 2026

TELNY (Telenor ASA ADR) is a stock, while NASDX (Shelton Capital Management Nasdaq-100 Index Fund Direct Shares) is Large Cap Growth Equities fund tracking the NASDAQ-100 Index. Over the past 10 years, TELNY returned 7.06%/yr vs 23.09%/yr for NASDX. At a 0.32 correlation, their price movements are largely independent.

Performance

TELNY vs. NASDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Telenor ASA ADR (TELNY) and Shelton Capital Management Nasdaq-100 Index Fund Direct Shares (NASDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TELNY achieves a 3.98% return, which is significantly lower than NASDX's 20.21% return. Over the past 10 years, TELNY has underperformed NASDX with an annualized return of 7.06%, while NASDX has yielded a comparatively higher 23.09% annualized return.

TELNY

• 1D: -1.04%
• 1M: -11.04%
• YTD: 3.98%
• 6M: 5.65%
• 1Y: 1.32%
• 3Y*: 21.48%
• 5Y*: 4.26%
• 10Y*: 7.06%

NASDX

• 1D: -0.16%
• 1M: 3.00%
• YTD: 20.21%
• 6M: 18.70%
• 1Y: 39.39%
• 3Y*: 31.17%
• 5Y*: 18.92%
• 10Y*: 23.09%

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

TELNY vs. NASDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TELNY Telenor ASA ADR	3.98%	38.41%	4.53%	33.74%	-35.05%	-1.85%	0.85%	-2.97%	-2.17%	56.53%
NASDX Shelton Capital Management Nasdaq-100 Index Fund Direct Shares	20.21%	21.00%	36.91%	54.69%	-32.57%	27.32%	48.59%	38.22%	-1.21%	31.27%

Correlation

The correlation between TELNY and NASDX is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.02
Correlation (5Y) Calculated over the trailing 5-year period	0.18
Correlation (10Y) Calculated over the trailing 10-year period	0.23
Correlation (All Time) Calculated using the full available price history since Jul 13, 2007	0.32

Over the past year, the correlation between TELNY and NASDX has dropped to 0.07 - well below their long-term average of 0.32, suggesting their price drivers have been diverging.

Return for Risk

TELNY vs. NASDX — Risk / Return Rank

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

TELNY

TELNY Risk / Return Rank: 42
TELNY Sharpe Ratio Rank: 44
TELNY Sortino Ratio Rank: 38
TELNY Omega Ratio Rank: 38
TELNY Calmar Ratio Rank: 45
TELNY Martin Ratio Rank: 44

NASDX

NASDX Risk / Return Rank: 71
NASDX Sharpe Ratio Rank: 75
NASDX Sortino Ratio Rank: 62
NASDX Omega Ratio Rank: 64
NASDX Calmar Ratio Rank: 80
NASDX Martin Ratio Rank: 73

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.

TELNY vs. NASDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Telenor ASA ADR (TELNY) and Shelton Capital Management Nasdaq-100 Index Fund Direct Shares (NASDX). 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.

	TELNY	NASDX	Difference
Sharpe ratio: Return per unit of total volatility	0.06	2.32	-2.26
Sortino ratio: Return per unit of downside risk	0.25	3.01	-2.76
Omega ratio: Gain probability vs. loss probability	1.03	1.40	-0.37
Calmar ratio: Return relative to maximum drawdown	0.07	3.45	-3.38
Martin ratio: Return relative to average drawdown	0.15	12.98	-12.83

TELNY vs. NASDX - Sharpe Ratio Comparison

The current TELNY Sharpe Ratio is 0.06, which is lower than the NASDX Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of TELNY and NASDX, 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

TELNY vs. NASDX - Drawdown Comparison

The maximum TELNY drawdown since its inception was -81.49%, roughly equal to the maximum NASDX drawdown of -83.16%. Use the drawdown chart below to compare losses from any high point for TELNY and NASDX.

Drawdown Indicators

	TELNY	NASDX	Difference
Max Drawdown Largest peak-to-trough decline	-81.49%	-83.16%	+1.67%
Max Drawdown (1Y) Largest decline over 1 year	-19.06%	-11.90%	-7.16%
Max Drawdown (3Y) Largest decline over 3 years	-19.06%	-22.71%	+3.65%
Max Drawdown (5Y) Largest decline over 5 years	-46.37%	-35.33%	-11.04%
Max Drawdown (10Y) Largest decline over 10 years	-50.97%	-35.33%	-15.64%
Current Drawdown Current decline from peak	-19.06%	-0.96%	-18.10%
Average Drawdown Average peak-to-trough decline	-23.11%	-34.30%	+11.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.05%	3.16%	+5.89%

Volatility

TELNY vs. NASDX - Volatility Comparison

The current volatility for Telenor ASA ADR (TELNY) is 6.57%, while Shelton Capital Management Nasdaq-100 Index Fund Direct Shares (NASDX) has a volatility of 8.36%. This indicates that TELNY experiences smaller price fluctuations and is considered to be less risky than NASDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TELNY	NASDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.57%	8.36%	-1.79%
Volatility (6M) Calculated over the trailing 6-month period	19.67%	14.19%	+5.48%
Volatility (1Y) Calculated over the trailing 1-year period	23.92%	17.74%	+6.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.87%	23.29%	-0.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.80%	22.81%	+1.99%

Dividends

TELNY vs. NASDX - Dividend Comparison

TELNY's dividend yield for the trailing twelve months is around 6.40%, more than NASDX's 3.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NASDX Shelton Capital Management Nasdaq-100 Index Fund Direct Shares	3.01%	3.76%	16.95%	7.61%	3.75%	2.59%	1.28%	7.09%	2.47%	1.65%	0.75%	0.85%
TELNY Telenor ASA ADR	6.40%	5.85%	8.06%	7.72%	10.95%	6.79%	5.53%	5.39%	7.99%	7.00%	9.13%	5.40%

Frequently Asked Questions

Can I hold both TELNY and NASDX in my portfolio?

TELNY and NASDX have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TELNY or NASDX?

NASDX has higher volatility (8.36%) compared to TELNY (6.57%). In terms of maximum drawdown, TELNY dropped -81.49% vs NASDX's -83.16%.

Which has better risk-adjusted returns?

NASDX currently has the higher Sharpe Ratio (2.32 vs 0.06), 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.