GMXAX vs. MUIGX

Last updated Apr 1, 2026

Compare and contrast key facts about Nationwide Mid Cap Market Index Fund (GMXAX) and Nationwide BNY Mellon Dynamic U.S. Core Fund (MUIGX).

GMXAX is managed by Nationwide. It was launched on Dec 29, 1999. MUIGX is managed by Nationwide. It was launched on Feb 14, 1961.

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.

GMXAX vs. MUIGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GMXAX Nationwide Mid Cap Market Index Fund	-0.45%	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	-7.24%	17.35%	22.33%	24.28%	-21.86%	30.48%	19.17%	47.45%	-0.65%	27.24%

Returns By Period

In the year-to-date period, GMXAX achieves a -0.45% return, which is significantly higher than MUIGX's -7.24% return. Over the past 10 years, GMXAX has underperformed MUIGX with an annualized return of 8.33%, while MUIGX has yielded a comparatively higher 14.56% annualized return.

GMXAX

• 1D: -0.80%
• 1M: -8.04%
• YTD: -0.45%
• 6M: 1.12%
• 1Y: 13.51%
• 3Y*: 10.07%
• 5Y*: 5.59%
• 10Y*: 8.33%

MUIGX

• 1D: -0.24%
• 1M: -7.90%
• YTD: -7.24%
• 6M: -5.18%
• 1Y: 13.64%
• 3Y*: 15.70%
• 5Y*: 9.98%
• 10Y*: 14.56%

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

GMXAX vs. MUIGX - Expense Ratio Comparison

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

GMXAX

Nationwide Mid Cap Market Index Fund

MUIGX

Nationwide BNY Mellon Dynamic U.S. Core Fund

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: 29
GMXAX Sharpe Ratio Rank: 27
GMXAX Sortino Ratio Rank: 29
GMXAX Omega Ratio Rank: 27
GMXAX Calmar Ratio Rank: 29
GMXAX Martin Ratio Rank: 33

MUIGX

MUIGX Risk / Return Rank: 41
MUIGX Sharpe Ratio Rank: 36
MUIGX Sortino Ratio Rank: 40
MUIGX Omega Ratio Rank: 41
MUIGX Calmar Ratio Rank: 40
MUIGX Martin Ratio Rank: 49

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	0.66	0.82	-0.16
Sortino ratio Return per unit of downside risk	1.08	1.28	-0.20
Omega ratio Gain probability vs. loss probability	1.15	1.19	-0.04
Calmar ratio Return relative to maximum drawdown	0.83	1.06	-0.24
Martin ratio Return relative to average drawdown	3.58	4.91	-1.33
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 0.66, which is comparable to the MUIGX Sharpe Ratio of 0.82. The chart below compares the historical Sharpe Ratios of GMXAX and MUIGX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	GMXAX	MUIGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.66	0.82	-0.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.29	0.59	-0.30
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.39	0.79	-0.40
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.43	-0.05

Correlation

The correlation between GMXAX and MUIGX is 0.88, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

GMXAX vs. MUIGX - Dividend Comparison

GMXAX's dividend yield for the trailing twelve months is around 13.09%, more than MUIGX's 5.33% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GMXAX Nationwide Mid Cap Market Index Fund	13.09%	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	5.33%	4.96%	4.60%	1.41%	1.15%	7.64%	2.77%	14.46%	48.57%	10.32%	5.60%	4.96%

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	-14.08%	-11.47%	-2.61%
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	-8.83%	-8.95%	+0.12%
Average Drawdown Average peak-to-trough decline	-8.10%	-16.94%	+8.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.25%	2.48%	+0.77%

Volatility

GMXAX vs. MUIGX - Volatility Comparison

Nationwide Mid Cap Market Index Fund (GMXAX) has a higher volatility of 5.76% compared to Nationwide BNY Mellon Dynamic U.S. Core Fund (MUIGX) at 4.19%. 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	5.76%	4.19%	+1.57%
Volatility (6M) Calculated over the trailing 6-month period	11.47%	8.93%	+2.54%
Volatility (1Y) Calculated over the trailing 1-year period	20.81%	17.47%	+3.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.66%	16.99%	+2.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.26%	18.45%	+2.81%