VVSGX vs. NCLEX

Last updated Jun 20, 2026

VVSGX (VALIC Company I Small Cap Growth Fund) and NCLEX (Nicholas Limited Edition Fund) are both Small Cap Growth Equities funds. Over the past 5 years, VVSGX returned 1.25%/yr vs -1.17%/yr for NCLEX. Their correlation of 0.90 suggests significant overlap in exposure. VVSGX charges 0.88%/yr vs 0.85%/yr for NCLEX.

Performance

VVSGX vs. NCLEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VALIC Company I Small Cap Growth Fund (VVSGX) 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, VVSGX achieves a 16.71% return, which is significantly higher than NCLEX's -6.84% return.

VVSGX

• 1D: 2.33%
• 1M: 7.80%
• YTD: 16.71%
• 6M: 14.89%
• 1Y: 27.91%
• 3Y*: 13.15%
• 5Y*: 1.25%
• 10Y*: —

NCLEX

• 1D: 1.25%
• 1M: 2.66%
• YTD: -6.84%
• 6M: -8.38%
• 1Y: -10.48%
• 3Y*: -0.32%
• 5Y*: -1.17%
• 10Y*: 7.29%

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

VVSGX vs. NCLEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
VVSGX VALIC Company I Small Cap Growth Fund	16.71%	8.99%	10.85%	14.20%	-32.21%	-3.59%
NCLEX Nicholas Limited Edition Fund	-6.84%	-10.41%	11.91%	17.17%	-23.71%	10.17%

Correlation

The correlation between VVSGX and NCLEX is 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (All Time) Calculated using the full available price history since Jun 15, 2021	0.90

The correlation between VVSGX and NCLEX shifts across timeframes, from 0.78 (1 year) to 0.90 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

VVSGX vs. NCLEX — Risk / Return Rank

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

VVSGX

VVSGX Risk / Return Rank: 32
VVSGX Sharpe Ratio Rank: 26
VVSGX Sortino Ratio Rank: 27
VVSGX Omega Ratio Rank: 24
VVSGX Calmar Ratio Rank: 39
VVSGX Martin Ratio Rank: 42

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.

VVSGX vs. NCLEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VALIC Company I Small Cap Growth Fund (VVSGX) 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.

	VVSGX	NCLEX	Difference
Sharpe ratio: Return per unit of total volatility	1.35	-0.62	+1.97
Sortino ratio: Return per unit of downside risk	2.01	-0.78	+2.79
Omega ratio: Gain probability vs. loss probability	1.24	0.91	+0.32
Calmar ratio: Return relative to maximum drawdown	2.25	-0.49	+2.74
Martin ratio: Return relative to average drawdown	8.44	-0.98	+9.42

VVSGX vs. NCLEX - Sharpe Ratio Comparison

The current VVSGX Sharpe Ratio is 1.35, which is higher than the NCLEX Sharpe Ratio of -0.62. The chart below compares the historical Sharpe Ratios of VVSGX 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

VVSGX vs. NCLEX - Drawdown Comparison

The maximum VVSGX drawdown since its inception was -44.74%, smaller than the maximum NCLEX drawdown of -48.68%. Use the drawdown chart below to compare losses from any high point for VVSGX and NCLEX.

Drawdown Indicators

	VVSGX	NCLEX	Difference
Max Drawdown Largest peak-to-trough decline	-44.74%	-48.68%	+3.94%
Max Drawdown (1Y) Largest decline over 1 year	-12.47%	-21.36%	+8.89%
Max Drawdown (3Y) Largest decline over 3 years	-25.74%	-28.50%	+2.76%
Max Drawdown (5Y) Largest decline over 5 years	-44.74%	-28.50%	-16.24%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.79%	—
Current Drawdown Current decline from peak	-2.60%	-22.06%	+19.46%
Average Drawdown Average peak-to-trough decline	-24.63%	-8.29%	-16.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.31%	10.68%	-7.37%

Volatility

VVSGX vs. NCLEX - Volatility Comparison

VALIC Company I Small Cap Growth Fund (VVSGX) has a higher volatility of 7.35% compared to Nicholas Limited Edition Fund (NCLEX) at 4.99%. This indicates that VVSGX'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

	VVSGX	NCLEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.35%	4.99%	+2.36%
Volatility (6M) Calculated over the trailing 6-month period	16.10%	12.39%	+3.71%
Volatility (1Y) Calculated over the trailing 1-year period	20.77%	17.00%	+3.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.11%	19.55%	+5.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.07%	19.23%	+5.84%

VVSGX vs. NCLEX - Expense Ratio Comparison

VVSGX has a 0.88% expense ratio, which is higher than NCLEX's 0.85% expense ratio.

Dividends

VVSGX vs. NCLEX - Dividend Comparison

VVSGX's dividend yield for the trailing twelve months is around 2.13%, less than NCLEX's 8.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NCLEX Nicholas Limited Edition Fund	8.09%	7.53%	2.51%	2.43%	6.22%	16.44%	5.10%	5.66%	10.72%	7.97%	10.68%	8.05%
VVSGX VALIC Company I Small Cap Growth Fund	2.13%	0.00%	0.00%	7.74%	10.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VVSGX and NCLEX in my portfolio?

VVSGX and NCLEX have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VVSGX or NCLEX?

VVSGX has higher volatility (7.35%) compared to NCLEX (4.99%). In terms of maximum drawdown, VVSGX dropped -44.74% vs NCLEX's -48.68%.

Which has better risk-adjusted returns?

VVSGX currently has the higher Sharpe Ratio (1.35 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.