MUIGX vs. GIIAX

Last updated Aug 1, 2026

MUIGX (Nationwide BNY Mellon Dynamic U.S. Core Fund) and GIIAX (Nationwide International Index Fund) are both mutual funds - MUIGX is a Large Cap Blend Equities fund managed by Nationwide, while GIIAX is a Foreign Large Cap Equities fund managed by Nationwide. Over the past 10 years, MUIGX returned 15.96%/yr vs 8.98%/yr for GIIAX. Their 0.68 correlation means they have sometimes moved together and sometimes differently. MUIGX charges 0.50%/yr vs 0.71%/yr for GIIAX.

Performance

MUIGX vs. GIIAX - 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 Nationwide International Index Fund (GIIAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MUIGX achieves a 8.64% return, which is significantly lower than GIIAX's 12.14% return. Over the past 10 years, MUIGX has outperformed GIIAX with an annualized return of 15.96%, while GIIAX has yielded a comparatively lower 8.98% annualized return.

MUIGX

• 1D: 1.56%
• 1M: -0.71%
• 6M: 7.28%
• YTD: 8.64%
• 1Y: 19.33%
• 3Y*: 17.62%
• 5Y*: 10.74%
• 10Y*: 15.96%
• ALL TIME*: 8.44%

GIIAX

• 1D: 2.95%
• 1M: 1.95%
• 6M: 6.79%
• YTD: 12.14%
• 1Y: 25.41%
• 3Y*: 15.66%
• 5Y*: 8.87%
• 10Y*: 8.98%
• ALL TIME*: 4.27%

*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)
GIIAX Nationwide International Index Fund	$0.00	$0.00	$0.00
MUIGX Nationwide BNY Mellon Dynamic U.S. Core Fund	$0.00	$0.00	$0.00

MUIGX vs. GIIAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MUIGX Nationwide BNY Mellon Dynamic U.S. Core Fund	8.64%	17.35%	22.33%	24.28%	-21.86%	30.48%	19.17%	47.45%	-0.65%	27.24%
GIIAX Nationwide International Index Fund	12.14%	31.11%	3.05%	16.88%	-14.43%	10.67%	7.26%	21.56%	-14.10%	24.81%

Correlation

The correlation between MUIGX and GIIAX is 0.78, 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.	0.78
Correlation (3Y) Balances recent behavior with more history.	0.72
Correlation (5Y) Shows whether the relationship held over a longer period.	0.75
Correlation (10Y) Provides a long-term view across more market conditions.	0.75
Correlation (All Time) Calculated using the full available price history since Jan 3, 2000	0.68

The correlation between MUIGX and GIIAX shifts across timeframes, from 0.68 (all time) to 0.78 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

MUIGX vs. GIIAX — Risk / Return Rank

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

MUIGX

MUIGX Risk / Return Rank: 49
MUIGX Sharpe Ratio Rank: 48
MUIGX Sortino Ratio Rank: 45
MUIGX Omega Ratio Rank: 44
MUIGX Calmar Ratio Rank: 51
MUIGX Martin Ratio Rank: 58

GIIAX

GIIAX Risk / Return Rank: 63
GIIAX Sharpe Ratio Rank: 65
GIIAX Sortino Ratio Rank: 64
GIIAX Omega Ratio Rank: 62
GIIAX Calmar Ratio Rank: 63
GIIAX Martin Ratio Rank: 61

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.

MUIGX vs. GIIAX - 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 Nationwide International Index Fund (GIIAX). 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.

	MUIGX	GIIAX	Difference
Sharpe ratio: Return per unit of total volatility	1.35	1.54	-0.20
Sortino ratio: Return per unit of downside risk	1.91	2.22	-0.31
Omega ratio: Gain probability vs. loss probability	1.24	1.28	-0.04
Calmar ratio: Return relative to maximum drawdown	1.93	2.13	-0.20
Martin ratio: Return relative to average drawdown	7.89	7.84	+0.05

MUIGX vs. GIIAX - Sharpe Ratio Comparison

The current MUIGX Sharpe Ratio is 1.35, which is comparable to the GIIAX Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of MUIGX and GIIAX, 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

MUIGX vs. GIIAX - Drawdown Comparison

The maximum MUIGX drawdown since its inception was -68.10%, which is greater than GIIAX's maximum drawdown of -61.28%. Use the drawdown chart below to compare losses from any high point for MUIGX and GIIAX.

Drawdown Indicators

	MUIGX	GIIAX	Difference
Max Drawdown Largest peak-to-trough decline	-68.10%	-61.28%	-6.82%
Max Drawdown (1Y) Largest decline over 1 year	-8.95%	-11.21%	+2.26%
Max Drawdown (3Y) Largest decline over 3 years	-18.02%	-13.63%	-4.39%
Max Drawdown (5Y) Largest decline over 5 years	-27.33%	-29.61%	+2.28%
Max Drawdown (10Y) Largest decline over 10 years	-32.70%	-34.23%	+1.53%
Current Drawdown Current decline from peak	-2.55%	0.00%	-2.55%
Average Drawdown Average peak-to-trough decline	-16.83%	-15.97%	-0.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.19%	3.04%	-0.85%

Volatility

MUIGX vs. GIIAX - Volatility Comparison

The current volatility for Nationwide BNY Mellon Dynamic U.S. Core Fund (MUIGX) is 3.32%, while Nationwide International Index Fund (GIIAX) has a volatility of 4.88%. This indicates that MUIGX experiences smaller price fluctuations and is considered to be less risky than GIIAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MUIGX	GIIAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.32%	4.88%	-1.56%
Volatility (6M) Calculated over the trailing 6-month period	10.09%	13.38%	-3.29%
Volatility (1Y) Calculated over the trailing 1-year period	12.83%	15.51%	-2.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.08%	15.87%	+1.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.51%	16.12%	+2.39%

MUIGX vs. GIIAX - Expense Ratio Comparison

MUIGX has a 0.50% expense ratio, which is lower than GIIAX's 0.71% expense ratio.

Dividends

MUIGX vs. GIIAX - Dividend Comparison

MUIGX's dividend yield for the trailing twelve months is around 4.56%, less than GIIAX's 6.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GIIAX Nationwide International Index Fund	6.54%	7.14%	3.84%	2.99%	1.90%	3.69%	1.58%	4.20%	6.17%	6.21%	2.87%	3.36%
MUIGX Nationwide BNY Mellon Dynamic U.S. Core Fund	4.56%	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 GIIAX in my portfolio?

MUIGX and GIIAX have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MUIGX or GIIAX?

GIIAX has higher volatility (4.88%) compared to MUIGX (3.32%). In terms of maximum drawdown, MUIGX dropped -68.10% vs GIIAX's -61.28%.

Which has better risk-adjusted returns?

GIIAX currently has the higher Sharpe Ratio (1.54 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.