VSGIX vs. NCLEX

Last updated Jul 17, 2026

VSGIX (Vanguard Small-Cap Growth Index Fund Institutional Shares) and NCLEX (Nicholas Limited Edition Fund) are both Small Cap Growth Equities funds. Over the past 10 years, VSGIX returned 11.27%/yr vs 7.71%/yr for NCLEX. Their correlation of 0.94 suggests significant overlap in exposure. VSGIX charges 0.06%/yr vs 0.85%/yr for NCLEX.

Performance

VSGIX vs. NCLEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Small-Cap Growth Index Fund Institutional Shares (VSGIX) 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, VSGIX achieves a 16.32% return, which is significantly higher than NCLEX's -0.59% return. Over the past 10 years, VSGIX has outperformed NCLEX with an annualized return of 11.27%, while NCLEX has yielded a comparatively lower 7.71% annualized return.

VSGIX

• 1D: -0.20%
• 1M: -0.46%
• 6M: 8.21%
• YTD: 16.32%
• 1Y: 25.69%
• 3Y*: 14.85%
• 5Y*: 5.51%
• 10Y*: 11.27%

NCLEX

• 1D: 0.28%
• 1M: 6.43%
• 6M: -5.41%
• YTD: -0.59%
• 1Y: -5.55%
• 3Y*: 0.82%
• 5Y*: 0.04%
• 10Y*: 7.71%

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

VSGIX vs. NCLEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VSGIX Vanguard Small-Cap Growth Index Fund Institutional Shares	16.32%	8.44%	14.95%	23.07%	-28.39%	5.70%	35.29%	32.77%	-5.70%	21.94%
NCLEX Nicholas Limited Edition Fund	-0.59%	-10.41%	11.91%	17.17%	-23.71%	19.07%	22.67%	27.36%	-0.94%	19.93%

Correlation

The correlation between VSGIX and NCLEX is 0.73, 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	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since May 24, 2000	0.94

Over the past year, the correlation between VSGIX and NCLEX has dropped to 0.73 - well below their long-term average of 0.94, suggesting their price drivers have been diverging.

Return for Risk

VSGIX vs. NCLEX — Risk / Return Rank

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

VSGIX

VSGIX Risk / Return Rank: 42
VSGIX Sharpe Ratio Rank: 35
VSGIX Sortino Ratio Rank: 34
VSGIX Omega Ratio Rank: 31
VSGIX Calmar Ratio Rank: 58
VSGIX Martin Ratio Rank: 54

NCLEX

NCLEX Risk / Return Rank: 2
NCLEX Sharpe Ratio Rank: 2
NCLEX Sortino Ratio Rank: 2
NCLEX Omega Ratio Rank: 2
NCLEX Calmar Ratio Rank: 2
NCLEX Martin Ratio Rank: 2

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.

VSGIX vs. NCLEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Small-Cap Growth Index Fund Institutional Shares (VSGIX) 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.

	VSGIX	NCLEX	Difference
Sharpe ratio: Return per unit of total volatility	1.31	-0.27	+1.59
Sortino ratio: Return per unit of downside risk	1.88	-0.27	+2.15
Omega ratio: Gain probability vs. loss probability	1.23	0.97	+0.26
Calmar ratio: Return relative to maximum drawdown	2.36	-0.22	+2.58
Martin ratio: Return relative to average drawdown	8.64	-0.44	+9.08

VSGIX vs. NCLEX - Sharpe Ratio Comparison

The current VSGIX Sharpe Ratio is 1.31, which is higher than the NCLEX Sharpe Ratio of -0.27. The chart below compares the historical Sharpe Ratios of VSGIX 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

VSGIX vs. NCLEX - Drawdown Comparison

The maximum VSGIX drawdown since its inception was -58.66%, which is greater than NCLEX's maximum drawdown of -48.68%. Use the drawdown chart below to compare losses from any high point for VSGIX and NCLEX.

Drawdown Indicators

	VSGIX	NCLEX	Difference
Max Drawdown Largest peak-to-trough decline	-58.66%	-48.68%	-9.98%
Max Drawdown (1Y) Largest decline over 1 year	-11.38%	-20.88%	+9.50%
Max Drawdown (3Y) Largest decline over 3 years	-27.47%	-28.50%	+1.03%
Max Drawdown (5Y) Largest decline over 5 years	-38.36%	-28.50%	-9.86%
Max Drawdown (10Y) Largest decline over 10 years	-38.70%	-35.79%	-2.91%
Current Drawdown Current decline from peak	-4.22%	-16.84%	+12.62%
Average Drawdown Average peak-to-trough decline	-11.29%	-8.31%	-2.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.10%	10.52%	-7.42%

Volatility

VSGIX vs. NCLEX - Volatility Comparison

Vanguard Small-Cap Growth Index Fund Institutional Shares (VSGIX) has a higher volatility of 5.30% compared to Nicholas Limited Edition Fund (NCLEX) at 4.54%. This indicates that VSGIX'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

	VSGIX	NCLEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.30%	4.54%	+0.76%
Volatility (6M) Calculated over the trailing 6-month period	15.80%	12.62%	+3.18%
Volatility (1Y) Calculated over the trailing 1-year period	20.47%	17.07%	+3.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.73%	19.60%	+4.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.00%	19.19%	+3.81%

VSGIX vs. NCLEX - Expense Ratio Comparison

VSGIX has a 0.06% expense ratio, which is lower than NCLEX's 0.85% expense ratio.

Dividends

VSGIX vs. NCLEX - Dividend Comparison

VSGIX's dividend yield for the trailing twelve months is around 0.44%, less than NCLEX's 7.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NCLEX Nicholas Limited Edition Fund	7.58%	7.53%	2.51%	2.43%	6.22%	16.44%	5.10%	5.66%	10.72%	7.97%	10.68%	8.05%
VSGIX Vanguard Small-Cap Growth Index Fund Institutional Shares	0.44%	0.55%	0.55%	0.68%	0.56%	0.37%	0.45%	0.58%	0.80%	0.82%	1.09%	0.98%

Frequently Asked Questions

Can I hold both VSGIX and NCLEX in my portfolio?

VSGIX and NCLEX have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VSGIX or NCLEX?

VSGIX has higher volatility (5.30%) compared to NCLEX (4.54%). In terms of maximum drawdown, VSGIX dropped -58.66% vs NCLEX's -48.68%.

Which has better risk-adjusted returns?

VSGIX currently has the higher Sharpe Ratio (1.31 vs -0.27), 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.