GRMRX vs. MSXAX

Last updated Aug 1, 2026

GRMRX (Nationwide S&P 500 Index Fund Class R) and MSXAX (NYLI S&P 500 Index Class A) are both S&P 500 funds tracking the S&P 500 Index, from Nationwide and New York Life respectively. Both are passively managed. Over the past 10 years, GRMRX returned 14.09%/yr vs 14.43%/yr for MSXAX. Their 1.00 correlation means they have historically moved very closely together. GRMRX charges 0.93%/yr vs 0.52%/yr for MSXAX.

Performance

GRMRX vs. MSXAX - 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 NYLI S&P 500 Index Class A (MSXAX). 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 8.79% return and MSXAX slightly higher at 9.05%. Both investments have delivered pretty close results over the past 10 years, with GRMRX having a 14.09% annualized return and MSXAX not far ahead at 14.43%.

GRMRX

• 1D: 1.64%
• 1M: -0.63%
• 6M: 7.34%
• YTD: 8.79%
• 1Y: 19.66%
• 3Y*: 17.84%
• 5Y*: 11.62%
• 10Y*: 14.09%
• ALL TIME*: 10.38%

MSXAX

• 1D: 1.66%
• 1M: -0.60%
• 6M: 7.54%
• YTD: 9.05%
• 1Y: 20.04%
• 3Y*: 18.42%
• 5Y*: 12.12%
• 10Y*: 14.43%
• ALL TIME*: 10.25%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GRMRX Nationwide S&P 500 Index Fund Class R	$0.00	$0.00	$0.00
MSXAX NYLI S&P 500 Index Class A	$0.00	$0.00	$0.00

GRMRX vs. MSXAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GRMRX Nationwide S&P 500 Index Fund Class R	8.79%	16.90%	23.49%	25.00%	-18.86%	27.62%	17.38%	30.41%	-4.21%	20.78%
MSXAX NYLI S&P 500 Index Class A	9.05%	17.26%	23.98%	25.96%	-18.52%	28.13%	17.86%	30.69%	-4.71%	21.07%

Correlation

The correlation between GRMRX and MSXAX is 1.00 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	1.00
Correlation (3Y) Balances recent behavior with more history.	1.00
Correlation (5Y) Shows whether the relationship held over a longer period.	1.00
Correlation (10Y) Provides a long-term view across more market conditions.	1.00
Correlation (All Time) Calculated using the full available price history since Jan 2, 2008	1.00

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

Return for Risk

GRMRX vs. MSXAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

GRMRX

GRMRX Risk / Return Rank: 46
GRMRX Sharpe Ratio Rank: 44
GRMRX Sortino Ratio Rank: 41
GRMRX Omega Ratio Rank: 42
GRMRX Calmar Ratio Rank: 46
GRMRX Martin Ratio Rank: 59

MSXAX

MSXAX Risk / Return Rank: 58
MSXAX Sharpe Ratio Rank: 56
MSXAX Sortino Ratio Rank: 52
MSXAX Omega Ratio Rank: 53
MSXAX Calmar Ratio Rank: 59
MSXAX Martin Ratio Rank: 70

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

GRMRX vs. MSXAX - 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 NYLI S&P 500 Index Class A (MSXAX). 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	MSXAX	Difference
Sharpe ratio: Return per unit of total volatility	1.35	1.39	-0.04
Sortino ratio: Return per unit of downside risk	1.90	1.94	-0.05
Omega ratio: Gain probability vs. loss probability	1.24	1.25	-0.01
Calmar ratio: Return relative to maximum drawdown	1.93	1.99	-0.06
Martin ratio: Return relative to average drawdown	8.19	8.50	-0.31

GRMRX vs. MSXAX - Sharpe Ratio Comparison

The current GRMRX Sharpe Ratio is 1.35, which is comparable to the MSXAX Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of GRMRX and MSXAX, 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. MSXAX - Drawdown Comparison

The maximum GRMRX drawdown since its inception was -52.25%, smaller than the maximum MSXAX drawdown of -55.48%. Use the drawdown chart below to compare losses from any high point for GRMRX and MSXAX.

Drawdown Indicators

	GRMRX	MSXAX	Difference
Max Drawdown Largest peak-to-trough decline	-52.25%	-55.48%	+3.23%
Max Drawdown (1Y) Largest decline over 1 year	-9.01%	-8.97%	-0.04%
Max Drawdown (3Y) Largest decline over 3 years	-18.84%	-18.78%	-0.06%
Max Drawdown (5Y) Largest decline over 5 years	-25.04%	-24.78%	-0.26%
Max Drawdown (10Y) Largest decline over 10 years	-33.87%	-33.79%	-0.08%
Current Drawdown Current decline from peak	-2.26%	-2.16%	-0.10%
Average Drawdown Average peak-to-trough decline	-6.96%	-7.13%	+0.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.12%	2.10%	+0.02%

Volatility

GRMRX vs. MSXAX - Volatility Comparison

Nationwide S&P 500 Index Fund Class R (GRMRX) and NYLI S&P 500 Index Class A (MSXAX) have volatilities of 3.42% and 3.44%, 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	MSXAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.42%	3.44%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	10.06%	10.08%	-0.02%
Volatility (1Y) Calculated over the trailing 1-year period	12.85%	12.87%	-0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.06%	17.03%	+0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.08%	18.08%	0.00%

GRMRX vs. MSXAX - Expense Ratio Comparison

GRMRX has a 0.93% expense ratio, which is higher than MSXAX's 0.52% expense ratio.

Dividends

GRMRX vs. MSXAX - Dividend Comparison

GRMRX's dividend yield for the trailing twelve months is around 4.35%, more than MSXAX's 0.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GRMRX Nationwide S&P 500 Index Fund Class R	4.35%	4.74%	2.21%	0.47%	1.20%	4.63%	0.86%	5.98%	18.24%	6.42%	7.16%	11.57%
MSXAX NYLI S&P 500 Index Class A	0.97%	1.06%	5.20%	4.04%	10.30%	4.44%	8.78%	17.42%	14.49%	15.18%	9.63%	5.53%

Frequently Asked Questions

Can I hold both GRMRX and MSXAX in my portfolio?

With a correlation of 1.00, GRMRX and MSXAX 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 MSXAX?

MSXAX has higher volatility (3.44%) compared to GRMRX (3.42%). In terms of maximum drawdown, GRMRX dropped -52.25% vs MSXAX's -55.48%.

Which has better risk-adjusted returns?

MSXAX currently has the higher Sharpe Ratio (1.39 vs 1.35), 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.