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GMRAX vs. DFAS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GMRAX vs. DFAS

Last updated Jun 23, 2026

GMRAX (Nationwide Small Cap Index Fund) and DFAS (Dimensional U.S. Small Cap ETF) are both Small Cap Blend Equities funds. Over the past 5 years, GMRAX returned 6.70%/yr vs 8.37%/yr for DFAS. With a 0.97 correlation, they move nearly in lockstep. GMRAX charges 0.68%/yr vs 0.26%/yr for DFAS.

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.

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Returns By Period

In the year-to-date period, GMRAX achieves a 20.34% return, which is significantly higher than DFAS's 15.74% return.

GMRAX

1D
2.12%
1M
3.94%
YTD
20.34%
6M
16.79%
1Y
42.36%
3Y*
17.42%
5Y*
6.70%
10Y*
10.91%

DFAS

1D
0.12%
1M
3.77%
YTD
15.74%
6M
12.99%
1Y
31.21%
3Y*
16.27%
5Y*
8.37%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

GMRAX vs. DFAS - Yearly Performance Comparison

2026 (YTD)20252024202320222021
GMRAX
Nationwide Small Cap Index Fund		20.34%12.26%9.12%17.56%-20.82%-3.46%
DFAS
Dimensional U.S. Small Cap ETF		15.74%8.17%10.21%17.83%-13.84%4.52%

Correlation

The correlation between GMRAX and DFAS 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

0.97

Correlation (5Y)
Calculated over the trailing 5-year period

0.97

Correlation (All Time)
Calculated using the full available price history since Jun 14, 2021

0.97

The correlation between GMRAX and DFAS has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Nationwide Small Cap Index Fund

Dimensional U.S. Small Cap ETF

Often compared with GMRAX:
GMRAX vs. VOOGMRAX vs. GMXAXGMRAX vs. NDMAXGMRAX vs. NADCXGMRAX vs. NWXEXGMRAX vs. NWHVXGMRAX vs. GBIAX
Often compared with DFAS:
DFAS vs. AVUVDFAS vs. VBDFAS vs. AVSCDFAS vs. DFSTXDFAS vs. VBRDFAS vs. IJRDFAS vs. SCHA

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: 6767
Overall Rank
GMRAX Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
GMRAX Sortino Ratio Rank: 5959
Sortino Ratio Rank
GMRAX Omega Ratio Rank: 4949
Omega Ratio Rank
GMRAX Calmar Ratio Rank: 8585
Calmar Ratio Rank
GMRAX Martin Ratio Rank: 7777
Martin Ratio Rank
DFAS
DFAS Risk / Return Rank: 6060
Overall Rank
DFAS Sharpe Ratio Rank: 5757
Sharpe Ratio Rank
DFAS Sortino Ratio Rank: 5959
Sortino Ratio Rank
DFAS Omega Ratio Rank: 5252
Omega Ratio Rank
DFAS Calmar Ratio Rank: 6969
Calmar Ratio Rank
DFAS Martin Ratio Rank: 6565
Martin Ratio Rank
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.

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.

GMRAXDFASDifference
Sharpe ratioReturn per unit of total volatility
2.14
1.85

+0.30

Sortino ratioReturn per unit of downside risk
2.94
2.70

+0.25

Omega ratioGain probability vs. loss probability

1.35

1.32

+0.03

Calmar ratioReturn relative to maximum drawdown

3.83

3.35

+0.48

Martin ratioReturn relative to average drawdown

13.50

11.51

+1.99

GMRAX vs. DFAS - Sharpe Ratio Comparison

The current GMRAX Sharpe Ratio is 2.14, which is comparable to the DFAS Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of GMRAX and DFAS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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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.

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Drawdown Indicators

GMRAXDFASDifference

Max Drawdown

Largest peak-to-trough decline

-59.36%

-26.13%

-33.23%

Max Drawdown (1Y)

Largest decline over 1 year

-11.06%

-9.36%

-1.70%

Max Drawdown (3Y)

Largest decline over 3 years

-27.67%

-26.13%

-1.54%

Max Drawdown (5Y)

Largest decline over 5 years

-32.00%

-26.13%

-5.87%

Max Drawdown (10Y)

Largest decline over 10 years

-41.78%

—

—

Current Drawdown

Current decline from peak

0.00%

-0.12%

+0.12%

Average Drawdown

Average peak-to-trough decline

-12.57%

-8.24%

-4.33%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.13%

2.72%

+0.41%

Volatility

GMRAX vs. DFAS - Volatility Comparison

Nationwide Small Cap Index Fund (GMRAX) has a higher volatility of 6.80% compared to Dimensional U.S. Small Cap ETF (DFAS) at 4.70%. 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.

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Volatility by Period

GMRAXDFASDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.80%

4.70%

+2.10%

Volatility (6M)

Calculated over the trailing 6-month period

14.38%

11.92%

+2.46%

Volatility (1Y)

Calculated over the trailing 1-year period

19.73%

17.00%

+2.73%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.73%

20.81%

+1.92%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.60%

20.82%

+2.78%

GMRAX vs. DFAS - Expense Ratio Comparison

GMRAX has a 0.68% expense ratio, which is higher than DFAS's 0.26% expense ratio.

Dividends

GMRAX vs. DFAS - Dividend Comparison

GMRAX's dividend yield for the trailing twelve months is around 2.09%, more than DFAS's 0.90% yield.

PositionTTM20252024202320222021202020192018201720162015
DFAS
Dimensional U.S. Small Cap ETF		0.90%0.99%0.93%1.00%1.03%2.87%0.00%0.00%0.00%0.00%0.00%0.00%
GMRAX
Nationwide Small Cap Index Fund		2.09%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

With a correlation of 0.95, GMRAX and DFAS 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.

GMRAX has higher volatility (6.80%) compared to DFAS (4.70%). In terms of maximum drawdown, GMRAX dropped -59.36% vs DFAS's -26.13%.

GMRAX currently has the higher Sharpe Ratio (2.14 vs 1.85), 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.

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