NWESX vs. GMRAX
NWESX (Nationwide Destination Retirement Fund) and GMRAX (Nationwide Small Cap Index Fund) are both mutual funds - NWESX is a Target Retirement Date fund managed by Nationwide, while GMRAX is a Small Cap Blend Equities fund managed by Nationwide. Over the past 10 years, NWESX returned 5.34%/yr vs 10.64%/yr for GMRAX. Their correlation of 0.82 suggests significant overlap in exposure. NWESX charges 0.38%/yr vs 0.68%/yr for GMRAX.
Performance
NWESX vs. GMRAX - Performance Comparison
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Returns By Period
In the year-to-date period, NWESX achieves a 4.75% return, which is significantly lower than GMRAX's 20.89% return. Over the past 10 years, NWESX has underperformed GMRAX with an annualized return of 5.34%, while GMRAX has yielded a comparatively higher 10.64% annualized return.
NWESX
- 1D
- 0.51%
- 1M
- 0.35%
- 6M
- 3.64%
- YTD
- 4.75%
- 1Y
- 11.18%
- 3Y*
- 9.78%
- 5Y*
- 3.99%
- 10Y*
- 5.34%
GMRAX
- 1D
- 1.18%
- 1M
- 1.67%
- 6M
- 14.38%
- YTD
- 20.89%
- 1Y
- 34.87%
- 3Y*
- 17.18%
- 5Y*
- 6.40%
- 10Y*
- 10.64%
NWESX vs. GMRAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NWESX Nationwide Destination Retirement Fund | 4.75% | 12.66% | 6.15% | 11.26% | -14.14% | 6.52% | 10.59% | 12.62% | -4.88% | 10.06% |
GMRAX Nationwide Small Cap Index Fund | 20.89% | 12.26% | 9.12% | 17.56% | -20.82% | 14.27% | 19.59% | 24.87% | -10.71% | 14.21% |
Correlation
The correlation between NWESX and GMRAX is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.75 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.73 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.75 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.76 |
Correlation (All Time) Calculated using the full available price history since Aug 30, 2007 | 0.82 |
The correlation between NWESX and GMRAX has been stable across timeframes, ranging from 0.73 to 0.82 - a consistent structural relationship.
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Return for Risk
NWESX vs. GMRAX — Risk / Return Rank
NWESX
GMRAX
NWESX vs. GMRAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nationwide Destination Retirement Fund (NWESX) and Nationwide Small Cap Index Fund (GMRAX). 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.
| NWESX | GMRAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.06 | ||
| Sortino ratioReturn per unit of downside risk | -0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.29 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.03 | 3.07 | -1.05 |
| Martin ratioReturn relative to average drawdown | 9.11 | 10.84 | -1.72 |
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Drawdowns
NWESX vs. GMRAX - Drawdown Comparison
The maximum NWESX drawdown since its inception was -39.22%, smaller than the maximum GMRAX drawdown of -59.36%. Use the drawdown chart below to compare losses from any high point for NWESX and GMRAX.
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Drawdown Indicators
| NWESX | GMRAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.22% | -59.36% | +20.14% |
Max Drawdown (1Y)Largest decline over 1 year | -5.31% | -11.06% | +5.75% |
Max Drawdown (3Y)Largest decline over 3 years | -6.44% | -27.67% | +21.23% |
Max Drawdown (5Y)Largest decline over 5 years | -25.05% | -32.00% | +6.95% |
Max Drawdown (10Y)Largest decline over 10 years | -25.05% | -41.78% | +16.73% |
Current DrawdownCurrent decline from peak | -0.29% | -1.09% | +0.80% |
Average DrawdownAverage peak-to-trough decline | -6.15% | -12.55% | +6.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.18% | 3.13% | -1.95% |
Volatility
NWESX vs. GMRAX - Volatility Comparison
The current volatility for Nationwide Destination Retirement Fund (NWESX) is 2.34%, while Nationwide Small Cap Index Fund (GMRAX) has a volatility of 4.86%. This indicates that NWESX experiences smaller price fluctuations and is considered to be less risky than GMRAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NWESX | GMRAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.34% | 4.86% | -2.52% |
Volatility (6M)Calculated over the trailing 6-month period | 5.50% | 14.22% | -8.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.44% | 19.57% | -13.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.19% | 22.69% | -13.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.10% | 23.51% | -15.41% |
NWESX vs. GMRAX - Expense Ratio Comparison
NWESX has a 0.38% expense ratio, which is lower than GMRAX's 0.68% expense ratio.
Dividends
NWESX vs. GMRAX - Dividend Comparison
NWESX's dividend yield for the trailing twelve months is around 3.52%, more than GMRAX's 2.08% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GMRAX Nationwide Small Cap Index Fund | 2.08% | 2.45% | 4.99% | 0.52% | 1.51% | 6.81% | 0.56% | 7.38% | 46.93% | 17.82% | 7.14% | 12.55% |
NWESX Nationwide Destination Retirement Fund | 3.52% | 3.78% | 10.53% | 5.51% | 4.69% | 10.16% | 4.26% | 4.93% | 7.59% | 5.04% | 6.11% | 8.26% |
Frequently Asked Questions
NWESX and GMRAX have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GMRAX has higher volatility (4.86%) compared to NWESX (2.34%). In terms of maximum drawdown, NWESX dropped -39.22% vs GMRAX's -59.36%.
GMRAX currently has the higher Sharpe Ratio (1.74 vs 1.68), 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.
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