NWHLX vs. FSGEX

Last updated Jun 23, 2026

NWHLX (Nationwide Bailard International Equities Fund) and FSGEX (Fidelity Series Global ex U.S. Index Fund) are both Foreign Large Cap Equities funds. Over the past 10 years, NWHLX returned 9.48%/yr vs 10.09%/yr for FSGEX. Their correlation of 0.94 suggests significant overlap in exposure. NWHLX charges 0.93%/yr vs 0.01%/yr for FSGEX.

Performance

NWHLX vs. FSGEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nationwide Bailard International Equities Fund (NWHLX) and Fidelity Series Global ex U.S. Index Fund (FSGEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with NWHLX having a 15.87% return and FSGEX slightly higher at 16.17%. Over the past 10 years, NWHLX has underperformed FSGEX with an annualized return of 9.48%, while FSGEX has yielded a comparatively higher 10.09% annualized return.

NWHLX

• 1D: 1.00%
• 1M: 2.84%
• YTD: 15.87%
• 6M: 16.48%
• 1Y: 33.32%
• 3Y*: 20.88%
• 5Y*: 11.70%
• 10Y*: 9.48%

FSGEX

• 1D: 1.48%
• 1M: 3.51%
• YTD: 16.17%
• 6M: 17.01%
• 1Y: 34.74%
• 3Y*: 18.95%
• 5Y*: 9.52%
• 10Y*: 10.09%

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

NWHLX vs. FSGEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NWHLX Nationwide Bailard International Equities Fund	15.87%	34.77%	7.37%	21.75%	-15.90%	10.12%	8.25%	21.73%	-19.71%	24.73%
FSGEX Fidelity Series Global ex U.S. Index Fund	16.17%	32.99%	5.34%	15.56%	-15.75%	7.77%	10.75%	21.41%	-13.99%	27.47%

Correlation

The correlation between NWHLX and FSGEX is 0.95 - 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	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Sep 17, 2013	0.94

The correlation between NWHLX and FSGEX has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.

Return for Risk

NWHLX vs. FSGEX — Risk / Return Rank

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

NWHLX

NWHLX Risk / Return Rank: 62
NWHLX Sharpe Ratio Rank: 65
NWHLX Sortino Ratio Rank: 62
NWHLX Omega Ratio Rank: 62
NWHLX Calmar Ratio Rank: 65
NWHLX Martin Ratio Rank: 59

FSGEX

FSGEX Risk / Return Rank: 64
FSGEX Sharpe Ratio Rank: 65
FSGEX Sortino Ratio Rank: 59
FSGEX Omega Ratio Rank: 65
FSGEX Calmar Ratio Rank: 67
FSGEX Martin Ratio Rank: 62

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.

NWHLX vs. FSGEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nationwide Bailard International Equities Fund (NWHLX) and Fidelity Series Global ex U.S. Index Fund (FSGEX). 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.

	NWHLX	FSGEX	Difference
Sharpe ratio: Return per unit of total volatility	2.17	2.18	-0.01
Sortino ratio: Return per unit of downside risk	2.99	2.94	+0.05
Omega ratio: Gain probability vs. loss probability	1.40	1.41	-0.01
Calmar ratio: Return relative to maximum drawdown	2.95	3.02	-0.07
Martin ratio: Return relative to average drawdown	11.03	11.62	-0.59

NWHLX vs. FSGEX - Sharpe Ratio Comparison

The current NWHLX Sharpe Ratio is 2.17, which is comparable to the FSGEX Sharpe Ratio of 2.18. The chart below compares the historical Sharpe Ratios of NWHLX and FSGEX, 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

NWHLX vs. FSGEX - Drawdown Comparison

The maximum NWHLX drawdown since its inception was -38.83%, which is greater than FSGEX's maximum drawdown of -34.74%. Use the drawdown chart below to compare losses from any high point for NWHLX and FSGEX.

Drawdown Indicators

	NWHLX	FSGEX	Difference
Max Drawdown Largest peak-to-trough decline	-38.83%	-34.74%	-4.09%
Max Drawdown (1Y) Largest decline over 1 year	-11.02%	-11.24%	+0.22%
Max Drawdown (3Y) Largest decline over 3 years	-13.74%	-13.34%	-0.40%
Max Drawdown (5Y) Largest decline over 5 years	-30.48%	-29.44%	-1.04%
Max Drawdown (10Y) Largest decline over 10 years	-38.83%	-34.74%	-4.09%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-7.91%	-8.43%	+0.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.94%	2.91%	+0.03%

Volatility

NWHLX vs. FSGEX - Volatility Comparison

The current volatility for Nationwide Bailard International Equities Fund (NWHLX) is 5.39%, while Fidelity Series Global ex U.S. Index Fund (FSGEX) has a volatility of 6.53%. This indicates that NWHLX experiences smaller price fluctuations and is considered to be less risky than FSGEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NWHLX	FSGEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.39%	6.53%	-1.14%
Volatility (6M) Calculated over the trailing 6-month period	12.78%	13.55%	-0.77%
Volatility (1Y) Calculated over the trailing 1-year period	14.94%	15.56%	-0.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.62%	15.60%	+0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.26%	16.28%	-0.02%

NWHLX vs. FSGEX - Expense Ratio Comparison

NWHLX has a 0.93% expense ratio, which is higher than FSGEX's 0.01% expense ratio.

Dividends

NWHLX vs. FSGEX - Dividend Comparison

NWHLX's dividend yield for the trailing twelve months is around 7.26%, more than FSGEX's 2.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSGEX Fidelity Series Global ex U.S. Index Fund	2.60%	3.02%	2.98%	2.90%	2.78%	2.59%	1.68%	2.10%	2.86%	2.48%	2.56%	2.61%
NWHLX Nationwide Bailard International Equities Fund	7.26%	8.12%	3.80%	2.75%	2.91%	2.77%	1.43%	2.71%	5.62%	2.05%	2.14%	2.81%

Frequently Asked Questions

Can I hold both NWHLX and FSGEX in my portfolio?

With a correlation of 0.95, NWHLX and FSGEX 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, NWHLX or FSGEX?

FSGEX has higher volatility (6.53%) compared to NWHLX (5.39%). In terms of maximum drawdown, NWHLX dropped -38.83% vs FSGEX's -34.74%.

Which has better risk-adjusted returns?

FSGEX currently has the higher Sharpe Ratio (2.18 vs 2.17), 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.