GMRAX vs. NWLSX

Last updated Jun 23, 2026

GMRAX (Nationwide Small Cap Index Fund) and NWLSX (Nationwide Destination 2035 Fund) are both mutual funds - GMRAX is a Small Cap Blend Equities fund managed by Nationwide, while NWLSX is a Target Retirement Date fund managed by Nationwide. Over the past 10 years, GMRAX returned 10.91%/yr vs 8.50%/yr for NWLSX. Their correlation of 0.89 suggests significant overlap in exposure. GMRAX charges 0.68%/yr vs 0.38%/yr for NWLSX.

Performance

GMRAX vs. NWLSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nationwide Small Cap Index Fund (GMRAX) and Nationwide Destination 2035 Fund (NWLSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GMRAX achieves a 20.34% return, which is significantly higher than NWLSX's 8.28% return. Over the past 10 years, GMRAX has outperformed NWLSX with an annualized return of 10.91%, while NWLSX has yielded a comparatively lower 8.50% annualized 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%

NWLSX

• 1D: 0.89%
• 1M: 1.49%
• YTD: 8.28%
• 6M: 8.20%
• 1Y: 20.37%
• 3Y*: 13.89%
• 5Y*: 7.05%
• 10Y*: 8.50%

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

GMRAX vs. NWLSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GMRAX Nationwide Small Cap Index Fund	20.34%	12.26%	9.12%	17.56%	-20.82%	14.27%	19.59%	24.87%	-10.71%	14.21%
NWLSX Nationwide Destination 2035 Fund	8.28%	16.16%	10.17%	17.00%	-17.70%	13.33%	12.81%	18.63%	-8.01%	15.06%

Correlation

The correlation between GMRAX and NWLSX is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Aug 30, 2007	0.89

The correlation between GMRAX and NWLSX has been stable across timeframes, ranging from 0.82 to 0.89 - a consistent structural relationship.

Return for Risk

GMRAX vs. NWLSX — Risk / Return Rank

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

GMRAX

GMRAX Risk / Return Rank: 67
GMRAX Sharpe Ratio Rank: 63
GMRAX Sortino Ratio Rank: 59
GMRAX Omega Ratio Rank: 49
GMRAX Calmar Ratio Rank: 85
GMRAX Martin Ratio Rank: 77

NWLSX

NWLSX Risk / Return Rank: 65
NWLSX Sharpe Ratio Rank: 64
NWLSX Sortino Ratio Rank: 65
NWLSX Omega Ratio Rank: 62
NWLSX Calmar Ratio Rank: 63
NWLSX Martin Ratio Rank: 71

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. NWLSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nationwide Small Cap Index Fund (GMRAX) and Nationwide Destination 2035 Fund (NWLSX). 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	NWLSX	Difference
Sharpe ratio: Return per unit of total volatility	2.14	2.15	0.00
Sortino ratio: Return per unit of downside risk	2.94	3.07	-0.13
Omega ratio: Gain probability vs. loss probability	1.35	1.40	-0.05
Calmar ratio: Return relative to maximum drawdown	3.83	2.91	+0.91
Martin ratio: Return relative to average drawdown	13.50	12.81	+0.69

GMRAX vs. NWLSX - Sharpe Ratio Comparison

The current GMRAX Sharpe Ratio is 2.14, which is comparable to the NWLSX Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of GMRAX and NWLSX, 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. NWLSX - Drawdown Comparison

The maximum GMRAX drawdown since its inception was -59.36%, which is greater than NWLSX's maximum drawdown of -52.58%. Use the drawdown chart below to compare losses from any high point for GMRAX and NWLSX.

Drawdown Indicators

	GMRAX	NWLSX	Difference
Max Drawdown Largest peak-to-trough decline	-59.36%	-52.58%	-6.78%
Max Drawdown (1Y) Largest decline over 1 year	-11.06%	-6.88%	-4.18%
Max Drawdown (3Y) Largest decline over 3 years	-27.67%	-10.73%	-16.94%
Max Drawdown (5Y) Largest decline over 5 years	-32.00%	-29.54%	-2.46%
Max Drawdown (10Y) Largest decline over 10 years	-41.78%	-30.59%	-11.19%
Current Drawdown Current decline from peak	0.00%	-0.20%	+0.20%
Average Drawdown Average peak-to-trough decline	-12.57%	-8.55%	-4.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.13%	1.56%	+1.57%

Volatility

GMRAX vs. NWLSX - Volatility Comparison

Nationwide Small Cap Index Fund (GMRAX) has a higher volatility of 6.80% compared to Nationwide Destination 2035 Fund (NWLSX) at 3.78%. This indicates that GMRAX's price experiences larger fluctuations and is considered to be riskier than NWLSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GMRAX	NWLSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.80%	3.78%	+3.02%
Volatility (6M) Calculated over the trailing 6-month period	14.38%	7.84%	+6.54%
Volatility (1Y) Calculated over the trailing 1-year period	19.73%	9.34%	+10.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.73%	13.02%	+9.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.60%	13.74%	+9.86%

GMRAX vs. NWLSX - Expense Ratio Comparison

GMRAX has a 0.68% expense ratio, which is higher than NWLSX's 0.38% expense ratio.

Dividends

GMRAX vs. NWLSX - Dividend Comparison

GMRAX's dividend yield for the trailing twelve months is around 2.09%, less than NWLSX's 7.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
NWLSX Nationwide Destination 2035 Fund	7.57%	8.36%	14.07%	7.04%	2.15%	9.62%	5.85%	6.95%	11.27%	7.78%	6.64%	5.43%

Frequently Asked Questions

Can I hold both GMRAX and NWLSX in my portfolio?

GMRAX and NWLSX have a correlation of 0.82, 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 NWLSX?

GMRAX has higher volatility (6.80%) compared to NWLSX (3.78%). In terms of maximum drawdown, GMRAX dropped -59.36% vs NWLSX's -52.58%.

Which has better risk-adjusted returns?

NWLSX currently has the higher Sharpe Ratio (2.15 vs 2.14), 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.