GMRAX vs. AUERX

Last updated Aug 1, 2026

GMRAX (Nationwide Small Cap Index Fund) and AUERX (Auer Growth Fund) are both Small Cap Blend Equities funds. Over the past 10 years, GMRAX returned 10.20%/yr vs 15.64%/yr for AUERX. Their correlation of 0.85 means they have usually moved in the same direction. GMRAX charges 0.68%/yr vs 2.37%/yr for AUERX.

Performance

GMRAX vs. AUERX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nationwide Small Cap Index Fund (GMRAX) and Auer Growth Fund (AUERX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GMRAX achieves a 19.02% return, which is significantly higher than AUERX's 13.71% return. Over the past 10 years, GMRAX has underperformed AUERX with an annualized return of 10.20%, while AUERX has yielded a comparatively higher 15.64% annualized return.

GMRAX

• 1D: 1.33%
• 1M: -1.68%
• 6M: 13.03%
• YTD: 19.02%
• 1Y: 36.97%
• 3Y*: 14.45%
• 5Y*: 6.58%
• 10Y*: 10.20%
• ALL TIME*: 7.68%

AUERX

• 1D: 2.13%
• 1M: -0.34%
• 6M: 8.30%
• YTD: 13.71%
• 1Y: 41.97%
• 3Y*: 20.48%
• 5Y*: 20.10%
• 10Y*: 15.64%
• ALL TIME*: 5.50%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AUERX Auer Growth Fund	$0.00	$0.00	$0.00
GMRAX Nationwide Small Cap Index Fund	$0.00	$0.00	$0.00

GMRAX vs. AUERX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GMRAX Nationwide Small Cap Index Fund	19.02%	12.26%	9.12%	17.56%	-20.82%	14.27%	19.59%	24.87%	-10.71%	14.21%
AUERX Auer Growth Fund	13.71%	30.10%	11.12%	21.42%	9.95%	45.11%	-1.85%	27.96%	-25.63%	28.75%

Correlation

The correlation between GMRAX and AUERX is 0.75, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.75
Correlation (3Y) Balances recent behavior with more history.	0.79
Correlation (5Y) Shows whether the relationship held over a longer period.	0.81
Correlation (10Y) Provides a long-term view across more market conditions.	0.84
Correlation (All Time) Calculated using the full available price history since Dec 26, 2007	0.85

The correlation between GMRAX and AUERX has been stable across timeframes, ranging from 0.75 to 0.85 - a consistent structural relationship.

Return for Risk

GMRAX vs. AUERX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

GMRAX

GMRAX Risk / Return Rank: 76
GMRAX Sharpe Ratio Rank: 73
GMRAX Sortino Ratio Rank: 71
GMRAX Omega Ratio Rank: 64
GMRAX Calmar Ratio Rank: 86
GMRAX Martin Ratio Rank: 84

AUERX

AUERX Risk / Return Rank: 91
AUERX Sharpe Ratio Rank: 93
AUERX Sortino Ratio Rank: 87
AUERX Omega Ratio Rank: 85
AUERX Calmar Ratio Rank: 95
AUERX Martin Ratio Rank: 95

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

GMRAX vs. AUERX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nationwide Small Cap Index Fund (GMRAX) and Auer Growth Fund (AUERX). 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.

	GMRAX	AUERX	Difference
Sharpe ratio: Return per unit of total volatility	1.71	2.41	-0.70
Sortino ratio: Return per unit of downside risk	2.44	3.16	-0.71
Omega ratio: Gain probability vs. loss probability	1.29	1.41	-0.13
Calmar ratio: Return relative to maximum drawdown	3.00	4.04	-1.04
Martin ratio: Return relative to average drawdown	10.61	15.07	-4.46

GMRAX vs. AUERX - Sharpe Ratio Comparison

The current GMRAX Sharpe Ratio is 1.71, which is comparable to the AUERX Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of GMRAX and AUERX, 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

GMRAX vs. AUERX - Drawdown Comparison

The maximum GMRAX drawdown since its inception was -59.36%, smaller than the maximum AUERX drawdown of -67.23%. Use the drawdown chart below to compare losses from any high point for GMRAX and AUERX.

Drawdown Indicators

	GMRAX	AUERX	Difference
Max Drawdown Largest peak-to-trough decline	-59.36%	-67.23%	+7.87%
Max Drawdown (1Y) Largest decline over 1 year	-11.06%	-10.06%	-1.00%
Max Drawdown (3Y) Largest decline over 3 years	-27.67%	-34.80%	+7.13%
Max Drawdown (5Y) Largest decline over 5 years	-32.00%	-34.80%	+2.80%
Max Drawdown (10Y) Largest decline over 10 years	-41.78%	-51.89%	+10.11%
Current Drawdown Current decline from peak	-2.62%	-3.22%	+0.60%
Average Drawdown Average peak-to-trough decline	-12.53%	-24.69%	+12.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.12%	2.69%	+0.43%

Volatility

GMRAX vs. AUERX - Volatility Comparison

The current volatility for Nationwide Small Cap Index Fund (GMRAX) is 3.75%, while Auer Growth Fund (AUERX) has a volatility of 4.77%. This indicates that GMRAX experiences smaller price fluctuations and is considered to be less risky than AUERX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GMRAX	AUERX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.75%	4.77%	-1.02%
Volatility (6M) Calculated over the trailing 6-month period	14.14%	12.93%	+1.21%
Volatility (1Y) Calculated over the trailing 1-year period	19.44%	16.95%	+2.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.60%	24.74%	-2.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.52%	24.37%	-0.85%

GMRAX vs. AUERX - Expense Ratio Comparison

GMRAX has a 0.68% expense ratio, which is lower than AUERX's 2.37% expense ratio.

Dividends

GMRAX vs. AUERX - Dividend Comparison

GMRAX's dividend yield for the trailing twelve months is around 2.11%, less than AUERX's 10.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AUERX Auer Growth Fund	10.02%	11.39%	24.55%	4.54%	5.95%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GMRAX Nationwide Small Cap Index Fund	2.11%	2.45%	4.99%	0.52%	1.51%	6.81%	0.56%	7.38%	46.93%	17.82%	7.14%	12.55%

Frequently Asked Questions

Can I hold both GMRAX and AUERX in my portfolio?

GMRAX and AUERX have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GMRAX or AUERX?

AUERX has higher volatility (4.77%) compared to GMRAX (3.75%). In terms of maximum drawdown, GMRAX dropped -59.36% vs AUERX's -67.23%.

Which has better risk-adjusted returns?

AUERX currently has the higher Sharpe Ratio (2.41 vs 1.71), 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.