MUIFX vs. GMRAX

Last updated Jun 5, 2026

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 13.94%/yr vs 10.52%/yr for GMRAX. Their correlation of 0.84 suggests significant overlap in exposure. MUIFX charges 0.65%/yr vs 0.68%/yr for GMRAX.

Performance

MUIFX vs. GMRAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nationwide Fund (MUIFX) and Nationwide Small Cap Index Fund (GMRAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MUIFX achieves a 6.03% return, which is significantly lower than GMRAX's 16.80% return. Over the past 10 years, MUIFX has outperformed GMRAX with an annualized return of 13.94%, while GMRAX has yielded a comparatively lower 10.52% annualized return.

MUIFX

• 1D: -0.71%
• 1M: 2.55%
• YTD: 6.03%
• 6M: 6.28%
• 1Y: 18.54%
• 3Y*: 18.15%
• 5Y*: 10.91%
• 10Y*: 13.94%

GMRAX

• 1D: -1.32%
• 1M: 1.77%
• YTD: 16.80%
• 6M: 14.71%
• 1Y: 38.94%
• 3Y*: 17.19%
• 5Y*: 5.62%
• 10Y*: 10.52%

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

MUIFX vs. GMRAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MUIFX Nationwide Fund	6.03%	14.21%	21.61%	25.72%	-19.09%	25.37%	22.59%	30.95%	-6.06%	19.79%
GMRAX Nationwide Small Cap Index Fund	16.80%	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 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	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since Jan 4, 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.

Return for Risk

MUIFX vs. GMRAX — Risk / Return Rank

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

MUIFX

MUIFX Risk / Return Rank: 32
MUIFX Sharpe Ratio Rank: 33
MUIFX Sortino Ratio Rank: 31
MUIFX Omega Ratio Rank: 34
MUIFX Calmar Ratio Rank: 26
MUIFX Martin Ratio Rank: 35

GMRAX

GMRAX Risk / Return Rank: 56
GMRAX Sharpe Ratio Rank: 49
GMRAX Sortino Ratio Rank: 46
GMRAX Omega Ratio Rank: 40
GMRAX Calmar Ratio Rank: 79
GMRAX Martin Ratio Rank: 64

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.

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.

	MUIFX	GMRAX	Difference
Sharpe ratio: Return per unit of total volatility	1.60	2.02	-0.42
Sortino ratio: Return per unit of downside risk	2.27	2.82	-0.56
Omega ratio: Gain probability vs. loss probability	1.30	1.33	-0.04
Calmar ratio: Return relative to maximum drawdown	1.83	3.50	-1.67
Martin ratio: Return relative to average drawdown	7.66	12.40	-4.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MUIFX vs. GMRAX - Sharpe Ratio Comparison

The current MUIFX Sharpe Ratio is 1.60, which is comparable to the GMRAX Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of MUIFX and GMRAX, 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

	MUIFX	GMRAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.60	2.02	-0.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	0.25	+0.38
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.76	0.45	+0.32
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.31	+0.22

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.

Drawdown Indicators

	MUIFX	GMRAX	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	-0.71%	-1.45%	+0.74%
Average Drawdown Average peak-to-trough decline	-9.19%	-12.59%	+3.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.45%	3.12%	-0.67%

Volatility

MUIFX vs. GMRAX - Volatility Comparison

The current volatility for Nationwide Fund (MUIFX) is 3.05%, while Nationwide Small Cap Index Fund (GMRAX) has a volatility of 5.74%. This indicates that MUIFX experiences smaller price fluctuations and is considered to be less risky than GMRAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MUIFX	GMRAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.05%	5.74%	-2.69%
Volatility (6M) Calculated over the trailing 6-month period	9.11%	13.60%	-4.49%
Volatility (1Y) Calculated over the trailing 1-year period	11.76%	19.20%	-7.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.40%	22.64%	-5.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.30%	23.55%	-5.25%

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 24.91%, more than GMRAX's 2.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GMRAX Nationwide Small Cap Index Fund	2.13%	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	24.91%	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

Can I hold both MUIFX and GMRAX in my portfolio?

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.

Which is riskier, MUIFX or GMRAX?

GMRAX has higher volatility (5.74%) compared to MUIFX (3.05%). In terms of maximum drawdown, MUIFX dropped -58.31% vs GMRAX's -59.36%.

Which has better risk-adjusted returns?

GMRAX currently has the higher Sharpe Ratio (2.02 vs 1.60), 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.