GMRAX vs. TISBX

Last updated Jun 6, 2026

GMRAX (Nationwide Small Cap Index Fund) and TISBX (TIAA-CREF Small-Cap Blend Index Fund) are both Small Cap Blend Equities funds. Over the past 10 years, GMRAX returned 10.56%/yr vs 10.98%/yr for TISBX. With a 0.99 correlation, they move nearly in lockstep. GMRAX charges 0.68%/yr vs 0.05%/yr for TISBX.

Performance

GMRAX vs. TISBX - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with GMRAX having a 18.51% return and TISBX slightly higher at 18.81%. Both investments have delivered pretty close results over the past 10 years, with GMRAX having a 10.56% annualized return and TISBX not far ahead at 10.98%.

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%

TISBX

• 1D: 1.42%
• 1M: 1.79%
• YTD: 18.81%
• 6M: 17.07%
• 1Y: 41.59%
• 3Y*: 19.23%
• 5Y*: 6.63%
• 10Y*: 10.98%

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

GMRAX vs. TISBX - 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%
TISBX TIAA-CREF Small-Cap Blend Index Fund	18.81%	12.72%	11.60%	17.07%	-20.31%	14.85%	20.14%	25.61%	-10.99%	13.14%

Correlation

The correlation between GMRAX and TISBX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Oct 1, 2002	0.99

The correlation between GMRAX and TISBX has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

Return for Risk

GMRAX vs. TISBX — 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

TISBX

TISBX Risk / Return Rank: 64
TISBX Sharpe Ratio Rank: 58
TISBX Sortino Ratio Rank: 55
TISBX Omega Ratio Rank: 47
TISBX Calmar Ratio Rank: 84
TISBX Martin Ratio Rank: 75

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. TISBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nationwide Small Cap Index Fund (GMRAX) and TIAA-CREF Small-Cap Blend Index Fund (TISBX). 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	TISBX	Difference
Sharpe ratio: Return per unit of total volatility	2.15	2.18	-0.04
Sortino ratio: Return per unit of downside risk	2.97	3.01	-0.04
Omega ratio: Gain probability vs. loss probability	1.35	1.36	0.00
Calmar ratio: Return relative to maximum drawdown	3.72	3.83	-0.10
Martin ratio: Return relative to average drawdown	13.18	13.56	-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. TISBX - Sharpe Ratio Comparison

The current GMRAX Sharpe Ratio is 2.15, which is comparable to the TISBX Sharpe Ratio of 2.18. The chart below compares the historical Sharpe Ratios of GMRAX and TISBX, 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	TISBX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.15	2.18	-0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.26	0.30	-0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	0.47	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.39	-0.07

Drawdowns

GMRAX vs. TISBX - Drawdown Comparison

The maximum GMRAX drawdown since its inception was -59.36%, which is greater than TISBX's maximum drawdown of -56.50%. Use the drawdown chart below to compare losses from any high point for GMRAX and TISBX.

Drawdown Indicators

	GMRAX	TISBX	Difference
Max Drawdown Largest peak-to-trough decline	-59.36%	-56.50%	-2.86%
Max Drawdown (1Y) Largest decline over 1 year	-11.06%	-10.95%	-0.11%
Max Drawdown (3Y) Largest decline over 3 years	-27.67%	-27.44%	-0.23%
Max Drawdown (5Y) Largest decline over 5 years	-32.00%	-31.89%	-0.11%
Max Drawdown (10Y) Largest decline over 10 years	-41.78%	-41.69%	-0.09%
Current Drawdown Current decline from peak	0.00%	-0.03%	+0.03%
Average Drawdown Average peak-to-trough decline	-12.59%	-9.68%	-2.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.12%	3.08%	+0.04%

Volatility

GMRAX vs. TISBX - Volatility Comparison

Nationwide Small Cap Index Fund (GMRAX) and TIAA-CREF Small-Cap Blend Index Fund (TISBX) have volatilities of 5.67% and 5.66%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GMRAX	TISBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.67%	5.66%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	13.66%	13.64%	+0.02%
Volatility (1Y) Calculated over the trailing 1-year period	19.18%	19.21%	-0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.64%	22.56%	+0.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.55%	23.43%	+0.12%

GMRAX vs. TISBX - Expense Ratio Comparison

GMRAX has a 0.68% expense ratio, which is higher than TISBX's 0.05% expense ratio.

Dividends

GMRAX vs. TISBX - Dividend Comparison

GMRAX's dividend yield for the trailing twelve months is around 2.10%, less than TISBX's 3.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
TISBX TIAA-CREF Small-Cap Blend Index Fund	3.47%	4.12%	6.82%	3.09%	1.97%	8.96%	2.65%	5.16%	9.29%	4.49%	4.03%	4.77%

Frequently Asked Questions

Can I hold both GMRAX and TISBX in my portfolio?

With a correlation of 1.00, GMRAX and TISBX 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 TISBX?

GMRAX has higher volatility (5.67%) compared to TISBX (5.66%). In terms of maximum drawdown, GMRAX dropped -59.36% vs TISBX's -56.50%.

Which has better risk-adjusted returns?

TISBX currently has the higher Sharpe Ratio (2.18 vs 2.15), 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.