GMRAX vs. DFAS

Last updated Apr 1, 2026

Compare and contrast key facts about Nationwide Small Cap Index Fund (GMRAX) and Dimensional U.S. Small Cap ETF (DFAS).

GMRAX is managed by Nationwide. It was launched on Dec 29, 1999. DFAS is an actively managed fund by Dimensional. It was launched on Jun 14, 2021.

Performance

GMRAX vs. DFAS - Performance Comparison

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

GMRAX vs. DFAS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
GMRAX Nationwide Small Cap Index Fund	-2.61%	12.26%	9.12%	17.56%	-20.82%	-3.03%
DFAS Dimensional U.S. Small Cap ETF	2.33%	8.17%	10.21%	17.83%	-13.84%	4.94%

Returns By Period

In the year-to-date period, GMRAX achieves a -2.61% return, which is significantly lower than DFAS's 2.33% return.

GMRAX

• 1D: -1.42%
• 1M: -8.18%
• YTD: -2.61%
• 6M: -0.55%
• 1Y: 21.00%
• 3Y*: 10.97%
• 5Y*: 2.44%
• 10Y*: 8.99%

DFAS

• 1D: 2.80%
• 1M: -5.04%
• YTD: 2.33%
• 6M: 4.44%
• 1Y: 20.32%
• 3Y*: 11.67%
• 5Y*: —
• 10Y*: —

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

GMRAX vs. DFAS - Expense Ratio Comparison

GMRAX has a 0.68% expense ratio, which is higher than DFAS's 0.34% expense ratio.

GMRAX

Nationwide Small Cap Index Fund

DFAS

Dimensional U.S. Small Cap ETF

Return for Risk

GMRAX vs. DFAS — Risk / Return Rank

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

GMRAX

GMRAX Risk / Return Rank: 46
GMRAX Sharpe Ratio Rank: 44
GMRAX Sortino Ratio Rank: 48
GMRAX Omega Ratio Rank: 37
GMRAX Calmar Ratio Rank: 54
GMRAX Martin Ratio Rank: 48

DFAS

DFAS Risk / Return Rank: 58
DFAS Sharpe Ratio Rank: 55
DFAS Sortino Ratio Rank: 59
DFAS Omega Ratio Rank: 54
DFAS Calmar Ratio Rank: 61
DFAS Martin Ratio Rank: 62

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. DFAS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nationwide Small Cap Index Fund (GMRAX) and Dimensional U.S. Small Cap ETF (DFAS). 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	DFAS	Difference
Sharpe ratio Return per unit of total volatility	0.89	0.93	-0.04
Sortino ratio Return per unit of downside risk	1.37	1.45	-0.07
Omega ratio Gain probability vs. loss probability	1.17	1.19	-0.02
Calmar ratio Return relative to maximum drawdown	1.28	1.45	-0.17
Martin ratio Return relative to average drawdown	4.83	5.76	-0.93
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. DFAS - Sharpe Ratio Comparison

The current GMRAX Sharpe Ratio is 0.89, which is comparable to the DFAS Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of GMRAX and DFAS, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	GMRAX	DFAS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.89	0.93	-0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.11	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.38	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.29	0.27	+0.02

Correlation

The correlation between GMRAX and DFAS is 0.97, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

GMRAX vs. DFAS - Dividend Comparison

GMRAX's dividend yield for the trailing twelve months is around 2.56%, more than DFAS's 1.02% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GMRAX Nationwide Small Cap Index Fund	2.56%	2.45%	4.99%	0.52%	1.51%	6.81%	0.56%	7.38%	46.93%	17.82%	7.14%	12.55%
DFAS Dimensional U.S. Small Cap ETF	1.02%	0.99%	0.93%	1.00%	1.03%	2.87%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

GMRAX vs. DFAS - Drawdown Comparison

The maximum GMRAX drawdown since its inception was -59.36%, which is greater than DFAS's maximum drawdown of -26.13%. Use the drawdown chart below to compare losses from any high point for GMRAX and DFAS.

Drawdown Indicators

	GMRAX	DFAS	Difference
Max Drawdown Largest peak-to-trough decline	-59.36%	-26.13%	-33.23%
Max Drawdown (1Y) Largest decline over 1 year	-13.93%	-14.08%	+0.15%
Max Drawdown (5Y) Largest decline over 5 years	-32.00%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-41.78%	—	—
Current Drawdown Current decline from peak	-11.06%	-6.67%	-4.39%
Average Drawdown Average peak-to-trough decline	-12.67%	-8.55%	-4.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.70%	3.54%	+0.16%

Volatility

GMRAX vs. DFAS - Volatility Comparison

Nationwide Small Cap Index Fund (GMRAX) has a higher volatility of 6.61% compared to Dimensional U.S. Small Cap ETF (DFAS) at 6.21%. This indicates that GMRAX's price experiences larger fluctuations and is considered to be riskier than DFAS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GMRAX	DFAS	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.61%	6.21%	+0.40%
Volatility (6M) Calculated over the trailing 6-month period	14.15%	12.67%	+1.48%
Volatility (1Y) Calculated over the trailing 1-year period	23.13%	21.96%	+1.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.61%	21.03%	+1.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.48%	21.03%	+2.45%