MUIFX vs. GMRAX
MUIFX (Nationwide Fund) and GMRAX (Nationwide Small Cap Index Fund) are both mutual funds - MUIFX is a Large Cap Blend Equities fund managed by Nationwide, while GMRAX is a Small Cap Blend Equities fund managed by Nationwide. Over the past 10 years, MUIFX returned 13.47%/yr vs 10.20%/yr for GMRAX. Their correlation of 0.84 means they have usually moved in the same direction. MUIFX charges 0.65%/yr vs 0.68%/yr for GMRAX.
Performance
MUIFX vs. GMRAX - Performance Comparison
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Returns By Period
In the year-to-date period, MUIFX achieves a 5.46% return, which is significantly lower than GMRAX's 19.02% return. Over the past 10 years, MUIFX has outperformed GMRAX with an annualized return of 13.47%, while GMRAX has yielded a comparatively lower 10.20% annualized return.
MUIFX
- 1D
- 1.92%
- 1M
- -0.78%
- 6M
- 4.00%
- YTD
- 5.46%
- 1Y
- 13.91%
- 3Y*
- 15.72%
- 5Y*
- 9.90%
- 10Y*
- 13.47%
- ALL TIME*
- 9.24%
GMRAX
- 1D
- 1.33%
- 1M
- -1.68%
- 6M
- 13.03%
- YTD
- 19.02%
- 1Y
- 36.97%
- 3Y*
- 14.45%
- 5Y*
- 6.58%
- 10Y*
- 10.20%
- ALL TIME*
- 7.68%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
MUIFX Nationwide Fund | $0.00 | $0.00 | $0.00 |
MUIFX vs. GMRAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MUIFX Nationwide Fund | 5.46% | 14.21% | 21.61% | 25.72% | -19.09% | 25.37% | 22.59% | 30.95% | -6.06% | 19.79% |
GMRAX Nationwide Small Cap Index Fund | 19.02% | 12.26% | 9.12% | 17.56% | -20.82% | 14.27% | 19.59% | 24.87% | -10.71% | 14.21% |
Correlation
The correlation between MUIFX and GMRAX is 0.73, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.73 |
Correlation (3Y) Balances recent behavior with more history. | 0.76 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.81 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.80 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 2000 | 0.84 |
The correlation between MUIFX and GMRAX shifts across timeframes, from 0.73 (1 year) to 0.84 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
MUIFX vs. GMRAX — Risk / Return Rank
MUIFX
GMRAX
MUIFX vs. GMRAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nationwide Fund (MUIFX) and Nationwide Small Cap Index Fund (GMRAX). 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.
| MUIFX | GMRAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.78 | ||
| Sortino ratioReturn per unit of downside risk | -1.08 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.29 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.16 | 3.00 | -1.84 |
| Martin ratioReturn relative to average drawdown | 4.66 | 10.61 | -5.95 |
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Drawdowns
MUIFX vs. GMRAX - Drawdown Comparison
The maximum MUIFX drawdown since its inception was -58.31%, roughly equal to the maximum GMRAX drawdown of -59.36%. Use the drawdown chart below to compare losses from any high point for MUIFX and GMRAX.
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Drawdown Indicators
| MUIFX | GMRAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.31% | -59.36% | +1.05% |
Max Drawdown (1Y)Largest decline over 1 year | -10.27% | -11.06% | +0.79% |
Max Drawdown (3Y)Largest decline over 3 years | -18.71% | -27.67% | +8.96% |
Max Drawdown (5Y)Largest decline over 5 years | -25.44% | -32.00% | +6.56% |
Max Drawdown (10Y)Largest decline over 10 years | -34.37% | -41.78% | +7.41% |
Current DrawdownCurrent decline from peak | -2.74% | -2.62% | -0.12% |
Average DrawdownAverage peak-to-trough decline | -9.16% | -12.53% | +3.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.56% | 3.12% | -0.56% |
Volatility
MUIFX vs. GMRAX - Volatility Comparison
Nationwide Fund (MUIFX) and Nationwide Small Cap Index Fund (GMRAX) have volatilities of 3.79% and 3.75%, 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.
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Volatility by Period
| MUIFX | GMRAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.79% | 3.75% | +0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 10.31% | 14.14% | -3.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.86% | 19.44% | -6.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.51% | 22.60% | -5.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.31% | 23.52% | -5.21% |
MUIFX vs. GMRAX - Expense Ratio Comparison
MUIFX has a 0.65% expense ratio, which is lower than GMRAX's 0.68% expense ratio.
Dividends
MUIFX vs. GMRAX - Dividend Comparison
MUIFX's dividend yield for the trailing twelve months is around 25.00%, more than GMRAX's 2.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GMRAX Nationwide Small Cap Index Fund | 2.11% | 2.45% | 4.99% | 0.52% | 1.51% | 6.81% | 0.56% | 7.38% | 46.93% | 17.82% | 7.14% | 12.55% |
MUIFX Nationwide Fund | 25.00% | 26.23% | 11.10% | 3.28% | 4.19% | 14.53% | 3.15% | 2.94% | 27.39% | 9.55% | 4.40% | 3.85% |
Frequently Asked Questions
MUIFX and GMRAX have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MUIFX has higher volatility (3.79%) compared to GMRAX (3.75%). In terms of maximum drawdown, MUIFX dropped -58.31% vs GMRAX's -59.36%.
GMRAX currently has the higher Sharpe Ratio (1.71 vs 0.93), 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.
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