NWHLX vs. GIIAX

Last updated Jun 6, 2026

NWHLX (Nationwide Bailard International Equities Fund) and GIIAX (Nationwide International Index Fund) are both Foreign Large Cap Equities funds from Nationwide. Over the past 10 years, NWHLX returned 9.15%/yr vs 8.63%/yr for GIIAX. With a 0.97 correlation, they move nearly in lockstep. NWHLX charges 0.93%/yr vs 0.71%/yr for GIIAX.

Performance

NWHLX vs. GIIAX - Performance Comparison

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

Returns By Period

In the year-to-date period, NWHLX achieves a 14.77% return, which is significantly higher than GIIAX's 8.95% return. Over the past 10 years, NWHLX has outperformed GIIAX with an annualized return of 9.15%, while GIIAX has yielded a comparatively lower 8.63% annualized return.

NWHLX

• 1D: 0.31%
• 1M: 1.86%
• YTD: 14.77%
• 6M: 17.43%
• 1Y: 29.28%
• 3Y*: 22.22%
• 5Y*: 10.78%
• 10Y*: 9.15%

GIIAX

• 1D: 0.53%
• 1M: -0.09%
• YTD: 8.95%
• 6M: 11.21%
• 1Y: 21.07%
• 3Y*: 16.29%
• 5Y*: 7.93%
• 10Y*: 8.63%

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

NWHLX vs. GIIAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NWHLX Nationwide Bailard International Equities Fund	14.77%	34.77%	7.37%	21.75%	-15.90%	10.12%	8.25%	21.73%	-19.71%	24.73%
GIIAX Nationwide International Index Fund	8.95%	31.11%	3.05%	16.88%	-14.43%	10.67%	7.26%	21.56%	-14.10%	24.81%

Correlation

The correlation between NWHLX and GIIAX is 0.98 - 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	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Sep 18, 2013	0.97

The correlation between NWHLX and GIIAX has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

Return for Risk

NWHLX vs. GIIAX — Risk / Return Rank

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

NWHLX

NWHLX Risk / Return Rank: 51
NWHLX Sharpe Ratio Rank: 52
NWHLX Sortino Ratio Rank: 49
NWHLX Omega Ratio Rank: 50
NWHLX Calmar Ratio Rank: 53
NWHLX Martin Ratio Rank: 50

GIIAX

GIIAX Risk / Return Rank: 28
GIIAX Sharpe Ratio Rank: 27
GIIAX Sortino Ratio Rank: 27
GIIAX Omega Ratio Rank: 27
GIIAX Calmar Ratio Rank: 27
GIIAX Martin Ratio Rank: 31

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. GIIAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nationwide Bailard International Equities Fund (NWHLX) and Nationwide International Index Fund (GIIAX). 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.

	NWHLX	GIIAX	Difference
Sharpe ratio: Return per unit of total volatility	2.06	1.44	+0.62
Sortino ratio: Return per unit of downside risk	2.87	2.08	+0.79
Omega ratio: Gain probability vs. loss probability	1.37	1.26	+0.12
Calmar ratio: Return relative to maximum drawdown	2.67	1.87	+0.80
Martin ratio: Return relative to average drawdown	10.02	6.83	+3.18
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NWHLX vs. GIIAX - Sharpe Ratio Comparison

The current NWHLX Sharpe Ratio is 2.06, which is higher than the GIIAX Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of NWHLX and GIIAX, 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

	NWHLX	GIIAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.06	1.44	+0.62
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.70	0.51	+0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	0.53	+0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.22	+0.28

Drawdowns

NWHLX vs. GIIAX - Drawdown Comparison

The maximum NWHLX drawdown since its inception was -38.83%, smaller than the maximum GIIAX drawdown of -61.28%. Use the drawdown chart below to compare losses from any high point for NWHLX and GIIAX.

Drawdown Indicators

	NWHLX	GIIAX	Difference
Max Drawdown Largest peak-to-trough decline	-38.83%	-61.28%	+22.45%
Max Drawdown (1Y) Largest decline over 1 year	-11.02%	-11.21%	+0.19%
Max Drawdown (3Y) Largest decline over 3 years	-13.74%	-13.63%	-0.11%
Max Drawdown (5Y) Largest decline over 5 years	-30.48%	-29.61%	-0.87%
Max Drawdown (10Y) Largest decline over 10 years	-38.83%	-34.23%	-4.60%
Current Drawdown Current decline from peak	0.00%	-0.88%	+0.88%
Average Drawdown Average peak-to-trough decline	-7.94%	-16.06%	+8.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.93%	3.06%	-0.13%

Volatility

NWHLX vs. GIIAX - Volatility Comparison

Nationwide Bailard International Equities Fund (NWHLX) and Nationwide International Index Fund (GIIAX) have volatilities of 4.58% and 4.62%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NWHLX	GIIAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.58%	4.62%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	11.94%	11.96%	-0.02%
Volatility (1Y) Calculated over the trailing 1-year period	14.31%	14.56%	-0.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.50%	15.69%	-0.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.24%	16.36%	-0.12%

NWHLX vs. GIIAX - Expense Ratio Comparison

NWHLX has a 0.93% expense ratio, which is higher than GIIAX's 0.71% expense ratio.

Dividends

NWHLX vs. GIIAX - Dividend Comparison

NWHLX's dividend yield for the trailing twelve months is around 7.23%, more than GIIAX's 6.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GIIAX Nationwide International Index Fund	6.56%	7.14%	3.84%	2.99%	1.90%	3.69%	1.58%	4.20%	6.17%	6.21%	2.87%	3.36%
NWHLX Nationwide Bailard International Equities Fund	7.23%	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 GIIAX in my portfolio?

With a correlation of 0.98, NWHLX and GIIAX 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 GIIAX?

GIIAX has higher volatility (4.62%) compared to NWHLX (4.58%). In terms of maximum drawdown, NWHLX dropped -38.83% vs GIIAX's -61.28%.

Which has better risk-adjusted returns?

NWHLX currently has the higher Sharpe Ratio (2.06 vs 1.44), 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.