GRMRX vs. INDEX

Last updated Jul 11, 2026

GRMRX (Nationwide S&P 500 Index Fund Class R) and INDEX (CYBER HORNET S&P 500) are both S&P 500 funds tracking the S&P 500 Index, from Nationwide and OneFund respectively. Both are passively managed. Over the past 10 years, GRMRX returned 14.43%/yr vs 12.87%/yr for INDEX. Their correlation of 0.94 suggests significant overlap in exposure. GRMRX charges 0.93%/yr vs 0.25%/yr for INDEX.

Performance

GRMRX vs. INDEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nationwide S&P 500 Index Fund Class R (GRMRX) and CYBER HORNET S&P 500 (INDEX). 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 GRMRX having a 10.38% return and INDEX slightly higher at 10.72%. Over the past 10 years, GRMRX has outperformed INDEX with an annualized return of 14.43%, while INDEX has yielded a comparatively lower 12.87% annualized return.

GRMRX

• 1D: 0.82%
• 1M: 1.52%
• 6M: 8.48%
• YTD: 10.38%
• 1Y: 20.94%
• 3Y*: 20.01%
• 5Y*: 12.07%
• 10Y*: 14.43%

INDEX

• 1D: 0.82%
• 1M: 1.61%
• 6M: 8.83%
• YTD: 10.72%
• 1Y: 21.86%
• 3Y*: 18.86%
• 5Y*: 11.30%
• 10Y*: 12.87%

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

GRMRX vs. INDEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GRMRX Nationwide S&P 500 Index Fund Class R	10.38%	16.90%	23.49%	25.00%	-18.86%	27.62%	17.38%	30.41%	-4.21%	20.78%
INDEX CYBER HORNET S&P 500	10.72%	17.77%	24.73%	10.58%	-11.84%	29.10%	12.75%	28.98%	-7.83%	18.70%

Correlation

The correlation between GRMRX and INDEX is 1.00 - 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	1.00
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since May 11, 2015	0.94

The correlation between GRMRX and INDEX has been stable across timeframes, ranging from 0.94 to 1.00 - a consistent structural relationship.

Return for Risk

GRMRX vs. INDEX — Risk / Return Rank

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

GRMRX

GRMRX Risk / Return Rank: 58
GRMRX Sharpe Ratio Rank: 57
GRMRX Sortino Ratio Rank: 53
GRMRX Omega Ratio Rank: 55
GRMRX Calmar Ratio Rank: 57
GRMRX Martin Ratio Rank: 69

INDEX

INDEX Risk / Return Rank: 65
INDEX Sharpe Ratio Rank: 64
INDEX Sortino Ratio Rank: 59
INDEX Omega Ratio Rank: 62
INDEX Calmar Ratio Rank: 64
INDEX Martin Ratio Rank: 76

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.

GRMRX vs. INDEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nationwide S&P 500 Index Fund Class R (GRMRX) and CYBER HORNET S&P 500 (INDEX). 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.

	GRMRX	INDEX	Difference
Sharpe ratio: Return per unit of total volatility	1.68	1.76	-0.08
Sortino ratio: Return per unit of downside risk	2.31	2.42	-0.10
Omega ratio: Gain probability vs. loss probability	1.31	1.32	-0.01
Calmar ratio: Return relative to maximum drawdown	2.33	2.45	-0.13
Martin ratio: Return relative to average drawdown	10.14	10.81	-0.67

GRMRX vs. INDEX - Sharpe Ratio Comparison

The current GRMRX Sharpe Ratio is 1.68, which is comparable to the INDEX Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of GRMRX and INDEX, 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

GRMRX vs. INDEX - Drawdown Comparison

The maximum GRMRX drawdown since its inception was -52.25%, which is greater than INDEX's maximum drawdown of -38.82%. Use the drawdown chart below to compare losses from any high point for GRMRX and INDEX.

Drawdown Indicators

	GRMRX	INDEX	Difference
Max Drawdown Largest peak-to-trough decline	-52.25%	-38.82%	-13.43%
Max Drawdown (1Y) Largest decline over 1 year	-9.01%	-8.93%	-0.08%
Max Drawdown (3Y) Largest decline over 3 years	-18.84%	-18.75%	-0.09%
Max Drawdown (5Y) Largest decline over 5 years	-25.04%	-21.52%	-3.52%
Max Drawdown (10Y) Largest decline over 10 years	-33.87%	-38.82%	+4.95%
Current Drawdown Current decline from peak	-0.83%	-0.74%	-0.09%
Average Drawdown Average peak-to-trough decline	-6.98%	-4.61%	-2.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.07%	2.02%	+0.05%

Volatility

GRMRX vs. INDEX - Volatility Comparison

Nationwide S&P 500 Index Fund Class R (GRMRX) and CYBER HORNET S&P 500 (INDEX) have volatilities of 4.26% and 4.31%, 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

	GRMRX	INDEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.26%	4.31%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	9.94%	9.98%	-0.04%
Volatility (1Y) Calculated over the trailing 1-year period	12.52%	12.50%	+0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.05%	16.83%	+0.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.06%	18.59%	-0.53%

GRMRX vs. INDEX - Expense Ratio Comparison

GRMRX has a 0.93% expense ratio, which is higher than INDEX's 0.25% expense ratio.

Dividends

GRMRX vs. INDEX - Dividend Comparison

GRMRX's dividend yield for the trailing twelve months is around 4.28%, more than INDEX's 0.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GRMRX Nationwide S&P 500 Index Fund Class R	4.28%	4.74%	2.21%	0.47%	1.20%	4.63%	0.86%	5.98%	18.24%	6.42%	7.16%	11.57%
INDEX CYBER HORNET S&P 500	0.94%	1.04%	1.97%	1.56%	3.25%	1.81%	1.53%	1.61%	3.09%	1.15%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GRMRX and INDEX in my portfolio?

With a correlation of 1.00, GRMRX and INDEX 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, GRMRX or INDEX?

INDEX has higher volatility (4.31%) compared to GRMRX (4.26%). In terms of maximum drawdown, GRMRX dropped -52.25% vs INDEX's -38.82%.

Which has better risk-adjusted returns?

INDEX currently has the higher Sharpe Ratio (1.76 vs 1.68), 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.