NWESX vs. GMXAX

Last updated Jun 23, 2026

NWESX (Nationwide Destination Retirement Fund) and GMXAX (Nationwide Mid Cap Market Index Fund) are both mutual funds - NWESX is a Target Retirement Date fund managed by Nationwide, while GMXAX is a Mid Cap Blend Equities fund managed by Nationwide. Over the past 10 years, NWESX returned 5.52%/yr vs 9.57%/yr for GMXAX. Their correlation of 0.85 suggests significant overlap in exposure. NWESX charges 0.38%/yr vs 0.68%/yr for GMXAX.

Performance

NWESX vs. GMXAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nationwide Destination Retirement Fund (NWESX) and Nationwide Mid Cap Market Index Fund (GMXAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NWESX achieves a 5.12% return, which is significantly lower than GMXAX's 15.14% return. Over the past 10 years, NWESX has underperformed GMXAX with an annualized return of 5.52%, while GMXAX has yielded a comparatively higher 9.57% annualized return.

NWESX

• 1D: 0.64%
• 1M: 1.15%
• YTD: 5.12%
• 6M: 5.25%
• 1Y: 13.76%
• 3Y*: 9.61%
• 5Y*: 4.39%
• 10Y*: 5.52%

GMXAX

• 1D: 1.17%
• 1M: 3.35%
• YTD: 15.14%
• 6M: 12.67%
• 1Y: 26.42%
• 3Y*: 14.43%
• 5Y*: 8.67%
• 10Y*: 9.57%

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

NWESX vs. GMXAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NWESX Nationwide Destination Retirement Fund	5.12%	12.66%	6.15%	11.26%	-14.14%	6.52%	10.59%	12.62%	-4.88%	10.06%
GMXAX Nationwide Mid Cap Market Index Fund	15.14%	6.84%	12.15%	15.89%	-13.45%	24.33%	12.79%	25.35%	-10.65%	2.80%

Correlation

The correlation between NWESX and GMXAX is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.74
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 Aug 30, 2007	0.85

The correlation between NWESX and GMXAX shifts across timeframes, from 0.74 (3 years) to 0.85 (all time), reflecting how their relationship changes across market environments.

Return for Risk

NWESX vs. GMXAX — Risk / Return Rank

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

NWESX

NWESX Risk / Return Rank: 63
NWESX Sharpe Ratio Rank: 63
NWESX Sortino Ratio Rank: 69
NWESX Omega Ratio Rank: 64
NWESX Calmar Ratio Rank: 53
NWESX Martin Ratio Rank: 65

GMXAX

GMXAX Risk / Return Rank: 48
GMXAX Sharpe Ratio Rank: 39
GMXAX Sortino Ratio Rank: 40
GMXAX Omega Ratio Rank: 36
GMXAX Calmar Ratio Rank: 67
GMXAX Martin Ratio Rank: 58

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.

NWESX vs. GMXAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nationwide Destination Retirement Fund (NWESX) and Nationwide Mid Cap Market Index Fund (GMXAX). 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	GMXAX	Difference
Sharpe ratio: Return per unit of total volatility	2.13	1.69	+0.44
Sortino ratio: Return per unit of downside risk	3.14	2.46	+0.68
Omega ratio: Gain probability vs. loss probability	1.40	1.30	+0.11
Calmar ratio: Return relative to maximum drawdown	2.67	3.02	-0.35
Martin ratio: Return relative to average drawdown	11.93	10.92	+1.01

NWESX vs. GMXAX - Sharpe Ratio Comparison

The current NWESX Sharpe Ratio is 2.13, which is comparable to the GMXAX Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of NWESX and GMXAX, 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

NWESX vs. GMXAX - Drawdown Comparison

The maximum NWESX drawdown since its inception was -39.22%, smaller than the maximum GMXAX drawdown of -55.64%. Use the drawdown chart below to compare losses from any high point for NWESX and GMXAX.

Drawdown Indicators

	NWESX	GMXAX	Difference
Max Drawdown Largest peak-to-trough decline	-39.22%	-55.64%	+16.42%
Max Drawdown (1Y) Largest decline over 1 year	-5.12%	-8.83%	+3.71%
Max Drawdown (3Y) Largest decline over 3 years	-6.44%	-24.21%	+17.77%
Max Drawdown (5Y) Largest decline over 5 years	-25.05%	-24.21%	-0.84%
Max Drawdown (10Y) Largest decline over 10 years	-25.05%	-42.22%	+17.17%
Current Drawdown Current decline from peak	-0.13%	-0.41%	+0.28%
Average Drawdown Average peak-to-trough decline	-6.17%	-8.05%	+1.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.14%	2.43%	-1.29%

Volatility

NWESX vs. GMXAX - Volatility Comparison

The current volatility for Nationwide Destination Retirement Fund (NWESX) is 2.59%, while Nationwide Mid Cap Market Index Fund (GMXAX) has a volatility of 4.91%. This indicates that NWESX experiences smaller price fluctuations and is considered to be less risky than GMXAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NWESX	GMXAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.59%	4.91%	-2.32%
Volatility (6M) Calculated over the trailing 6-month period	5.44%	11.68%	-6.24%
Volatility (1Y) Calculated over the trailing 1-year period	6.41%	15.74%	-9.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.18%	19.73%	-10.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.16%	21.33%	-13.17%

NWESX vs. GMXAX - Expense Ratio Comparison

NWESX has a 0.38% expense ratio, which is lower than GMXAX's 0.68% expense ratio.

Dividends

NWESX vs. GMXAX - Dividend Comparison

NWESX's dividend yield for the trailing twelve months is around 3.35%, less than GMXAX's 11.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GMXAX Nationwide Mid Cap Market Index Fund	11.26%	12.93%	11.73%	6.17%	9.58%	12.52%	3.18%	5.18%	23.21%	0.85%	9.60%	13.94%
NWESX Nationwide Destination Retirement Fund	3.35%	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

Can I hold both NWESX and GMXAX in my portfolio?

NWESX and GMXAX have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NWESX or GMXAX?

GMXAX has higher volatility (4.91%) compared to NWESX (2.59%). In terms of maximum drawdown, NWESX dropped -39.22% vs GMXAX's -55.64%.

Which has better risk-adjusted returns?

NWESX currently has the higher Sharpe Ratio (2.13 vs 1.69), 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.