GMXAX vs. FSMDX

Last updated Jun 26, 2026

GMXAX (Nationwide Mid Cap Market Index Fund) and FSMDX (Fidelity Mid Cap Index Fund) are both Mid Cap Blend Equities funds. Over the past 10 years, GMXAX returned 9.84%/yr vs 12.06%/yr for FSMDX. With a 0.97 correlation, they move nearly in lockstep. GMXAX charges 0.68%/yr vs 0.03%/yr for FSMDX.

Performance

GMXAX vs. FSMDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nationwide Mid Cap Market Index Fund (GMXAX) and Fidelity Mid Cap Index Fund (FSMDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GMXAX achieves a 15.01% return, which is significantly higher than FSMDX's 13.40% return. Over the past 10 years, GMXAX has underperformed FSMDX with an annualized return of 9.84%, while FSMDX has yielded a comparatively higher 12.06% annualized return.

GMXAX

• 1D: 0.58%
• 1M: 1.71%
• YTD: 15.01%
• 6M: 12.76%
• 1Y: 25.06%
• 3Y*: 15.39%
• 5Y*: 7.72%
• 10Y*: 9.84%

FSMDX

• 1D: 0.60%
• 1M: 1.85%
• YTD: 13.40%
• 6M: 11.56%
• 1Y: 21.51%
• 3Y*: 17.42%
• 5Y*: 8.08%
• 10Y*: 12.06%

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

GMXAX vs. FSMDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GMXAX Nationwide Mid Cap Market Index Fund	15.01%	6.84%	12.15%	15.89%	-13.45%	24.33%	12.79%	25.35%	-10.65%	2.80%
FSMDX Fidelity Mid Cap Index Fund	13.40%	10.58%	15.55%	17.20%	-17.27%	22.56%	17.13%	30.53%	-9.38%	18.04%

Correlation

The correlation between GMXAX and FSMDX is 0.96 - 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	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Sep 9, 2011	0.97

The correlation between GMXAX and FSMDX has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

Return for Risk

GMXAX vs. FSMDX — Risk / Return Rank

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

GMXAX

GMXAX Risk / Return Rank: 50
GMXAX Sharpe Ratio Rank: 41
GMXAX Sortino Ratio Rank: 42
GMXAX Omega Ratio Rank: 37
GMXAX Calmar Ratio Rank: 69
GMXAX Martin Ratio Rank: 59

FSMDX

FSMDX Risk / Return Rank: 44
FSMDX Sharpe Ratio Rank: 37
FSMDX Sortino Ratio Rank: 37
FSMDX Omega Ratio Rank: 34
FSMDX Calmar Ratio Rank: 57
FSMDX Martin Ratio Rank: 55

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.

GMXAX vs. FSMDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nationwide Mid Cap Market Index Fund (GMXAX) and Fidelity Mid Cap Index Fund (FSMDX). 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.

	GMXAX	FSMDX	Difference
Sharpe ratio: Return per unit of total volatility	1.54	1.49	+0.04
Sortino ratio: Return per unit of downside risk	2.26	2.16	+0.10
Omega ratio: Gain probability vs. loss probability	1.27	1.26	+0.01
Calmar ratio: Return relative to maximum drawdown	2.74	2.53	+0.22
Martin ratio: Return relative to average drawdown	9.93	9.66	+0.26

GMXAX vs. FSMDX - Sharpe Ratio Comparison

The current GMXAX Sharpe Ratio is 1.54, which is comparable to the FSMDX Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of GMXAX and FSMDX, 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

GMXAX vs. FSMDX - Drawdown Comparison

The maximum GMXAX drawdown since its inception was -55.64%, which is greater than FSMDX's maximum drawdown of -40.35%. Use the drawdown chart below to compare losses from any high point for GMXAX and FSMDX.

Drawdown Indicators

	GMXAX	FSMDX	Difference
Max Drawdown Largest peak-to-trough decline	-55.64%	-40.35%	-15.29%
Max Drawdown (1Y) Largest decline over 1 year	-8.83%	-8.16%	-0.67%
Max Drawdown (3Y) Largest decline over 3 years	-24.21%	-20.92%	-3.29%
Max Drawdown (5Y) Largest decline over 5 years	-24.21%	-26.07%	+1.86%
Max Drawdown (10Y) Largest decline over 10 years	-42.22%	-40.35%	-1.87%
Current Drawdown Current decline from peak	-0.52%	-0.81%	+0.29%
Average Drawdown Average peak-to-trough decline	-8.04%	-4.94%	-3.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.43%	2.13%	+0.30%

Volatility

GMXAX vs. FSMDX - Volatility Comparison

Nationwide Mid Cap Market Index Fund (GMXAX) and Fidelity Mid Cap Index Fund (FSMDX) have volatilities of 4.75% and 4.59%, 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

	GMXAX	FSMDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.75%	4.59%	+0.16%
Volatility (6M) Calculated over the trailing 6-month period	11.71%	10.53%	+1.18%
Volatility (1Y) Calculated over the trailing 1-year period	15.78%	13.86%	+1.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.72%	18.32%	+1.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.29%	19.32%	+1.97%

GMXAX vs. FSMDX - Expense Ratio Comparison

GMXAX has a 0.68% expense ratio, which is higher than FSMDX's 0.03% expense ratio.

Dividends

GMXAX vs. FSMDX - Dividend Comparison

GMXAX's dividend yield for the trailing twelve months is around 11.27%, more than FSMDX's 0.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSMDX Fidelity Mid Cap Index Fund	0.97%	1.10%	2.46%	1.39%	2.07%	3.35%	2.34%	2.86%	2.21%	2.17%	2.23%	2.84%
GMXAX Nationwide Mid Cap Market Index Fund	11.27%	12.93%	11.73%	6.17%	9.58%	12.52%	3.18%	5.18%	23.21%	0.85%	9.60%	13.94%

Frequently Asked Questions

Can I hold both GMXAX and FSMDX in my portfolio?

With a correlation of 0.96, GMXAX and FSMDX 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, GMXAX or FSMDX?

GMXAX has higher volatility (4.75%) compared to FSMDX (4.59%). In terms of maximum drawdown, GMXAX dropped -55.64% vs FSMDX's -40.35%.

Which has better risk-adjusted returns?

GMXAX currently has the higher Sharpe Ratio (1.54 vs 1.49), 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.