GMXAX vs. NWHLX

Last updated Jun 23, 2026

GMXAX (Nationwide Mid Cap Market Index Fund) and NWHLX (Nationwide Bailard International Equities Fund) are both mutual funds - GMXAX is a Mid Cap Blend Equities fund managed by Nationwide, while NWHLX is a Foreign Large Cap Equities fund managed by Nationwide. Over the past 10 years, GMXAX returned 9.57%/yr vs 9.48%/yr for NWHLX. A 0.72 correlation means they provide meaningful diversification when combined. GMXAX charges 0.68%/yr vs 0.93%/yr for NWHLX.

Performance

GMXAX vs. NWHLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nationwide Mid Cap Market Index Fund (GMXAX) and Nationwide Bailard International Equities Fund (NWHLX). 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 GMXAX having a 15.14% return and NWHLX slightly higher at 15.87%. Both investments have delivered pretty close results over the past 10 years, with GMXAX having a 9.57% annualized return and NWHLX not far behind at 9.48%.

GMXAX

• 1D: 1.17%
• 1M: 3.35%
• YTD: 15.14%
• 6M: 12.67%
• 1Y: 26.42%
• 3Y*: 14.43%
• 5Y*: 8.67%
• 10Y*: 9.57%

NWHLX

• 1D: 1.00%
• 1M: 2.84%
• YTD: 15.87%
• 6M: 16.48%
• 1Y: 33.32%
• 3Y*: 20.88%
• 5Y*: 11.70%
• 10Y*: 9.48%

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

GMXAX vs. NWHLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GMXAX Nationwide Mid Cap Market Index Fund	15.14%	6.84%	12.15%	15.89%	-13.45%	24.33%	12.79%	25.35%	-10.65%	2.80%
NWHLX Nationwide Bailard International Equities Fund	15.87%	34.77%	7.37%	21.75%	-15.90%	10.12%	8.25%	21.73%	-19.71%	24.73%

Correlation

The correlation between GMXAX and NWHLX is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (10Y) Calculated over the trailing 10-year period	0.71
Correlation (All Time) Calculated using the full available price history since Sep 17, 2013	0.72

The correlation between GMXAX and NWHLX has been stable across timeframes, ranging from 0.68 to 0.73 - a consistent structural relationship.

Return for Risk

GMXAX vs. NWHLX — Risk / Return Rank

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

GMXAX

GMXAX Risk / Return Rank: 48
GMXAX Sharpe Ratio Rank: 39
GMXAX Sortino Ratio Rank: 40
GMXAX Omega Ratio Rank: 36
GMXAX Calmar Ratio Rank: 67
GMXAX Martin Ratio Rank: 58

NWHLX

NWHLX Risk / Return Rank: 62
NWHLX Sharpe Ratio Rank: 65
NWHLX Sortino Ratio Rank: 62
NWHLX Omega Ratio Rank: 62
NWHLX Calmar Ratio Rank: 65
NWHLX Martin Ratio Rank: 59

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. NWHLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nationwide Mid Cap Market Index Fund (GMXAX) and Nationwide Bailard International Equities Fund (NWHLX). 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	NWHLX	Difference
Sharpe ratio: Return per unit of total volatility	1.69	2.17	-0.48
Sortino ratio: Return per unit of downside risk	2.46	2.99	-0.53
Omega ratio: Gain probability vs. loss probability	1.30	1.40	-0.10
Calmar ratio: Return relative to maximum drawdown	3.02	2.95	+0.07
Martin ratio: Return relative to average drawdown	10.92	11.03	-0.11

GMXAX vs. NWHLX - Sharpe Ratio Comparison

The current GMXAX Sharpe Ratio is 1.69, which is comparable to the NWHLX Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of GMXAX and NWHLX, 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. NWHLX - Drawdown Comparison

The maximum GMXAX drawdown since its inception was -55.64%, which is greater than NWHLX's maximum drawdown of -38.83%. Use the drawdown chart below to compare losses from any high point for GMXAX and NWHLX.

Drawdown Indicators

	GMXAX	NWHLX	Difference
Max Drawdown Largest peak-to-trough decline	-55.64%	-38.83%	-16.81%
Max Drawdown (1Y) Largest decline over 1 year	-8.83%	-11.02%	+2.19%
Max Drawdown (3Y) Largest decline over 3 years	-24.21%	-13.74%	-10.47%
Max Drawdown (5Y) Largest decline over 5 years	-24.21%	-30.48%	+6.27%
Max Drawdown (10Y) Largest decline over 10 years	-42.22%	-38.83%	-3.39%
Current Drawdown Current decline from peak	-0.41%	0.00%	-0.41%
Average Drawdown Average peak-to-trough decline	-8.05%	-7.91%	-0.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.43%	2.94%	-0.51%

Volatility

GMXAX vs. NWHLX - Volatility Comparison

The current volatility for Nationwide Mid Cap Market Index Fund (GMXAX) is 4.91%, while Nationwide Bailard International Equities Fund (NWHLX) has a volatility of 5.39%. This indicates that GMXAX experiences smaller price fluctuations and is considered to be less risky than NWHLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GMXAX	NWHLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.91%	5.39%	-0.48%
Volatility (6M) Calculated over the trailing 6-month period	11.68%	12.78%	-1.10%
Volatility (1Y) Calculated over the trailing 1-year period	15.74%	14.94%	+0.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.73%	15.62%	+4.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.33%	16.26%	+5.07%

GMXAX vs. NWHLX - Expense Ratio Comparison

GMXAX has a 0.68% expense ratio, which is lower than NWHLX's 0.93% expense ratio.

Dividends

GMXAX vs. NWHLX - Dividend Comparison

GMXAX's dividend yield for the trailing twelve months is around 11.26%, more than NWHLX's 7.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GMXAX Nationwide Mid Cap Market Index Fund	11.26%	12.93%	11.73%	6.17%	9.58%	12.52%	3.18%	5.18%	23.21%	0.85%	9.60%	13.94%
NWHLX Nationwide Bailard International Equities Fund	7.26%	8.12%	3.80%	2.75%	2.91%	2.77%	1.43%	2.71%	5.62%	2.05%	2.14%	2.81%

Frequently Asked Questions

Can I hold both GMXAX and NWHLX in my portfolio?

GMXAX and NWHLX have a correlation of 0.68, 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 NWHLX?

NWHLX has higher volatility (5.39%) compared to GMXAX (4.91%). In terms of maximum drawdown, GMXAX dropped -55.64% vs NWHLX's -38.83%.

Which has better risk-adjusted returns?

NWHLX currently has the higher Sharpe Ratio (2.17 vs 1.69), 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.