NDMAX vs. NWLSX

Last updated Jun 4, 2026

NDMAX (Nationwide Investor Destinations Moderately Aggressive Fund) and NWLSX (Nationwide Destination 2035 Fund) are both mutual funds - NDMAX is a Diversified Portfolio fund managed by Nationwide, while NWLSX is a Target Retirement Date fund managed by Nationwide. Over the past 10 years, NDMAX returned 9.11%/yr vs 8.44%/yr for NWLSX. With a 0.99 correlation, they move nearly in lockstep. NDMAX charges 0.52%/yr vs 0.38%/yr for NWLSX.

Performance

NDMAX vs. NWLSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nationwide Investor Destinations Moderately Aggressive Fund (NDMAX) and Nationwide Destination 2035 Fund (NWLSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NDMAX achieves a 10.65% return, which is significantly higher than NWLSX's 8.28% return. Over the past 10 years, NDMAX has outperformed NWLSX with an annualized return of 9.11%, while NWLSX has yielded a comparatively lower 8.44% annualized return.

NDMAX

• 1D: 0.19%
• 1M: 4.31%
• YTD: 10.65%
• 6M: 11.68%
• 1Y: 24.02%
• 3Y*: 16.43%
• 5Y*: 7.97%
• 10Y*: 9.11%

NWLSX

• 1D: 0.00%
• 1M: 3.77%
• YTD: 8.28%
• 6M: 9.06%
• 1Y: 20.30%
• 3Y*: 14.75%
• 5Y*: 6.91%
• 10Y*: 8.44%

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

NDMAX vs. NWLSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NDMAX Nationwide Investor Destinations Moderately Aggressive Fund	10.65%	15.92%	12.14%	18.16%	-17.78%	14.69%	12.86%	19.67%	-8.68%	15.70%
NWLSX Nationwide Destination 2035 Fund	8.28%	16.16%	10.17%	17.00%	-17.70%	13.33%	12.81%	18.63%	-8.01%	15.06%

Correlation

The correlation between NDMAX and NWLSX is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Aug 31, 2007	0.99

The correlation between NDMAX and NWLSX has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.

Return for Risk

NDMAX vs. NWLSX — Risk / Return Rank

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

NDMAX

NDMAX Risk / Return Rank: 67
NDMAX Sharpe Ratio Rank: 67
NDMAX Sortino Ratio Rank: 66
NDMAX Omega Ratio Rank: 63
NDMAX Calmar Ratio Rank: 67
NDMAX Martin Ratio Rank: 71

NWLSX

NWLSX Risk / Return Rank: 64
NWLSX Sharpe Ratio Rank: 64
NWLSX Sortino Ratio Rank: 66
NWLSX Omega Ratio Rank: 61
NWLSX Calmar Ratio Rank: 61
NWLSX Martin Ratio Rank: 69

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. NWLSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nationwide Investor Destinations Moderately Aggressive Fund (NDMAX) and Nationwide Destination 2035 Fund (NWLSX). 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.

	NDMAX	NWLSX	Difference
Sharpe ratio Return per unit of total volatility	2.39	2.35	+0.04
Sortino ratio Return per unit of downside risk	3.41	3.39	+0.02
Omega ratio Gain probability vs. loss probability	1.44	1.44	+0.01
Calmar ratio Return relative to maximum drawdown	3.17	3.00	+0.16
Martin ratio Return relative to average drawdown	13.58	13.40	+0.18
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NDMAX vs. NWLSX - Sharpe Ratio Comparison

The current NDMAX Sharpe Ratio is 2.39, which is comparable to the NWLSX Sharpe Ratio of 2.35. The chart below compares the historical Sharpe Ratios of NDMAX and NWLSX, 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

	NDMAX	NWLSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.39	2.35	+0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	0.54	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.63	0.62	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.38	+0.01

Drawdowns

NDMAX vs. NWLSX - Drawdown Comparison

The maximum NDMAX drawdown since its inception was -47.85%, smaller than the maximum NWLSX drawdown of -52.58%. Use the drawdown chart below to compare losses from any high point for NDMAX and NWLSX.

Drawdown Indicators

	NDMAX	NWLSX	Difference
Max Drawdown Largest peak-to-trough decline	-47.85%	-52.58%	+4.73%
Max Drawdown (1Y) Largest decline over 1 year	-7.75%	-6.88%	-0.87%
Max Drawdown (3Y) Largest decline over 3 years	-13.33%	-10.73%	-2.60%
Max Drawdown (5Y) Largest decline over 5 years	-27.51%	-29.54%	+2.03%
Max Drawdown (10Y) Largest decline over 10 years	-33.00%	-30.59%	-2.41%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-8.18%	-8.57%	+0.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.80%	1.54%	+0.26%

Volatility

NDMAX vs. NWLSX - Volatility Comparison

Nationwide Investor Destinations Moderately Aggressive Fund (NDMAX) has a higher volatility of 3.23% compared to Nationwide Destination 2035 Fund (NWLSX) at 2.78%. This indicates that NDMAX's price experiences larger fluctuations and is considered to be riskier than NWLSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NDMAX	NWLSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.23%	2.78%	+0.45%
Volatility (6M) Calculated over the trailing 6-month period	8.31%	7.13%	+1.18%
Volatility (1Y) Calculated over the trailing 1-year period	10.25%	8.79%	+1.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.65%	12.95%	+0.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.48%	13.71%	+0.77%

NDMAX vs. NWLSX - Expense Ratio Comparison

NDMAX has a 0.52% expense ratio, which is higher than NWLSX's 0.38% expense ratio.

Dividends

NDMAX vs. NWLSX - Dividend Comparison

NDMAX's dividend yield for the trailing twelve months is around 8.43%, more than NWLSX's 7.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NDMAX Nationwide Investor Destinations Moderately Aggressive Fund	8.43%	9.28%	16.19%	6.30%	3.88%	5.83%	5.68%	8.26%	14.63%	10.61%	8.26%	7.82%
NWLSX Nationwide Destination 2035 Fund	7.82%	8.36%	14.07%	7.04%	2.15%	9.62%	5.85%	6.95%	11.27%	7.78%	6.64%	5.43%

Frequently Asked Questions

Can I hold both NDMAX and NWLSX in my portfolio?

With a correlation of 0.99, NDMAX and NWLSX 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, NDMAX or NWLSX?

NDMAX has higher volatility (3.23%) compared to NWLSX (2.78%). In terms of maximum drawdown, NDMAX dropped -47.85% vs NWLSX's -52.58%.

Which has better risk-adjusted returns?

NDMAX currently has the higher Sharpe Ratio (2.39 vs 2.35), 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.