MUIGX vs. FZALX

Last updated Jun 4, 2026

MUIGX (Nationwide BNY Mellon Dynamic U.S. Core Fund) and FZALX (Fidelity Advisor Mega Cap Stock Fund Class Z) are both Large Cap Blend Equities funds. Over the past 10 years, MUIGX returned 16.67%/yr vs 16.71%/yr for FZALX. Their correlation of 0.90 suggests significant overlap in exposure. MUIGX charges 0.50%/yr vs 0.51%/yr for FZALX.

Performance

MUIGX vs. FZALX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nationwide BNY Mellon Dynamic U.S. Core Fund (MUIGX) and Fidelity Advisor Mega Cap Stock Fund Class Z (FZALX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MUIGX achieves a 11.48% return, which is significantly higher than FZALX's 10.54% return. Both investments have delivered pretty close results over the past 10 years, with MUIGX having a 16.67% annualized return and FZALX not far ahead at 16.71%.

MUIGX

• 1D: 0.15%
• 1M: 6.08%
• YTD: 11.48%
• 6M: 11.29%
• 1Y: 28.42%
• 3Y*: 21.38%
• 5Y*: 12.68%
• 10Y*: 16.67%

FZALX

• 1D: -0.32%
• 1M: 3.44%
• YTD: 10.54%
• 6M: 12.47%
• 1Y: 31.53%
• 3Y*: 25.73%
• 5Y*: 16.44%
• 10Y*: 16.71%

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

MUIGX vs. FZALX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MUIGX Nationwide BNY Mellon Dynamic U.S. Core Fund	11.48%	17.35%	22.33%	24.28%	-21.86%	30.48%	19.17%	47.45%	-0.65%	27.24%
FZALX Fidelity Advisor Mega Cap Stock Fund Class Z	10.54%	27.07%	26.13%	26.63%	-8.89%	26.44%	13.06%	31.25%	-7.31%	18.01%

Correlation

The correlation between MUIGX and FZALX is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Aug 21, 2013	0.90

The correlation between MUIGX and FZALX has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.

Return for Risk

MUIGX vs. FZALX — Risk / Return Rank

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

MUIGX

MUIGX Risk / Return Rank: 70
MUIGX Sharpe Ratio Rank: 71
MUIGX Sortino Ratio Rank: 66
MUIGX Omega Ratio Rank: 64
MUIGX Calmar Ratio Rank: 71
MUIGX Martin Ratio Rank: 79

FZALX

FZALX Risk / Return Rank: 81
FZALX Sharpe Ratio Rank: 84
FZALX Sortino Ratio Rank: 78
FZALX Omega Ratio Rank: 75
FZALX Calmar Ratio Rank: 80
FZALX Martin Ratio Rank: 86

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.

MUIGX vs. FZALX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nationwide BNY Mellon Dynamic U.S. Core Fund (MUIGX) and Fidelity Advisor Mega Cap Stock Fund Class Z (FZALX). 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.

	MUIGX	FZALX	Difference
Sharpe ratio: Return per unit of total volatility	2.47	2.71	-0.24
Sortino ratio: Return per unit of downside risk	3.39	3.72	-0.33
Omega ratio: Gain probability vs. loss probability	1.44	1.49	-0.05
Calmar ratio: Return relative to maximum drawdown	3.28	3.61	-0.33
Martin ratio: Return relative to average drawdown	14.74	16.39	-1.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MUIGX vs. FZALX - Sharpe Ratio Comparison

The current MUIGX Sharpe Ratio is 2.47, which is comparable to the FZALX Sharpe Ratio of 2.71. The chart below compares the historical Sharpe Ratios of MUIGX and FZALX, 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

	MUIGX	FZALX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.47	2.71	-0.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.75	0.99	-0.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.91	0.92	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.86	-0.41

Drawdowns

MUIGX vs. FZALX - Drawdown Comparison

The maximum MUIGX drawdown since its inception was -68.10%, which is greater than FZALX's maximum drawdown of -35.23%. Use the drawdown chart below to compare losses from any high point for MUIGX and FZALX.

Drawdown Indicators

	MUIGX	FZALX	Difference
Max Drawdown Largest peak-to-trough decline	-68.10%	-35.23%	-32.87%
Max Drawdown (1Y) Largest decline over 1 year	-8.95%	-8.99%	+0.04%
Max Drawdown (3Y) Largest decline over 3 years	-18.02%	-18.49%	+0.47%
Max Drawdown (5Y) Largest decline over 5 years	-27.33%	-23.25%	-4.08%
Max Drawdown (10Y) Largest decline over 10 years	-32.70%	-35.23%	+2.53%
Current Drawdown Current decline from peak	0.00%	-0.32%	+0.32%
Average Drawdown Average peak-to-trough decline	-16.88%	-3.78%	-13.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.99%	1.98%	+0.01%

Volatility

MUIGX vs. FZALX - Volatility Comparison

Nationwide BNY Mellon Dynamic U.S. Core Fund (MUIGX) has a higher volatility of 3.16% compared to Fidelity Advisor Mega Cap Stock Fund Class Z (FZALX) at 2.73%. This indicates that MUIGX's price experiences larger fluctuations and is considered to be riskier than FZALX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MUIGX	FZALX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.16%	2.73%	+0.43%
Volatility (6M) Calculated over the trailing 6-month period	9.00%	9.06%	-0.06%
Volatility (1Y) Calculated over the trailing 1-year period	11.86%	11.98%	-0.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.99%	16.70%	+0.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.49%	18.14%	+0.35%

MUIGX vs. FZALX - Expense Ratio Comparison

MUIGX has a 0.50% expense ratio, which is lower than FZALX's 0.51% expense ratio.

Dividends

MUIGX vs. FZALX - Dividend Comparison

MUIGX's dividend yield for the trailing twelve months is around 4.43%, more than FZALX's 3.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FZALX Fidelity Advisor Mega Cap Stock Fund Class Z	3.65%	4.04%	2.83%	2.17%	4.51%	4.92%	8.14%	13.19%	21.94%	16.56%	2.12%	4.33%
MUIGX Nationwide BNY Mellon Dynamic U.S. Core Fund	4.43%	4.96%	4.60%	1.41%	1.15%	7.64%	2.77%	14.46%	48.57%	10.32%	5.60%	4.96%

Frequently Asked Questions

Can I hold both MUIGX and FZALX in my portfolio?

With a correlation of 0.93, MUIGX and FZALX 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, MUIGX or FZALX?

MUIGX has higher volatility (3.16%) compared to FZALX (2.73%). In terms of maximum drawdown, MUIGX dropped -68.10% vs FZALX's -35.23%.

Which has better risk-adjusted returns?

FZALX currently has the higher Sharpe Ratio (2.71 vs 2.47), 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.