GMRAX vs. IPSIX
GMRAX (Nationwide Small Cap Index Fund) and IPSIX (Voya Index Plus SmallCap Portfolio) are both Small Cap Blend Equities funds. Over the past 10 years, GMRAX returned 10.20%/yr vs 10.27%/yr for IPSIX. Their 0.96 correlation means they have historically moved very closely together. GMRAX charges 0.68%/yr vs 0.60%/yr for IPSIX.
Performance
GMRAX vs. IPSIX - Performance Comparison
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Returns By Period
In the year-to-date period, GMRAX achieves a 19.02% return, which is significantly lower than IPSIX's 23.34% return. Both investments have delivered pretty close results over the past 10 years, with GMRAX having a 10.20% annualized return and IPSIX not far ahead at 10.27%.
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%
IPSIX
- 1D
- 0.66%
- 1M
- 0.12%
- 6M
- 17.88%
- YTD
- 23.34%
- 1Y
- 37.90%
- 3Y*
- 14.94%
- 5Y*
- 9.48%
- 10Y*
- 10.27%
- ALL TIME*
- 8.45%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
GMRAX vs. IPSIX - 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% |
IPSIX Voya Index Plus SmallCap Portfolio | 23.34% | 8.46% | 8.64% | 18.17% | -13.82% | 28.42% | 5.25% | 21.07% | -12.34% | 9.94% |
Correlation
The correlation between GMRAX and IPSIX is 0.83, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.83 |
Correlation (3Y) Balances recent behavior with more history. | 0.87 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.92 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.94 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 2000 | 0.96 |
The correlation between GMRAX and IPSIX shifts across timeframes, from 0.83 (1 year) to 0.96 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
GMRAX vs. IPSIX — Risk / Return Rank
GMRAX
IPSIX
GMRAX vs. IPSIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nationwide Small Cap Index Fund (GMRAX) and Voya Index Plus SmallCap Portfolio (IPSIX). 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 | IPSIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.63 | ||
| Sortino ratioReturn per unit of downside risk | -1.00 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.39 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 3.00 | 5.24 | -2.24 |
| Martin ratioReturn relative to average drawdown | 10.61 | 17.76 | -7.15 |
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Drawdowns
GMRAX vs. IPSIX - Drawdown Comparison
The maximum GMRAX drawdown since its inception was -59.36%, roughly equal to the maximum IPSIX drawdown of -58.01%. Use the drawdown chart below to compare losses from any high point for GMRAX and IPSIX.
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Drawdown Indicators
| GMRAX | IPSIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.36% | -58.01% | -1.35% |
Max Drawdown (1Y)Largest decline over 1 year | -11.06% | -7.63% | -3.43% |
Max Drawdown (3Y)Largest decline over 3 years | -27.67% | -26.60% | -1.07% |
Max Drawdown (5Y)Largest decline over 5 years | -32.00% | -26.60% | -5.40% |
Max Drawdown (10Y)Largest decline over 10 years | -41.78% | -47.92% | +6.14% |
Current DrawdownCurrent decline from peak | -2.62% | -1.29% | -1.33% |
Average DrawdownAverage peak-to-trough decline | -12.53% | -9.66% | -2.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.12% | 2.24% | +0.88% |
Volatility
GMRAX vs. IPSIX - Volatility Comparison
Nationwide Small Cap Index Fund (GMRAX) has a higher volatility of 3.75% compared to Voya Index Plus SmallCap Portfolio (IPSIX) at 3.53%. This indicates that GMRAX's price experiences larger fluctuations and is considered to be riskier than IPSIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GMRAX | IPSIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.75% | 3.53% | +0.22% |
Volatility (6M)Calculated over the trailing 6-month period | 14.14% | 11.56% | +2.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.44% | 17.13% | +2.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.60% | 21.86% | +0.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.52% | 23.69% | -0.17% |
GMRAX vs. IPSIX - Expense Ratio Comparison
GMRAX has a 0.68% expense ratio, which is higher than IPSIX's 0.60% expense ratio.
Dividends
GMRAX vs. IPSIX - Dividend Comparison
GMRAX's dividend yield for the trailing twelve months is around 2.11%, less than IPSIX's 8.86% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
IPSIX Voya Index Plus SmallCap Portfolio | 8.86% | 5.72% | 4.44% | 4.20% | 19.88% | 0.65% | 1.98% | 16.87% | 18.12% | 9.69% | 3.19% | 0.93% |
Frequently Asked Questions
GMRAX and IPSIX have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GMRAX has higher volatility (3.75%) compared to IPSIX (3.53%). In terms of maximum drawdown, GMRAX dropped -59.36% vs IPSIX's -58.01%.
IPSIX currently has the higher Sharpe Ratio (2.34 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.
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