NWAQX vs. NDMAX

Last updated Jul 4, 2026

NWAQX (Nationwide Destination 2065 Fund) and NDMAX (Nationwide Investor Destinations Moderately Aggressive Fund) are both mutual funds - NWAQX is a Target Retirement Date fund managed by Nationwide, while NDMAX is a Diversified Portfolio fund managed by Nationwide. Over the past 5 years, NWAQX returned 8.50%/yr vs 7.46%/yr for NDMAX. With a 0.99 correlation, they move nearly in lockstep. NWAQX charges 0.60%/yr vs 0.52%/yr for NDMAX.

Performance

NWAQX vs. NDMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nationwide Destination 2065 Fund (NWAQX) and Nationwide Investor Destinations Moderately Aggressive Fund (NDMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NWAQX achieves a 10.56% return, which is significantly higher than NDMAX's 10.02% return.

NWAQX

• 1D: 0.26%
• 1M: -0.12%
• 6M: 9.85%
• YTD: 10.56%
• 1Y: 20.09%
• 3Y*: 16.82%
• 5Y*: 8.50%
• 10Y*: —

NDMAX

• 1D: 0.28%
• 1M: 0.13%
• 6M: 9.34%
• YTD: 10.02%
• 1Y: 18.75%
• 3Y*: 15.20%
• 5Y*: 7.46%
• 10Y*: 9.07%

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

NWAQX vs. NDMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
NWAQX Nationwide Destination 2065 Fund	10.56%	19.12%	12.92%	20.25%	-19.01%	17.34%	24.26%
NDMAX Nationwide Investor Destinations Moderately Aggressive Fund	10.02%	15.92%	12.14%	18.16%	-17.78%	14.69%	21.21%

Correlation

The correlation between NWAQX and NDMAX 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 (All Time) Calculated using the full available price history since Feb 28, 2020	0.99

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

Return for Risk

NWAQX vs. NDMAX — Risk / Return Rank

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

NWAQX

NWAQX Risk / Return Rank: 55
NWAQX Sharpe Ratio Rank: 53
NWAQX Sortino Ratio Rank: 53
NWAQX Omega Ratio Rank: 50
NWAQX Calmar Ratio Rank: 55
NWAQX Martin Ratio Rank: 66

NDMAX

NDMAX Risk / Return Rank: 63
NDMAX Sharpe Ratio Rank: 61
NDMAX Sortino Ratio Rank: 61
NDMAX Omega Ratio Rank: 60
NDMAX Calmar Ratio Rank: 63
NDMAX 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.

NWAQX vs. NDMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nationwide Destination 2065 Fund (NWAQX) and Nationwide Investor Destinations Moderately Aggressive Fund (NDMAX). 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.

	NWAQX	NDMAX	Difference
Sharpe ratio: Return per unit of total volatility	1.64	1.75	-0.11
Sortino ratio: Return per unit of downside risk	2.32	2.50	-0.17
Omega ratio: Gain probability vs. loss probability	1.30	1.32	-0.03
Calmar ratio: Return relative to maximum drawdown	2.31	2.47	-0.16
Martin ratio: Return relative to average drawdown	9.93	10.36	-0.44

NWAQX vs. NDMAX - Sharpe Ratio Comparison

The current NWAQX Sharpe Ratio is 1.64, which is comparable to the NDMAX Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of NWAQX and NDMAX, 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

NWAQX vs. NDMAX - Drawdown Comparison

The maximum NWAQX drawdown since its inception was -29.29%, smaller than the maximum NDMAX drawdown of -47.85%. Use the drawdown chart below to compare losses from any high point for NWAQX and NDMAX.

Drawdown Indicators

	NWAQX	NDMAX	Difference
Max Drawdown Largest peak-to-trough decline	-29.29%	-47.85%	+18.56%
Max Drawdown (1Y) Largest decline over 1 year	-8.98%	-7.79%	-1.19%
Max Drawdown (3Y) Largest decline over 3 years	-15.18%	-13.33%	-1.85%
Max Drawdown (5Y) Largest decline over 5 years	-26.97%	-27.51%	+0.54%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.00%	—
Current Drawdown Current decline from peak	-1.14%	-0.90%	-0.24%
Average Drawdown Average peak-to-trough decline	-6.22%	-8.16%	+1.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.08%	1.85%	+0.23%

Volatility

NWAQX vs. NDMAX - Volatility Comparison

Nationwide Destination 2065 Fund (NWAQX) has a higher volatility of 5.26% compared to Nationwide Investor Destinations Moderately Aggressive Fund (NDMAX) at 4.57%. This indicates that NWAQX's price experiences larger fluctuations and is considered to be riskier than NDMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NWAQX	NDMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.26%	4.57%	+0.69%
Volatility (6M) Calculated over the trailing 6-month period	10.61%	9.26%	+1.35%
Volatility (1Y) Calculated over the trailing 1-year period	12.65%	10.96%	+1.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.36%	13.77%	+1.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.68%	14.43%	+4.25%

NWAQX vs. NDMAX - Expense Ratio Comparison

NWAQX has a 0.60% expense ratio, which is higher than NDMAX's 0.52% expense ratio.

Dividends

NWAQX vs. NDMAX - Dividend Comparison

NWAQX's dividend yield for the trailing twelve months is around 5.97%, less than NDMAX's 8.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NDMAX Nationwide Investor Destinations Moderately Aggressive Fund	8.49%	9.28%	16.19%	6.30%	3.88%	5.83%	5.68%	8.26%	14.63%	10.61%	8.26%	7.82%
NWAQX Nationwide Destination 2065 Fund	5.97%	6.54%	9.49%	2.23%	1.38%	5.43%	6.71%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NWAQX and NDMAX in my portfolio?

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

NWAQX has higher volatility (5.26%) compared to NDMAX (4.57%). In terms of maximum drawdown, NWAQX dropped -29.29% vs NDMAX's -47.85%.

Which has better risk-adjusted returns?

NDMAX currently has the higher Sharpe Ratio (1.75 vs 1.64), 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.