NWGSX vs. HDPSX

Last updated Jun 4, 2026

NWGSX (Nationwide WCM Focused Small Cap Fund) and HDPSX (Hodges Small Cap Fund) are both Small Cap Blend Equities funds. Over the past 10 years, NWGSX returned 7.92%/yr vs 15.75%/yr for HDPSX. Their correlation of 0.87 suggests significant overlap in exposure. NWGSX charges 0.89%/yr vs 1.36%/yr for HDPSX.

Performance

NWGSX vs. HDPSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nationwide WCM Focused Small Cap Fund (NWGSX) and Hodges Small Cap Fund (HDPSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NWGSX achieves a 5.18% return, which is significantly lower than HDPSX's 31.07% return. Over the past 10 years, NWGSX has underperformed HDPSX with an annualized return of 7.92%, while HDPSX has yielded a comparatively higher 15.75% annualized return.

NWGSX

• 1D: 1.04%
• 1M: 4.73%
• YTD: 5.18%
• 6M: 3.69%
• 1Y: 8.78%
• 3Y*: 4.90%
• 5Y*: 2.59%
• 10Y*: 7.92%

HDPSX

• 1D: 1.19%
• 1M: 7.62%
• YTD: 31.07%
• 6M: 27.37%
• 1Y: 51.32%
• 3Y*: 34.24%
• 5Y*: 16.84%
• 10Y*: 15.75%

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

NWGSX vs. HDPSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NWGSX Nationwide WCM Focused Small Cap Fund	5.18%	-5.72%	3.23%	26.14%	-14.72%	19.18%	1.19%	28.90%	-8.64%	13.95%
HDPSX Hodges Small Cap Fund	31.07%	3.07%	62.98%	14.88%	-12.78%	35.60%	16.98%	16.85%	-16.35%	9.34%

Correlation

The correlation between NWGSX and HDPSX is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Sep 18, 2013	0.87

The correlation between NWGSX and HDPSX has been stable across timeframes, ranging from 0.77 to 0.87 - a consistent structural relationship.

Return for Risk

NWGSX vs. HDPSX — Risk / Return Rank

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

NWGSX

NWGSX Risk / Return Rank: 7
NWGSX Sharpe Ratio Rank: 7
NWGSX Sortino Ratio Rank: 7
NWGSX Omega Ratio Rank: 6
NWGSX Calmar Ratio Rank: 7
NWGSX Martin Ratio Rank: 7

HDPSX

HDPSX Risk / Return Rank: 76
HDPSX Sharpe Ratio Rank: 78
HDPSX Sortino Ratio Rank: 67
HDPSX Omega Ratio Rank: 59
HDPSX Calmar Ratio Rank: 93
HDPSX Martin Ratio Rank: 83

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.

NWGSX vs. HDPSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nationwide WCM Focused Small Cap Fund (NWGSX) and Hodges Small Cap Fund (HDPSX). 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.

	NWGSX	HDPSX	Difference
Sharpe ratio: Return per unit of total volatility	0.54	2.57	-2.03
Sortino ratio: Return per unit of downside risk	0.94	3.42	-2.48
Omega ratio: Gain probability vs. loss probability	1.10	1.43	-0.32
Calmar ratio: Return relative to maximum drawdown	0.64	5.19	-4.54
Martin ratio: Return relative to average drawdown	1.91	15.70	-13.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NWGSX vs. HDPSX - Sharpe Ratio Comparison

The current NWGSX Sharpe Ratio is 0.54, which is lower than the HDPSX Sharpe Ratio of 2.57. The chart below compares the historical Sharpe Ratios of NWGSX and HDPSX, 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

	NWGSX	HDPSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.54	2.57	-2.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.13	0.63	-0.50
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.36	0.57	-0.22
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.45	-0.08

Drawdowns

NWGSX vs. HDPSX - Drawdown Comparison

The maximum NWGSX drawdown since its inception was -46.36%, smaller than the maximum HDPSX drawdown of -65.86%. Use the drawdown chart below to compare losses from any high point for NWGSX and HDPSX.

Drawdown Indicators

	NWGSX	HDPSX	Difference
Max Drawdown Largest peak-to-trough decline	-46.36%	-65.86%	+19.50%
Max Drawdown (1Y) Largest decline over 1 year	-16.31%	-10.42%	-5.89%
Max Drawdown (3Y) Largest decline over 3 years	-26.66%	-28.83%	+2.17%
Max Drawdown (5Y) Largest decline over 5 years	-26.66%	-28.83%	+2.17%
Max Drawdown (10Y) Largest decline over 10 years	-46.36%	-58.96%	+12.60%
Current Drawdown Current decline from peak	-9.83%	0.00%	-9.83%
Average Drawdown Average peak-to-trough decline	-7.41%	-10.85%	+3.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.49%	3.43%	+2.06%

Volatility

NWGSX vs. HDPSX - Volatility Comparison

The current volatility for Nationwide WCM Focused Small Cap Fund (NWGSX) is 5.75%, while Hodges Small Cap Fund (HDPSX) has a volatility of 6.44%. This indicates that NWGSX experiences smaller price fluctuations and is considered to be less risky than HDPSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NWGSX	HDPSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.75%	6.44%	-0.69%
Volatility (6M) Calculated over the trailing 6-month period	13.97%	14.92%	-0.95%
Volatility (1Y) Calculated over the trailing 1-year period	19.50%	21.00%	-1.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.20%	27.00%	-6.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.16%	27.51%	-5.35%

NWGSX vs. HDPSX - Expense Ratio Comparison

NWGSX has a 0.89% expense ratio, which is lower than HDPSX's 1.36% expense ratio.

Dividends

NWGSX vs. HDPSX - Dividend Comparison

NWGSX's dividend yield for the trailing twelve months is around 24.41%, more than HDPSX's 5.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HDPSX Hodges Small Cap Fund	5.83%	7.64%	44.97%	5.01%	6.46%	19.53%	0.00%	8.25%	4.66%	14.53%	0.32%	0.35%
NWGSX Nationwide WCM Focused Small Cap Fund	24.41%	25.67%	4.86%	3.16%	2.09%	2.19%	0.00%	4.35%	64.46%	8.48%	0.13%	3.32%

Frequently Asked Questions

Can I hold both NWGSX and HDPSX in my portfolio?

NWGSX and HDPSX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NWGSX or HDPSX?

HDPSX has higher volatility (6.44%) compared to NWGSX (5.75%). In terms of maximum drawdown, NWGSX dropped -46.36% vs HDPSX's -65.86%.

Which has better risk-adjusted returns?

HDPSX currently has the higher Sharpe Ratio (2.57 vs 0.54), 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.