TSCGX vs. NCLEX

Last updated Jun 4, 2026

TSCGX (Thrivent Small Cap Growth Fund) and NCLEX (Nicholas Limited Edition Fund) are both Small Cap Growth Equities funds. Over the past 5 years, TSCGX returned 4.04%/yr vs -0.95%/yr for NCLEX. Their correlation of 0.86 suggests significant overlap in exposure. TSCGX charges 1.21%/yr vs 0.85%/yr for NCLEX.

Performance

TSCGX vs. NCLEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Thrivent Small Cap Growth Fund (TSCGX) 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, TSCGX achieves a 18.27% return, which is significantly higher than NCLEX's -6.20% return.

TSCGX

• 1D: 1.64%
• 1M: 8.48%
• YTD: 18.27%
• 6M: 17.10%
• 1Y: 27.60%
• 3Y*: 12.78%
• 5Y*: 4.04%
• 10Y*: —

NCLEX

• 1D: -0.63%
• 1M: 1.63%
• YTD: -6.20%
• 6M: -7.32%
• 1Y: -11.96%
• 3Y*: 0.87%
• 5Y*: -0.95%
• 10Y*: 7.27%

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

TSCGX vs. NCLEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
TSCGX Thrivent Small Cap Growth Fund	18.27%	1.84%	10.83%	9.90%	-22.54%	11.30%	55.07%	30.05%	-11.15%
NCLEX Nicholas Limited Edition Fund	-6.20%	-10.41%	11.91%	17.17%	-23.71%	19.07%	22.67%	27.36%	-3.18%

Correlation

The correlation between TSCGX 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	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (All Time) Calculated using the full available price history since Mar 20, 2018	0.86

The correlation between TSCGX and NCLEX shifts across timeframes, from 0.81 (1 year) to 0.92 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

TSCGX vs. NCLEX — Risk / Return Rank

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

TSCGX

TSCGX Risk / Return Rank: 34
TSCGX Sharpe Ratio Rank: 29
TSCGX Sortino Ratio Rank: 29
TSCGX Omega Ratio Rank: 26
TSCGX Calmar Ratio Rank: 44
TSCGX Martin Ratio Rank: 41

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.

TSCGX vs. NCLEX - Risk-Adjusted Trends Comparison

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

	TSCGX	NCLEX	Difference
Sharpe ratio: Return per unit of total volatility	1.55	-0.64	+2.19
Sortino ratio: Return per unit of downside risk	2.24	-0.81	+3.05
Omega ratio: Gain probability vs. loss probability	1.27	0.91	+0.36
Calmar ratio: Return relative to maximum drawdown	2.53	-0.51	+3.04
Martin ratio: Return relative to average drawdown	8.80	-1.06	+9.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TSCGX vs. NCLEX - Sharpe Ratio Comparison

The current TSCGX Sharpe Ratio is 1.55, which is higher than the NCLEX Sharpe Ratio of -0.64. The chart below compares the historical Sharpe Ratios of TSCGX 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

	TSCGX	NCLEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.55	-0.64	+2.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.17	-0.05	+0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.38	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.51	-0.08

Drawdowns

TSCGX vs. NCLEX - Drawdown Comparison

The maximum TSCGX drawdown since its inception was -38.84%, smaller than the maximum NCLEX drawdown of -48.68%. Use the drawdown chart below to compare losses from any high point for TSCGX and NCLEX.

Drawdown Indicators

	TSCGX	NCLEX	Difference
Max Drawdown Largest peak-to-trough decline	-38.84%	-48.68%	+9.84%
Max Drawdown (1Y) Largest decline over 1 year	-11.66%	-21.36%	+9.70%
Max Drawdown (3Y) Largest decline over 3 years	-27.59%	-28.50%	+0.91%
Max Drawdown (5Y) Largest decline over 5 years	-38.84%	-28.50%	-10.34%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.79%	—
Current Drawdown Current decline from peak	0.00%	-21.53%	+21.53%
Average Drawdown Average peak-to-trough decline	-13.09%	-8.28%	-4.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.35%	10.19%	-6.84%

Volatility

TSCGX vs. NCLEX - Volatility Comparison

Thrivent Small Cap Growth Fund (TSCGX) has a higher volatility of 6.33% compared to Nicholas Limited Edition Fund (NCLEX) at 5.11%. This indicates that TSCGX'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

	TSCGX	NCLEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.33%	5.11%	+1.22%
Volatility (6M) Calculated over the trailing 6-month period	14.79%	12.12%	+2.67%
Volatility (1Y) Calculated over the trailing 1-year period	19.10%	16.90%	+2.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.78%	19.52%	+4.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.45%	19.21%	+5.24%

TSCGX vs. NCLEX - Expense Ratio Comparison

TSCGX has a 1.21% expense ratio, which is higher than NCLEX's 0.85% expense ratio.

Dividends

TSCGX vs. NCLEX - Dividend Comparison

TSCGX's dividend yield for the trailing twelve months is around 0.73%, less than NCLEX's 8.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NCLEX Nicholas Limited Edition Fund	8.03%	7.53%	2.51%	2.43%	6.22%	16.44%	5.10%	5.66%	10.72%	7.97%	10.68%	8.05%
TSCGX Thrivent Small Cap Growth Fund	0.73%	0.87%	0.00%	0.00%	0.00%	2.39%	2.20%	0.50%	2.27%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TSCGX and NCLEX in my portfolio?

TSCGX 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, TSCGX or NCLEX?

TSCGX has higher volatility (6.33%) compared to NCLEX (5.11%). In terms of maximum drawdown, TSCGX dropped -38.84% vs NCLEX's -48.68%.

Which has better risk-adjusted returns?

TSCGX currently has the higher Sharpe Ratio (1.55 vs -0.64), 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.