GMXAX vs. MUIGX

Last updated Jun 3, 2026

GMXAX (Nationwide Mid Cap Market Index Fund) and MUIGX (Nationwide BNY Mellon Dynamic U.S. Core Fund) are both mutual funds - GMXAX is a Mid Cap Blend Equities fund managed by Nationwide, while MUIGX is a Large Cap Blend Equities fund managed by Nationwide. Over the past 10 years, GMXAX returned 9.33%/yr vs 16.66%/yr for MUIGX. Their correlation of 0.88 suggests significant overlap in exposure. GMXAX charges 0.68%/yr vs 0.50%/yr for MUIGX.

Performance

GMXAX vs. MUIGX - Performance Comparison

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

Returns By Period

In the year-to-date period, GMXAX achieves a 12.95% return, which is significantly higher than MUIGX's 11.32% return. Over the past 10 years, GMXAX has underperformed MUIGX with an annualized return of 9.33%, while MUIGX has yielded a comparatively higher 16.66% annualized return.

GMXAX

• 1D: -0.06%
• 1M: 2.36%
• YTD: 12.95%
• 6M: 14.04%
• 1Y: 25.41%
• 3Y*: 14.85%
• 5Y*: 7.33%
• 10Y*: 9.33%

MUIGX

• 1D: 0.25%
• 1M: 5.36%
• YTD: 11.32%
• 6M: 11.48%
• 1Y: 29.02%
• 3Y*: 21.32%
• 5Y*: 12.54%
• 10Y*: 16.66%

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

GMXAX vs. MUIGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GMXAX Nationwide Mid Cap Market Index Fund	12.95%	6.84%	12.15%	15.89%	-13.45%	24.33%	12.79%	25.35%	-10.65%	2.80%
MUIGX Nationwide BNY Mellon Dynamic U.S. Core Fund	11.32%	17.35%	22.33%	24.28%	-21.86%	30.48%	19.17%	47.45%	-0.65%	27.24%

Correlation

The correlation between GMXAX and MUIGX is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since Jan 4, 2000	0.88

The correlation between GMXAX and MUIGX shifts across timeframes, from 0.76 (1 year) to 0.88 (all time), reflecting how their relationship changes across market environments.

Return for Risk

GMXAX vs. MUIGX — Risk / Return Rank

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

GMXAX

GMXAX Risk / Return Rank: 39
GMXAX Sharpe Ratio Rank: 32
GMXAX Sortino Ratio Rank: 32
GMXAX Omega Ratio Rank: 30
GMXAX Calmar Ratio Rank: 53
GMXAX Martin Ratio Rank: 49

MUIGX

MUIGX Risk / Return Rank: 71
MUIGX Sharpe Ratio Rank: 73
MUIGX Sortino Ratio Rank: 67
MUIGX Omega Ratio Rank: 64
MUIGX Calmar Ratio Rank: 71
MUIGX Martin Ratio Rank: 78

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. MUIGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nationwide Mid Cap Market Index Fund (GMXAX) and Nationwide BNY Mellon Dynamic U.S. Core Fund (MUIGX). 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.

	GMXAX	MUIGX	Difference
Sharpe ratio Return per unit of total volatility	1.64	2.49	-0.85
Sortino ratio Return per unit of downside risk	2.39	3.41	-1.02
Omega ratio Gain probability vs. loss probability	1.29	1.45	-0.16
Calmar ratio Return relative to maximum drawdown	2.80	3.29	-0.49
Martin ratio Return relative to average drawdown	10.16	14.81	-4.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GMXAX vs. MUIGX - Sharpe Ratio Comparison

The current GMXAX Sharpe Ratio is 1.64, which is lower than the MUIGX Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of GMXAX and MUIGX, 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

	GMXAX	MUIGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.64	2.49	-0.85
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	0.74	-0.37
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	0.90	-0.46
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.45	-0.05

Drawdowns

GMXAX vs. MUIGX - Drawdown Comparison

The maximum GMXAX drawdown since its inception was -55.64%, smaller than the maximum MUIGX drawdown of -68.10%. Use the drawdown chart below to compare losses from any high point for GMXAX and MUIGX.

Drawdown Indicators

	GMXAX	MUIGX	Difference
Max Drawdown Largest peak-to-trough decline	-55.64%	-68.10%	+12.46%
Max Drawdown (1Y) Largest decline over 1 year	-8.83%	-8.95%	+0.12%
Max Drawdown (3Y) Largest decline over 3 years	-24.21%	-18.02%	-6.19%
Max Drawdown (5Y) Largest decline over 5 years	-24.21%	-27.33%	+3.12%
Max Drawdown (10Y) Largest decline over 10 years	-42.22%	-32.70%	-9.52%
Current Drawdown Current decline from peak	-0.18%	0.00%	-0.18%
Average Drawdown Average peak-to-trough decline	-8.06%	-16.88%	+8.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.43%	1.99%	+0.44%

Volatility

GMXAX vs. MUIGX - Volatility Comparison

Nationwide Mid Cap Market Index Fund (GMXAX) has a higher volatility of 4.35% compared to Nationwide BNY Mellon Dynamic U.S. Core Fund (MUIGX) at 3.16%. This indicates that GMXAX's price experiences larger fluctuations and is considered to be riskier than MUIGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GMXAX	MUIGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.35%	3.16%	+1.19%
Volatility (6M) Calculated over the trailing 6-month period	11.27%	9.01%	+2.26%
Volatility (1Y) Calculated over the trailing 1-year period	15.43%	11.89%	+3.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.69%	16.99%	+2.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.30%	18.49%	+2.81%

GMXAX vs. MUIGX - Expense Ratio Comparison

GMXAX has a 0.68% expense ratio, which is higher than MUIGX's 0.50% expense ratio.

Dividends

GMXAX vs. MUIGX - Dividend Comparison

GMXAX's dividend yield for the trailing twelve months is around 11.54%, more than MUIGX's 4.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GMXAX Nationwide Mid Cap Market Index Fund	11.54%	12.93%	11.73%	6.17%	9.58%	12.52%	3.18%	5.18%	23.21%	0.85%	9.60%	13.94%
MUIGX Nationwide BNY Mellon Dynamic U.S. Core Fund	4.44%	4.96%	4.60%	1.41%	1.15%	7.64%	2.77%	14.46%	48.57%	10.32%	5.60%	4.96%

Frequently Asked Questions

Can I hold both GMXAX and MUIGX in my portfolio?

GMXAX and MUIGX have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GMXAX or MUIGX?

GMXAX has higher volatility (4.35%) compared to MUIGX (3.16%). In terms of maximum drawdown, GMXAX dropped -55.64% vs MUIGX's -68.10%.

Which has better risk-adjusted returns?

MUIGX currently has the higher Sharpe Ratio (2.49 vs 1.64), 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.