GMRAX vs. AZBIX

Last updated Jun 6, 2026

GMRAX (Nationwide Small Cap Index Fund) and AZBIX (Virtus Small-Cap Fund) are both Small Cap Blend Equities funds. Over the past 10 years, GMRAX returned 10.56%/yr vs 11.78%/yr for AZBIX. With a 0.96 correlation, they move nearly in lockstep. GMRAX charges 0.68%/yr vs 0.89%/yr for AZBIX.

Performance

GMRAX vs. AZBIX - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with GMRAX having a 18.51% return and AZBIX slightly lower at 18.35%. Over the past 10 years, GMRAX has underperformed AZBIX with an annualized return of 10.56%, while AZBIX has yielded a comparatively higher 11.78% annualized return.

GMRAX

• 1D: 1.47%
• 1M: 1.74%
• YTD: 18.51%
• 6M: 16.83%
• 1Y: 40.98%
• 3Y*: 18.31%
• 5Y*: 5.93%
• 10Y*: 10.56%

AZBIX

• 1D: 1.00%
• 1M: 1.39%
• YTD: 18.35%
• 6M: 17.88%
• 1Y: 34.08%
• 3Y*: 18.72%
• 5Y*: 8.26%
• 10Y*: 11.78%

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

GMRAX vs. AZBIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GMRAX Nationwide Small Cap Index Fund	18.51%	12.26%	9.12%	17.56%	-20.82%	14.27%	19.59%	24.87%	-10.71%	14.21%
AZBIX Virtus Small-Cap Fund	18.35%	8.49%	19.06%	14.09%	-18.04%	18.92%	16.98%	24.13%	-9.25%	21.27%

Correlation

The correlation between GMRAX and AZBIX is 0.95, 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	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Jul 3, 2013	0.96

The correlation between GMRAX and AZBIX has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

Return for Risk

GMRAX vs. AZBIX — Risk / Return Rank

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

GMRAX

GMRAX Risk / Return Rank: 62
GMRAX Sharpe Ratio Rank: 57
GMRAX Sortino Ratio Rank: 53
GMRAX Omega Ratio Rank: 45
GMRAX Calmar Ratio Rank: 83
GMRAX Martin Ratio Rank: 72

AZBIX

AZBIX Risk / Return Rank: 60
AZBIX Sharpe Ratio Rank: 51
AZBIX Sortino Ratio Rank: 51
AZBIX Omega Ratio Rank: 46
AZBIX Calmar Ratio Rank: 82
AZBIX Martin Ratio Rank: 69

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.

GMRAX vs. AZBIX - Risk-Adjusted Trends Comparison

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

	GMRAX	AZBIX	Difference
Sharpe ratio: Return per unit of total volatility	2.15	2.04	+0.10
Sortino ratio: Return per unit of downside risk	2.97	2.91	+0.06
Omega ratio: Gain probability vs. loss probability	1.35	1.35	0.00
Calmar ratio: Return relative to maximum drawdown	3.72	3.66	+0.07
Martin ratio: Return relative to average drawdown	13.18	12.80	+0.38
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GMRAX vs. AZBIX - Sharpe Ratio Comparison

The current GMRAX Sharpe Ratio is 2.15, which is comparable to the AZBIX Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of GMRAX and AZBIX, 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

	GMRAX	AZBIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.15	2.04	+0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.26	0.40	-0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	0.55	-0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.55	-0.23

Drawdowns

GMRAX vs. AZBIX - Drawdown Comparison

The maximum GMRAX drawdown since its inception was -59.36%, which is greater than AZBIX's maximum drawdown of -40.80%. Use the drawdown chart below to compare losses from any high point for GMRAX and AZBIX.

Drawdown Indicators

	GMRAX	AZBIX	Difference
Max Drawdown Largest peak-to-trough decline	-59.36%	-40.80%	-18.56%
Max Drawdown (1Y) Largest decline over 1 year	-11.06%	-9.33%	-1.73%
Max Drawdown (3Y) Largest decline over 3 years	-27.67%	-29.01%	+1.34%
Max Drawdown (5Y) Largest decline over 5 years	-32.00%	-29.85%	-2.15%
Max Drawdown (10Y) Largest decline over 10 years	-41.78%	-40.80%	-0.98%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-12.59%	-7.71%	-4.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.12%	2.66%	+0.46%

Volatility

GMRAX vs. AZBIX - Volatility Comparison

Nationwide Small Cap Index Fund (GMRAX) has a higher volatility of 5.67% compared to Virtus Small-Cap Fund (AZBIX) at 4.64%. This indicates that GMRAX's price experiences larger fluctuations and is considered to be riskier than AZBIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GMRAX	AZBIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.67%	4.64%	+1.03%
Volatility (6M) Calculated over the trailing 6-month period	13.66%	12.20%	+1.46%
Volatility (1Y) Calculated over the trailing 1-year period	19.18%	16.71%	+2.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.64%	20.50%	+2.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.55%	21.35%	+2.20%

GMRAX vs. AZBIX - Expense Ratio Comparison

GMRAX has a 0.68% expense ratio, which is lower than AZBIX's 0.89% expense ratio.

Dividends

GMRAX vs. AZBIX - Dividend Comparison

GMRAX's dividend yield for the trailing twelve months is around 2.10%, less than AZBIX's 4.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AZBIX Virtus Small-Cap Fund	4.14%	4.90%	10.82%	2.31%	4.78%	13.82%	0.45%	0.38%	9.62%	13.80%	0.03%	3.59%
GMRAX Nationwide Small Cap Index Fund	2.10%	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 AZBIX in my portfolio?

With a correlation of 0.95, GMRAX and AZBIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, GMRAX or AZBIX?

GMRAX has higher volatility (5.67%) compared to AZBIX (4.64%). In terms of maximum drawdown, GMRAX dropped -59.36% vs AZBIX's -40.80%.

Which has better risk-adjusted returns?

GMRAX currently has the higher Sharpe Ratio (2.15 vs 2.04), 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.