NWHQX vs. NWGSX

Last updated Jun 24, 2026

NWHQX (Nationwide Bailard Technology and Science Fund) and NWGSX (Nationwide WCM Focused Small Cap Fund) are both mutual funds - NWHQX is a Technology Equities fund managed by Nationwide, while NWGSX is a Small Cap Blend Equities fund managed by Nationwide. Over the past 10 years, NWHQX returned 22.02%/yr vs 8.32%/yr for NWGSX. A 0.68 correlation means they provide meaningful diversification when combined. NWHQX charges 0.92%/yr vs 0.89%/yr for NWGSX.

Performance

NWHQX vs. NWGSX - Performance Comparison

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

Returns By Period

In the year-to-date period, NWHQX achieves a 22.86% return, which is significantly higher than NWGSX's 5.31% return. Over the past 10 years, NWHQX has outperformed NWGSX with an annualized return of 22.02%, while NWGSX has yielded a comparatively lower 8.32% annualized return.

NWHQX

• 1D: 0.44%
• 1M: 7.13%
• YTD: 22.86%
• 6M: 21.26%
• 1Y: 37.68%
• 3Y*: 29.84%
• 5Y*: 15.07%
• 10Y*: 22.02%

NWGSX

• 1D: 0.62%
• 1M: 3.52%
• YTD: 5.31%
• 6M: 3.22%
• 1Y: 9.27%
• 3Y*: 4.87%
• 5Y*: 3.13%
• 10Y*: 8.32%

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

NWHQX vs. NWGSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NWHQX Nationwide Bailard Technology and Science Fund	22.86%	18.58%	26.23%	63.66%	-37.23%	19.21%	50.97%	38.91%	-3.16%	38.22%
NWGSX Nationwide WCM Focused Small Cap Fund	5.31%	-5.72%	3.23%	26.14%	-14.72%	19.18%	1.19%	28.90%	-8.64%	13.95%

Correlation

The correlation between NWHQX and NWGSX is 0.51, 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	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (10Y) Calculated over the trailing 10-year period	0.64
Correlation (All Time) Calculated using the full available price history since Sep 17, 2013	0.68

The correlation between NWHQX and NWGSX shifts across timeframes, from 0.51 (1 year) to 0.68 (all time), reflecting how their relationship changes across market environments.

Return for Risk

NWHQX vs. NWGSX — Risk / Return Rank

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

NWHQX

NWHQX Risk / Return Rank: 32
NWHQX Sharpe Ratio Rank: 39
NWHQX Sortino Ratio Rank: 32
NWHQX Omega Ratio Rank: 34
NWHQX Calmar Ratio Rank: 28
NWHQX Martin Ratio Rank: 25

NWGSX

NWGSX Risk / Return Rank: 7
NWGSX Sharpe Ratio Rank: 7
NWGSX Sortino Ratio Rank: 8
NWGSX Omega Ratio Rank: 7
NWGSX Calmar Ratio Rank: 7
NWGSX Martin Ratio Rank: 8

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. NWGSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nationwide Bailard Technology and Science Fund (NWHQX) and Nationwide WCM Focused Small Cap Fund (NWGSX). 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.

	NWHQX	NWGSX	Difference
Sharpe ratio: Return per unit of total volatility	1.69	0.55	+1.15
Sortino ratio: Return per unit of downside risk	2.20	0.95	+1.25
Omega ratio: Gain probability vs. loss probability	1.29	1.11	+0.18
Calmar ratio: Return relative to maximum drawdown	1.86	0.67	+1.19
Martin ratio: Return relative to average drawdown	5.49	1.98	+3.51

NWHQX vs. NWGSX - Sharpe Ratio Comparison

The current NWHQX Sharpe Ratio is 1.69, which is higher than the NWGSX Sharpe Ratio of 0.55. The chart below compares the historical Sharpe Ratios of NWHQX and NWGSX, 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

NWHQX vs. NWGSX - Drawdown Comparison

The maximum NWHQX drawdown since its inception was -42.61%, smaller than the maximum NWGSX drawdown of -46.36%. Use the drawdown chart below to compare losses from any high point for NWHQX and NWGSX.

Drawdown Indicators

	NWHQX	NWGSX	Difference
Max Drawdown Largest peak-to-trough decline	-42.61%	-46.36%	+3.75%
Max Drawdown (1Y) Largest decline over 1 year	-21.34%	-16.31%	-5.03%
Max Drawdown (3Y) Largest decline over 3 years	-26.48%	-26.66%	+0.18%
Max Drawdown (5Y) Largest decline over 5 years	-42.61%	-26.66%	-15.95%
Max Drawdown (10Y) Largest decline over 10 years	-42.61%	-46.36%	+3.75%
Current Drawdown Current decline from peak	-1.74%	-9.72%	+7.98%
Average Drawdown Average peak-to-trough decline	-7.10%	-7.42%	+0.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.22%	5.49%	+1.73%

Volatility

NWHQX vs. NWGSX - Volatility Comparison

Nationwide Bailard Technology and Science Fund (NWHQX) has a higher volatility of 11.19% compared to Nationwide WCM Focused Small Cap Fund (NWGSX) at 6.26%. This indicates that NWHQX's price experiences larger fluctuations and is considered to be riskier than NWGSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NWHQX	NWGSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.19%	6.26%	+4.93%
Volatility (6M) Calculated over the trailing 6-month period	19.30%	14.73%	+4.57%
Volatility (1Y) Calculated over the trailing 1-year period	23.51%	20.01%	+3.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.71%	20.30%	+6.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.40%	22.20%	+3.20%

NWHQX vs. NWGSX - Expense Ratio Comparison

NWHQX has a 0.92% expense ratio, which is higher than NWGSX's 0.89% expense ratio.

Dividends

NWHQX vs. NWGSX - Dividend Comparison

NWHQX's dividend yield for the trailing twelve months is around 9.53%, less than NWGSX's 24.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NWGSX Nationwide WCM Focused Small Cap Fund	24.38%	25.67%	4.86%	3.16%	2.09%	2.19%	0.00%	4.35%	64.46%	8.48%	0.13%	3.32%
NWHQX Nationwide Bailard Technology and Science Fund	9.53%	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 NWGSX in my portfolio?

NWHQX and NWGSX have a correlation of 0.51, 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 NWGSX?

NWHQX has higher volatility (11.19%) compared to NWGSX (6.26%). In terms of maximum drawdown, NWHQX dropped -42.61% vs NWGSX's -46.36%.

Which has better risk-adjusted returns?

NWHQX currently has the higher Sharpe Ratio (1.69 vs 0.55), 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.