NDMAX vs. NDCAX

Last updated Jul 16, 2026

NDMAX (Nationwide Investor Destinations Moderately Aggressive Fund) and NDCAX (Nationwide Investor Destinations Conservative Fund) are both Diversified Portfolio funds from Nationwide. Over the past 10 years, NDMAX returned 8.88%/yr vs 3.31%/yr for NDCAX. Their correlation of 0.83 suggests significant overlap in exposure. NDMAX charges 0.52%/yr vs 0.51%/yr for NDCAX.

Performance

NDMAX vs. NDCAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nationwide Investor Destinations Moderately Aggressive Fund (NDMAX) and Nationwide Investor Destinations Conservative Fund (NDCAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NDMAX achieves a 10.44% return, which is significantly higher than NDCAX's 2.64% return. Over the past 10 years, NDMAX has outperformed NDCAX with an annualized return of 8.88%, while NDCAX has yielded a comparatively lower 3.31% annualized return.

NDMAX

• 1D: 0.57%
• 1M: -0.52%
• 6M: 8.08%
• YTD: 10.44%
• 1Y: 20.44%
• 3Y*: 14.81%
• 5Y*: 7.69%
• 10Y*: 8.88%

NDCAX

• 1D: 0.29%
• 1M: -0.44%
• 6M: 1.82%
• YTD: 2.64%
• 1Y: 7.73%
• 3Y*: 6.23%
• 5Y*: 2.14%
• 10Y*: 3.31%

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

NDMAX vs. NDCAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NDMAX Nationwide Investor Destinations Moderately Aggressive Fund	10.44%	15.92%	12.14%	18.16%	-17.78%	14.69%	12.86%	19.67%	-8.68%	15.70%
NDCAX Nationwide Investor Destinations Conservative Fund	2.64%	8.40%	4.15%	8.61%	-12.52%	3.71%	8.22%	8.79%	-2.16%	5.05%

Correlation

The correlation between NDMAX and NDCAX is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.78
Correlation (All Time) Calculated using the full available price history since Mar 31, 2000	0.83

The correlation between NDMAX and NDCAX shifts across timeframes, from 0.76 (5 years) to 0.88 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

NDMAX vs. NDCAX — Risk / Return Rank

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

NDMAX

NDMAX Risk / Return Rank: 69
NDMAX Sharpe Ratio Rank: 67
NDMAX Sortino Ratio Rank: 67
NDMAX Omega Ratio Rank: 66
NDMAX Calmar Ratio Rank: 69
NDMAX Martin Ratio Rank: 75

NDCAX

NDCAX Risk / Return Rank: 50
NDCAX Sharpe Ratio Rank: 54
NDCAX Sortino Ratio Rank: 57
NDCAX Omega Ratio Rank: 57
NDCAX Calmar Ratio Rank: 35
NDCAX Martin Ratio Rank: 48

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.

NDMAX vs. NDCAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nationwide Investor Destinations Moderately Aggressive Fund (NDMAX) and Nationwide Investor Destinations Conservative Fund (NDCAX). 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.

	NDMAX	NDCAX	Difference
Sharpe ratio: Return per unit of total volatility	1.79	1.63	+0.16
Sortino ratio: Return per unit of downside risk	2.55	2.36	+0.19
Omega ratio: Gain probability vs. loss probability	1.33	1.31	+0.02
Calmar ratio: Return relative to maximum drawdown	2.54	1.78	+0.76
Martin ratio: Return relative to average drawdown	10.67	7.93	+2.74

NDMAX vs. NDCAX - Sharpe Ratio Comparison

The current NDMAX Sharpe Ratio is 1.79, which is comparable to the NDCAX Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of NDMAX and NDCAX, 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

NDMAX vs. NDCAX - Drawdown Comparison

The maximum NDMAX drawdown since its inception was -47.85%, which is greater than NDCAX's maximum drawdown of -17.56%. Use the drawdown chart below to compare losses from any high point for NDMAX and NDCAX.

Drawdown Indicators

	NDMAX	NDCAX	Difference
Max Drawdown Largest peak-to-trough decline	-47.85%	-17.56%	-30.29%
Max Drawdown (1Y) Largest decline over 1 year	-7.79%	-4.18%	-3.61%
Max Drawdown (3Y) Largest decline over 3 years	-13.33%	-5.28%	-8.05%
Max Drawdown (5Y) Largest decline over 5 years	-27.51%	-17.56%	-9.95%
Max Drawdown (10Y) Largest decline over 10 years	-33.00%	-17.56%	-15.44%
Current Drawdown Current decline from peak	-0.52%	-0.48%	-0.04%
Average Drawdown Average peak-to-trough decline	-8.15%	-1.93%	-6.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.85%	0.94%	+0.91%

Volatility

NDMAX vs. NDCAX - Volatility Comparison

Nationwide Investor Destinations Moderately Aggressive Fund (NDMAX) has a higher volatility of 3.36% compared to Nationwide Investor Destinations Conservative Fund (NDCAX) at 1.49%. This indicates that NDMAX's price experiences larger fluctuations and is considered to be riskier than NDCAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NDMAX	NDCAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.36%	1.49%	+1.87%
Volatility (6M) Calculated over the trailing 6-month period	9.34%	4.00%	+5.34%
Volatility (1Y) Calculated over the trailing 1-year period	11.04%	4.55%	+6.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.77%	5.74%	+8.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.43%	4.99%	+9.44%

NDMAX vs. NDCAX - Expense Ratio Comparison

NDMAX has a 0.52% expense ratio, which is higher than NDCAX's 0.51% expense ratio.

Dividends

NDMAX vs. NDCAX - Dividend Comparison

NDMAX's dividend yield for the trailing twelve months is around 8.46%, more than NDCAX's 3.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NDCAX Nationwide Investor Destinations Conservative Fund	3.34%	3.60%	5.42%	3.42%	2.06%	3.02%	2.98%	1.63%	5.35%	2.27%	2.91%	2.40%
NDMAX Nationwide Investor Destinations Moderately Aggressive Fund	8.46%	9.28%	16.19%	6.30%	3.88%	5.83%	5.68%	8.26%	14.63%	10.61%	8.26%	7.82%

Frequently Asked Questions

Can I hold both NDMAX and NDCAX in my portfolio?

NDMAX and NDCAX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NDMAX or NDCAX?

NDMAX has higher volatility (3.36%) compared to NDCAX (1.49%). In terms of maximum drawdown, NDMAX dropped -47.85% vs NDCAX's -17.56%.

Which has better risk-adjusted returns?

NDMAX currently has the higher Sharpe Ratio (1.79 vs 1.63), 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.