NWHQX vs. AIO

Last updated Jun 4, 2026

NWHQX (Nationwide Bailard Technology and Science Fund) and AIO (Virtus Artificial Intelligence & Technology Opportunities Fund) are both Technology Equities funds. Over the past 5 years, NWHQX returned 16.87%/yr vs 13.20%/yr for AIO. A 0.73 correlation means they provide meaningful diversification when combined. NWHQX charges 0.92%/yr vs 1.41%/yr for AIO.

Performance

NWHQX vs. AIO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nationwide Bailard Technology and Science Fund (NWHQX) and Virtus Artificial Intelligence & Technology Opportunities Fund (AIO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NWHQX achieves a 25.03% return, which is significantly lower than AIO's 30.26% return.

NWHQX

• 1D: 1.14%
• 1M: 19.26%
• YTD: 25.03%
• 6M: 25.66%
• 1Y: 43.21%
• 3Y*: 31.35%
• 5Y*: 16.87%
• 10Y*: 21.60%

AIO

• 1D: 0.11%
• 1M: 11.21%
• YTD: 30.26%
• 6M: 29.79%
• 1Y: 29.76%
• 3Y*: 29.61%
• 5Y*: 13.20%
• 10Y*: —

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

NWHQX vs. AIO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
NWHQX Nationwide Bailard Technology and Science Fund	25.03%	18.58%	26.23%	63.66%	-37.23%	19.21%	50.97%	10.09%
AIO Virtus Artificial Intelligence & Technology Opportunities Fund	30.26%	0.48%	54.48%	19.27%	-28.06%	13.51%	46.27%	1.05%

Correlation

The correlation between NWHQX and AIO is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (All Time) Calculated using the full available price history since Oct 30, 2019	0.73

The correlation between NWHQX and AIO has been stable across timeframes, ranging from 0.66 to 0.74 - a consistent structural relationship.

Return for Risk

NWHQX vs. AIO — Risk / Return Rank

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

NWHQX

NWHQX Risk / Return Rank: 38
NWHQX Sharpe Ratio Rank: 51
NWHQX Sortino Ratio Rank: 40
NWHQX Omega Ratio Rank: 42
NWHQX Calmar Ratio Rank: 31
NWHQX Martin Ratio Rank: 26

AIO

AIO Risk / Return Rank: 36
AIO Sharpe Ratio Rank: 34
AIO Sortino Ratio Rank: 34
AIO Omega Ratio Rank: 30
AIO Calmar Ratio Rank: 47
AIO Martin Ratio Rank: 35

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.

NWHQX vs. AIO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nationwide Bailard Technology and Science Fund (NWHQX) and Virtus Artificial Intelligence & Technology Opportunities Fund (AIO). 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.

	NWHQX	AIO	Difference
Sharpe ratio Return per unit of total volatility	2.09	1.68	+0.41
Sortino ratio Return per unit of downside risk	2.66	2.41	+0.24
Omega ratio Gain probability vs. loss probability	1.35	1.29	+0.06
Calmar ratio Return relative to maximum drawdown	2.09	2.62	-0.53
Martin ratio Return relative to average drawdown	6.26	7.77	-1.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NWHQX vs. AIO - Sharpe Ratio Comparison

The current NWHQX Sharpe Ratio is 2.09, which is comparable to the AIO Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of NWHQX and AIO, 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

	NWHQX	AIO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.09	1.68	+0.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.64	0.60	+0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.86	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.83	0.66	+0.18

Drawdowns

NWHQX vs. AIO - Drawdown Comparison

The maximum NWHQX drawdown since its inception was -42.61%, smaller than the maximum AIO drawdown of -44.88%. Use the drawdown chart below to compare losses from any high point for NWHQX and AIO.

Drawdown Indicators

	NWHQX	AIO	Difference
Max Drawdown Largest peak-to-trough decline	-42.61%	-44.88%	+2.27%
Max Drawdown (1Y) Largest decline over 1 year	-21.34%	-11.42%	-9.92%
Max Drawdown (3Y) Largest decline over 3 years	-26.48%	-30.23%	+3.75%
Max Drawdown (5Y) Largest decline over 5 years	-42.61%	-37.39%	-5.22%
Max Drawdown (10Y) Largest decline over 10 years	-42.61%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-7.11%	-10.96%	+3.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.11%	3.84%	+3.27%

Volatility

NWHQX vs. AIO - Volatility Comparison

Nationwide Bailard Technology and Science Fund (NWHQX) and Virtus Artificial Intelligence & Technology Opportunities Fund (AIO) have volatilities of 5.59% and 5.68%, 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

	NWHQX	AIO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.59%	5.68%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	16.94%	13.37%	+3.57%
Volatility (1Y) Calculated over the trailing 1-year period	21.40%	17.86%	+3.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.37%	22.04%	+4.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.21%	26.87%	-1.66%

NWHQX vs. AIO - Expense Ratio Comparison

NWHQX has a 0.92% expense ratio, which is lower than AIO's 1.41% expense ratio.

Dividends

NWHQX vs. AIO - Dividend Comparison

NWHQX's dividend yield for the trailing twelve months is around 9.36%, less than AIO's 10.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AIO Virtus Artificial Intelligence & Technology Opportunities Fund	10.90%	13.75%	7.30%	10.34%	11.12%	19.97%	9.31%	0.54%	0.00%	0.00%	0.00%	0.00%
NWHQX Nationwide Bailard Technology and Science Fund	9.36%	11.71%	12.90%	6.49%	11.34%	17.51%	11.54%	7.38%	17.44%	10.29%	7.72%	8.63%

Frequently Asked Questions

Can I hold both NWHQX and AIO in my portfolio?

NWHQX and AIO have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NWHQX or AIO?

AIO has higher volatility (5.68%) compared to NWHQX (5.59%). In terms of maximum drawdown, NWHQX dropped -42.61% vs AIO's -44.88%.

Which has better risk-adjusted returns?

NWHQX currently has the higher Sharpe Ratio (2.09 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.