GRISX vs. NWMSX

Last updated Jun 5, 2026

GRISX (Nationwide S&P 500 Index Fund) and NWMSX (Nationwide Destination 2040 Fund) are both mutual funds - GRISX is a S&P 500 fund tracking the S&P 500 Index, while NWMSX is a Target Retirement Date fund managed by Nationwide. Over the past 10 years, GRISX returned 15.19%/yr vs 8.70%/yr for NWMSX. With a 0.95 correlation, they move nearly in lockstep. GRISX charges 0.44%/yr vs 0.38%/yr for NWMSX.

Performance

GRISX vs. NWMSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nationwide S&P 500 Index Fund (GRISX) and Nationwide Destination 2040 Fund (NWMSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GRISX achieves a 10.73% return, which is significantly higher than NWMSX's 8.94% return. Over the past 10 years, GRISX has outperformed NWMSX with an annualized return of 15.19%, while NWMSX has yielded a comparatively lower 8.70% annualized return.

GRISX

• 1D: -0.73%
• 1M: 4.17%
• YTD: 10.73%
• 6M: 10.63%
• 1Y: 27.62%
• 3Y*: 21.79%
• 5Y*: 13.36%
• 10Y*: 15.19%

NWMSX

• 1D: -0.76%
• 1M: 2.65%
• YTD: 8.94%
• 6M: 9.60%
• 1Y: 21.70%
• 3Y*: 16.19%
• 5Y*: 7.67%
• 10Y*: 8.70%

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

GRISX vs. NWMSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GRISX Nationwide S&P 500 Index Fund	10.73%	17.41%	24.13%	25.55%	-18.49%	28.32%	17.92%	30.94%	-3.84%	21.35%
NWMSX Nationwide Destination 2040 Fund	8.94%	17.51%	11.63%	18.59%	-18.29%	15.03%	13.50%	19.70%	-8.44%	10.47%

Correlation

The correlation between GRISX and NWMSX is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Aug 31, 2007	0.95

The correlation between GRISX and NWMSX has been stable across timeframes, ranging from 0.93 to 0.95 - a consistent structural relationship.

Return for Risk

GRISX vs. NWMSX — Risk / Return Rank

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

GRISX

GRISX Risk / Return Rank: 65
GRISX Sharpe Ratio Rank: 63
GRISX Sortino Ratio Rank: 58
GRISX Omega Ratio Rank: 59
GRISX Calmar Ratio Rank: 66
GRISX Martin Ratio Rank: 78

NWMSX

NWMSX Risk / Return Rank: 61
NWMSX Sharpe Ratio Rank: 59
NWMSX Sortino Ratio Rank: 60
NWMSX Omega Ratio Rank: 57
NWMSX Calmar Ratio Rank: 60
NWMSX Martin Ratio Rank: 69

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.

GRISX vs. NWMSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nationwide S&P 500 Index Fund (GRISX) and Nationwide Destination 2040 Fund (NWMSX). 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.

	GRISX	NWMSX	Difference
Sharpe ratio: Return per unit of total volatility	2.33	2.20	+0.13
Sortino ratio: Return per unit of downside risk	3.20	3.15	+0.04
Omega ratio: Gain probability vs. loss probability	1.42	1.40	+0.02
Calmar ratio: Return relative to maximum drawdown	3.10	2.86	+0.24
Martin ratio: Return relative to average drawdown	14.46	12.78	+1.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GRISX vs. NWMSX - Sharpe Ratio Comparison

The current GRISX Sharpe Ratio is 2.33, which is comparable to the NWMSX Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of GRISX and NWMSX, 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

	GRISX	NWMSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.33	2.20	+0.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.79	0.54	+0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.84	0.58	+0.27
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.36	+0.08

Drawdowns

GRISX vs. NWMSX - Drawdown Comparison

The maximum GRISX drawdown since its inception was -55.53%, roughly equal to the maximum NWMSX drawdown of -55.33%. Use the drawdown chart below to compare losses from any high point for GRISX and NWMSX.

Drawdown Indicators

	GRISX	NWMSX	Difference
Max Drawdown Largest peak-to-trough decline	-55.53%	-55.33%	-0.20%
Max Drawdown (1Y) Largest decline over 1 year	-8.95%	-7.75%	-1.20%
Max Drawdown (3Y) Largest decline over 3 years	-18.78%	-12.62%	-6.16%
Max Drawdown (5Y) Largest decline over 5 years	-24.75%	-30.39%	+5.64%
Max Drawdown (10Y) Largest decline over 10 years	-33.85%	-32.80%	-1.05%
Current Drawdown Current decline from peak	-0.73%	-0.76%	+0.03%
Average Drawdown Average peak-to-trough decline	-10.86%	-9.31%	-1.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.91%	1.73%	+0.18%

Volatility

GRISX vs. NWMSX - Volatility Comparison

The current volatility for Nationwide S&P 500 Index Fund (GRISX) is 2.93%, while Nationwide Destination 2040 Fund (NWMSX) has a volatility of 3.18%. This indicates that GRISX experiences smaller price fluctuations and is considered to be less risky than NWMSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GRISX	NWMSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.93%	3.18%	-0.25%
Volatility (6M) Calculated over the trailing 6-month period	9.00%	8.08%	+0.92%
Volatility (1Y) Calculated over the trailing 1-year period	11.90%	10.09%	+1.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.94%	14.25%	+2.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.08%	15.16%	+2.92%

GRISX vs. NWMSX - Expense Ratio Comparison

GRISX has a 0.44% expense ratio, which is higher than NWMSX's 0.38% expense ratio.

Dividends

GRISX vs. NWMSX - Dividend Comparison

GRISX's dividend yield for the trailing twelve months is around 4.62%, less than NWMSX's 8.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GRISX Nationwide S&P 500 Index Fund	4.62%	5.08%	2.62%	0.79%	1.67%	4.96%	1.27%	6.26%	18.54%	6.66%	7.42%	11.98%
NWMSX Nationwide Destination 2040 Fund	8.02%	8.66%	14.65%	6.81%	2.49%	9.45%	6.28%	7.29%	11.84%	1.98%	8.03%	5.32%

Frequently Asked Questions

Can I hold both GRISX and NWMSX in my portfolio?

With a correlation of 0.94, GRISX and NWMSX 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, GRISX or NWMSX?

NWMSX has higher volatility (3.18%) compared to GRISX (2.93%). In terms of maximum drawdown, GRISX dropped -55.53% vs NWMSX's -55.33%.

Which has better risk-adjusted returns?

GRISX currently has the higher Sharpe Ratio (2.33 vs 2.20), 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.