NWHVX vs. GMXAX

Last updated Aug 4, 2026

NWHVX (Nationwide Geneva Mid Cap Growth Fund) and GMXAX (Nationwide Mid Cap Market Index Fund) are both mutual funds - NWHVX is a Mid Cap Growth Equities fund managed by Nationwide, while GMXAX is a Mid Cap Blend Equities fund managed by Nationwide. Over the past 10 years, NWHVX returned 8.94%/yr vs 9.17%/yr for GMXAX. Their correlation of 0.86 means they have usually moved in the same direction. NWHVX charges 1.07%/yr vs 0.68%/yr for GMXAX.

Performance

NWHVX vs. GMXAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nationwide Geneva Mid Cap Growth Fund (NWHVX) and Nationwide Mid Cap Market Index Fund (GMXAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NWHVX achieves a -1.49% return, which is significantly lower than GMXAX's 14.21% return. Both investments have delivered pretty close results over the past 10 years, with NWHVX having a 8.94% annualized return and GMXAX not far ahead at 9.17%.

NWHVX

• 1D: 0.38%
• 1M: -0.19%
• 6M: -1.31%
• YTD: -1.49%
• 1Y: -5.83%
• 3Y*: 4.42%
• 5Y*: -0.05%
• 10Y*: 8.94%
• ALL TIME*: 8.34%

GMXAX

• 1D: -0.18%
• 1M: -1.10%
• 6M: 8.84%
• YTD: 14.21%
• 1Y: 22.15%
• 3Y*: 12.10%
• 5Y*: 7.74%
• 10Y*: 9.17%
• ALL TIME*: 8.79%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GMXAX Nationwide Mid Cap Market Index Fund	$0.00	$0.00	$0.00
NWHVX Nationwide Geneva Mid Cap Growth Fund	$0.00	$0.00	$0.00

NWHVX vs. GMXAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NWHVX Nationwide Geneva Mid Cap Growth Fund	-1.49%	-2.38%	9.89%	23.84%	-28.32%	25.03%	31.17%	29.96%	-2.97%	23.11%
GMXAX Nationwide Mid Cap Market Index Fund	14.21%	6.84%	12.15%	15.89%	-13.45%	24.33%	12.79%	25.35%	-10.65%	2.80%

Correlation

The correlation between NWHVX and GMXAX is 0.77, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.77
Correlation (3Y) Balances recent behavior with more history.	0.84
Correlation (5Y) Shows whether the relationship held over a longer period.	0.85
Correlation (10Y) Provides a long-term view across more market conditions.	0.84
Correlation (All Time) Calculated using the full available price history since Sep 17, 2013	0.86

The correlation between NWHVX and GMXAX has been stable across timeframes, ranging from 0.77 to 0.86 - a consistent structural relationship.

Return for Risk

NWHVX vs. GMXAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

NWHVX

NWHVX Risk / Return Rank: 1
NWHVX Sharpe Ratio Rank: 1
NWHVX Sortino Ratio Rank: 1
NWHVX Omega Ratio Rank: 1
NWHVX Calmar Ratio Rank: 1
NWHVX Martin Ratio Rank: 1

GMXAX

GMXAX Risk / Return Rank: 49
GMXAX Sharpe Ratio Rank: 40
GMXAX Sortino Ratio Rank: 42
GMXAX Omega Ratio Rank: 38
GMXAX Calmar Ratio Rank: 65
GMXAX Martin Ratio Rank: 59

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

NWHVX vs. GMXAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nationwide Geneva Mid Cap Growth Fund (NWHVX) and Nationwide Mid Cap Market Index Fund (GMXAX). 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.

	NWHVX	GMXAX	Difference
Sharpe ratio: Return per unit of total volatility	-0.46	1.31	-1.77
Sortino ratio: Return per unit of downside risk	-0.56	1.96	-2.52
Omega ratio: Gain probability vs. loss probability	0.94	1.24	-0.30
Calmar ratio: Return relative to maximum drawdown	-0.41	2.31	-2.72
Martin ratio: Return relative to average drawdown	-0.85	8.35	-9.20

NWHVX vs. GMXAX - Sharpe Ratio Comparison

The current NWHVX Sharpe Ratio is -0.46, which is lower than the GMXAX Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of NWHVX and GMXAX, 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

NWHVX vs. GMXAX - Drawdown Comparison

The maximum NWHVX drawdown since its inception was -37.12%, smaller than the maximum GMXAX drawdown of -55.64%. Use the drawdown chart below to compare losses from any high point for NWHVX and GMXAX.

Drawdown Indicators

	NWHVX	GMXAX	Difference
Max Drawdown Largest peak-to-trough decline	-37.12%	-55.64%	+18.52%
Max Drawdown (1Y) Largest decline over 1 year	-17.02%	-8.83%	-8.19%
Max Drawdown (3Y) Largest decline over 3 years	-19.80%	-24.21%	+4.41%
Max Drawdown (5Y) Largest decline over 5 years	-37.12%	-24.21%	-12.91%
Max Drawdown (10Y) Largest decline over 10 years	-37.12%	-42.22%	+5.10%
Current Drawdown Current decline from peak	-10.84%	-2.40%	-8.44%
Average Drawdown Average peak-to-trough decline	-7.89%	-8.02%	+0.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.14%	2.44%	+5.70%

Volatility

NWHVX vs. GMXAX - Volatility Comparison

Nationwide Geneva Mid Cap Growth Fund (NWHVX) has a higher volatility of 4.10% compared to Nationwide Mid Cap Market Index Fund (GMXAX) at 3.33%. This indicates that NWHVX's price experiences larger fluctuations and is considered to be riskier than GMXAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NWHVX	GMXAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.10%	3.33%	+0.77%
Volatility (6M) Calculated over the trailing 6-month period	11.92%	11.54%	+0.38%
Volatility (1Y) Calculated over the trailing 1-year period	15.12%	15.64%	-0.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.96%	19.62%	+0.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.66%	21.26%	-1.60%

NWHVX vs. GMXAX - Expense Ratio Comparison

NWHVX has a 1.07% expense ratio, which is higher than GMXAX's 0.68% expense ratio.

Dividends

NWHVX vs. GMXAX - Dividend Comparison

NWHVX's dividend yield for the trailing twelve months is around 8.08%, less than GMXAX's 11.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GMXAX Nationwide Mid Cap Market Index Fund	11.35%	12.93%	11.73%	6.17%	9.58%	12.52%	3.18%	5.18%	23.21%	0.85%	9.60%	13.94%
NWHVX Nationwide Geneva Mid Cap Growth Fund	8.08%	7.96%	11.93%	16.14%	36.45%	34.64%	6.16%	18.85%	38.53%	11.37%	8.97%	13.54%

Frequently Asked Questions

Can I hold both NWHVX and GMXAX in my portfolio?

NWHVX and GMXAX 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, NWHVX or GMXAX?

NWHVX has higher volatility (4.10%) compared to GMXAX (3.33%). In terms of maximum drawdown, NWHVX dropped -37.12% vs GMXAX's -55.64%.

Which has better risk-adjusted returns?

GMXAX currently has the higher Sharpe Ratio (1.31 vs -0.46), 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.