VSCOX vs. NCLEX

Last updated Jun 24, 2026

VSCOX (JPMorgan Small Cap Blend Fund) and NCLEX (Nicholas Limited Edition Fund) are both Small Cap Growth Equities funds. Over the past 10 years, VSCOX returned 14.02%/yr vs 7.44%/yr for NCLEX. Their correlation of 0.91 suggests significant overlap in exposure. VSCOX charges 1.24%/yr vs 0.85%/yr for NCLEX.

Performance

VSCOX vs. NCLEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Small Cap Blend Fund (VSCOX) 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, VSCOX achieves a 20.19% return, which is significantly higher than NCLEX's -7.51% return. Over the past 10 years, VSCOX has outperformed NCLEX with an annualized return of 14.02%, while NCLEX has yielded a comparatively lower 7.44% annualized return.

VSCOX

• 1D: 1.20%
• 1M: 4.94%
• YTD: 20.19%
• 6M: 17.44%
• 1Y: 30.37%
• 3Y*: 14.48%
• 5Y*: 5.19%
• 10Y*: 14.02%

NCLEX

• 1D: -0.72%
• 1M: 1.30%
• YTD: -7.51%
• 6M: -9.33%
• 1Y: -12.00%
• 3Y*: 0.15%
• 5Y*: -1.65%
• 10Y*: 7.44%

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

VSCOX vs. NCLEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VSCOX JPMorgan Small Cap Blend Fund	20.19%	2.93%	10.28%	15.15%	-19.02%	14.03%	24.71%	30.18%	-3.27%	41.64%
NCLEX Nicholas Limited Edition Fund	-7.51%	-10.41%	11.91%	17.17%	-23.71%	19.07%	22.67%	27.36%	-0.94%	19.93%

Correlation

The correlation between VSCOX 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	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since May 19, 1997	0.91

The correlation between VSCOX 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

VSCOX vs. NCLEX — Risk / Return Rank

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

VSCOX

VSCOX Risk / Return Rank: 52
VSCOX Sharpe Ratio Rank: 46
VSCOX Sortino Ratio Rank: 46
VSCOX Omega Ratio Rank: 40
VSCOX Calmar Ratio Rank: 71
VSCOX Martin Ratio Rank: 59

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.

VSCOX vs. NCLEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Small Cap Blend Fund (VSCOX) 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.

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.

	VSCOX	NCLEX	Difference
Sharpe ratio: Return per unit of total volatility	1.83	-0.62	+2.45
Sortino ratio: Return per unit of downside risk	2.65	-0.78	+3.43
Omega ratio: Gain probability vs. loss probability	1.31	0.91	+0.40
Calmar ratio: Return relative to maximum drawdown	3.10	-0.49	+3.60
Martin ratio: Return relative to average drawdown	10.98	-0.98	+11.96

VSCOX vs. NCLEX - Sharpe Ratio Comparison

The current VSCOX Sharpe Ratio is 1.83, which is higher than the NCLEX Sharpe Ratio of -0.62. The chart below compares the historical Sharpe Ratios of VSCOX 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.

Drawdowns

VSCOX vs. NCLEX - Drawdown Comparison

The maximum VSCOX drawdown since its inception was -59.58%, which is greater than NCLEX's maximum drawdown of -48.68%. Use the drawdown chart below to compare losses from any high point for VSCOX and NCLEX.

Drawdown Indicators

	VSCOX	NCLEX	Difference
Max Drawdown Largest peak-to-trough decline	-59.58%	-48.68%	-10.90%
Max Drawdown (1Y) Largest decline over 1 year	-10.33%	-21.36%	+11.03%
Max Drawdown (3Y) Largest decline over 3 years	-26.08%	-28.50%	+2.42%
Max Drawdown (5Y) Largest decline over 5 years	-29.51%	-28.50%	-1.01%
Max Drawdown (10Y) Largest decline over 10 years	-38.28%	-35.79%	-2.49%
Current Drawdown Current decline from peak	0.00%	-22.62%	+22.62%
Average Drawdown Average peak-to-trough decline	-14.62%	-8.30%	-6.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.91%	10.72%	-7.81%

Volatility

VSCOX vs. NCLEX - Volatility Comparison

JPMorgan Small Cap Blend Fund (VSCOX) has a higher volatility of 5.41% compared to Nicholas Limited Edition Fund (NCLEX) at 4.54%. This indicates that VSCOX'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

	VSCOX	NCLEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.41%	4.54%	+0.87%
Volatility (6M) Calculated over the trailing 6-month period	12.67%	12.41%	+0.26%
Volatility (1Y) Calculated over the trailing 1-year period	17.54%	17.04%	+0.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.80%	19.55%	+1.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.31%	19.23%	+3.08%

VSCOX vs. NCLEX - Expense Ratio Comparison

VSCOX has a 1.24% expense ratio, which is higher than NCLEX's 0.85% expense ratio.

Dividends

VSCOX vs. NCLEX - Dividend Comparison

VSCOX's dividend yield for the trailing twelve months is around 4.71%, less than NCLEX's 8.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NCLEX Nicholas Limited Edition Fund	8.15%	7.53%	2.51%	2.43%	6.22%	16.44%	5.10%	5.66%	10.72%	7.97%	10.68%	8.05%
VSCOX JPMorgan Small Cap Blend Fund	4.71%	5.67%	0.93%	0.27%	2.31%	7.53%	1.91%	3.20%	38.00%	11.76%	17.41%	16.15%

Frequently Asked Questions

Can I hold both VSCOX and NCLEX in my portfolio?

VSCOX 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, VSCOX or NCLEX?

VSCOX has higher volatility (5.41%) compared to NCLEX (4.54%). In terms of maximum drawdown, VSCOX dropped -59.58% vs NCLEX's -48.68%.

Which has better risk-adjusted returns?

VSCOX currently has the higher Sharpe Ratio (1.83 vs -0.62), 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.