NDMAX vs. NWMSX

Last updated Jun 4, 2026

NDMAX (Nationwide Investor Destinations Moderately Aggressive Fund) and NWMSX (Nationwide Destination 2040 Fund) are both mutual funds - NDMAX is a Diversified Portfolio fund managed by Nationwide, while NWMSX is a Target Retirement Date fund managed by Nationwide. Over the past 10 years, NDMAX returned 9.11%/yr vs 8.79%/yr for NWMSX. With a 0.99 correlation, they move nearly in lockstep. NDMAX charges 0.52%/yr vs 0.38%/yr for NWMSX.

Performance

NDMAX vs. NWMSX - 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 2040 Fund (NWMSX). 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 NWMSX's 9.77% return. Both investments have delivered pretty close results over the past 10 years, with NDMAX having a 9.11% annualized return and NWMSX not far behind at 8.79%.

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%

NWMSX

• 1D: 0.10%
• 1M: 4.37%
• YTD: 9.77%
• 6M: 10.55%
• 1Y: 23.03%
• 3Y*: 16.49%
• 5Y*: 7.99%
• 10Y*: 8.79%

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

NDMAX vs. NWMSX - 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%
NWMSX Nationwide Destination 2040 Fund	9.77%	17.51%	11.63%	18.59%	-18.29%	15.03%	13.50%	19.70%	-8.44%	10.47%

Correlation

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

Return for Risk

NDMAX vs. NWMSX — 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

NWMSX

NWMSX Risk / Return Rank: 63
NWMSX Sharpe Ratio Rank: 62
NWMSX Sortino Ratio Rank: 63
NWMSX Omega Ratio Rank: 59
NWMSX Calmar Ratio Rank: 61
NWMSX Martin Ratio Rank: 70

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. NWMSX - 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 2040 Fund (NWMSX). 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	NWMSX	Difference
Sharpe ratio Return per unit of total volatility	2.39	2.33	+0.07
Sortino ratio Return per unit of downside risk	3.41	3.33	+0.08
Omega ratio Gain probability vs. loss probability	1.44	1.43	+0.02
Calmar ratio Return relative to maximum drawdown	3.17	3.02	+0.15
Martin ratio Return relative to average drawdown	13.58	13.48	+0.11
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. NWMSX - Sharpe Ratio Comparison

The current NDMAX Sharpe Ratio is 2.39, which is comparable to the NWMSX Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of NDMAX and NWMSX, 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	NWMSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.39	2.33	+0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	0.56	+0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.63	0.58	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.36	+0.03

Drawdowns

NDMAX vs. NWMSX - Drawdown Comparison

The maximum NDMAX drawdown since its inception was -47.85%, smaller than the maximum NWMSX drawdown of -55.33%. Use the drawdown chart below to compare losses from any high point for NDMAX and NWMSX.

Drawdown Indicators

	NDMAX	NWMSX	Difference
Max Drawdown Largest peak-to-trough decline	-47.85%	-55.33%	+7.48%
Max Drawdown (1Y) Largest decline over 1 year	-7.75%	-7.75%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	-13.33%	-12.62%	-0.71%
Max Drawdown (5Y) Largest decline over 5 years	-27.51%	-30.39%	+2.88%
Max Drawdown (10Y) Largest decline over 10 years	-33.00%	-32.80%	-0.20%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-8.18%	-9.31%	+1.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.80%	1.73%	+0.07%

Volatility

NDMAX vs. NWMSX - Volatility Comparison

Nationwide Investor Destinations Moderately Aggressive Fund (NDMAX) and Nationwide Destination 2040 Fund (NWMSX) have volatilities of 3.23% and 3.10%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NDMAX	NWMSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.23%	3.10%	+0.13%
Volatility (6M) Calculated over the trailing 6-month period	8.31%	8.05%	+0.26%
Volatility (1Y) Calculated over the trailing 1-year period	10.25%	10.05%	+0.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.65%	14.24%	-0.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.48%	15.17%	-0.69%

NDMAX vs. NWMSX - Expense Ratio Comparison

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

Dividends

NDMAX vs. NWMSX - Dividend Comparison

NDMAX's dividend yield for the trailing twelve months is around 8.43%, more than NWMSX's 7.95% 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%
NWMSX Nationwide Destination 2040 Fund	7.95%	8.66%	14.65%	6.81%	2.49%	9.45%	6.28%	7.29%	11.84%	1.98%	8.03%	5.32%

Frequently Asked Questions

Can I hold both NDMAX and NWMSX in my portfolio?

With a correlation of 0.99, NDMAX and NWMSX 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 NWMSX?

NDMAX has higher volatility (3.23%) compared to NWMSX (3.10%). In terms of maximum drawdown, NDMAX dropped -47.85% vs NWMSX's -55.33%.

Which has better risk-adjusted returns?

NDMAX currently has the higher Sharpe Ratio (2.39 vs 2.33), 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.