NWHVX vs. NWGSX

Last updated Jun 24, 2026

NWHVX (Nationwide Geneva Mid Cap Growth Fund) and NWGSX (Nationwide WCM Focused Small Cap Fund) are both mutual funds - NWHVX is a Mid Cap Growth Equities fund managed by Nationwide, while NWGSX is a Small Cap Blend Equities fund managed by Nationwide. Over the past 10 years, NWHVX returned 8.96%/yr vs 8.32%/yr for NWGSX. Their correlation of 0.81 suggests significant overlap in exposure. NWHVX charges 1.07%/yr vs 0.89%/yr for NWGSX.

Performance

NWHVX vs. NWGSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nationwide Geneva Mid Cap Growth Fund (NWHVX) 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, NWHVX achieves a -5.23% return, which is significantly lower than NWGSX's 5.31% return. Over the past 10 years, NWHVX has outperformed NWGSX with an annualized return of 8.96%, while NWGSX has yielded a comparatively lower 8.32% annualized return.

NWHVX

• 1D: -1.07%
• 1M: 0.10%
• YTD: -5.23%
• 6M: -6.54%
• 1Y: -9.41%
• 3Y*: 4.63%
• 5Y*: 0.39%
• 10Y*: 8.96%

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)

NWHVX vs. NWGSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NWHVX Nationwide Geneva Mid Cap Growth Fund	-5.23%	-2.38%	9.89%	23.84%	-28.32%	25.03%	31.17%	29.96%	-2.97%	23.11%
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 NWHVX and NWGSX is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.78
Correlation (All Time) Calculated using the full available price history since Sep 17, 2013	0.81

The correlation between NWHVX and NWGSX has been stable across timeframes, ranging from 0.72 to 0.81 - a consistent structural relationship.

Return for Risk

NWHVX vs. NWGSX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments 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

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.

NWHVX vs. NWGSX - Risk-Adjusted Trends Comparison

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

	NWHVX	NWGSX	Difference
Sharpe ratio: Return per unit of total volatility	-0.58	0.55	-1.12
Sortino ratio: Return per unit of downside risk	-0.73	0.95	-1.68
Omega ratio: Gain probability vs. loss probability	0.92	1.11	-0.19
Calmar ratio: Return relative to maximum drawdown	-0.48	0.67	-1.15
Martin ratio: Return relative to average drawdown	-1.03	1.98	-3.01

NWHVX vs. NWGSX - Sharpe Ratio Comparison

The current NWHVX Sharpe Ratio is -0.58, which is lower than the NWGSX Sharpe Ratio of 0.55. The chart below compares the historical Sharpe Ratios of NWHVX 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

NWHVX vs. NWGSX - Drawdown Comparison

The maximum NWHVX drawdown since its inception was -37.12%, smaller than the maximum NWGSX drawdown of -46.36%. Use the drawdown chart below to compare losses from any high point for NWHVX and NWGSX.

Drawdown Indicators

	NWHVX	NWGSX	Difference
Max Drawdown Largest peak-to-trough decline	-37.12%	-46.36%	+9.24%
Max Drawdown (1Y) Largest decline over 1 year	-17.82%	-16.31%	-1.51%
Max Drawdown (3Y) Largest decline over 3 years	-19.80%	-26.66%	+6.86%
Max Drawdown (5Y) Largest decline over 5 years	-37.12%	-26.66%	-10.46%
Max Drawdown (10Y) Largest decline over 10 years	-37.12%	-46.36%	+9.24%
Current Drawdown Current decline from peak	-14.22%	-9.72%	-4.50%
Average Drawdown Average peak-to-trough decline	-7.85%	-7.42%	-0.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.29%	5.49%	+2.80%

Volatility

NWHVX vs. NWGSX - Volatility Comparison

The current volatility for Nationwide Geneva Mid Cap Growth Fund (NWHVX) is 4.74%, while Nationwide WCM Focused Small Cap Fund (NWGSX) has a volatility of 6.26%. This indicates that NWHVX experiences smaller price fluctuations and is considered to be less risky than NWGSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NWHVX	NWGSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.74%	6.26%	-1.52%
Volatility (6M) Calculated over the trailing 6-month period	11.79%	14.73%	-2.94%
Volatility (1Y) Calculated over the trailing 1-year period	14.84%	20.01%	-5.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.93%	20.30%	-0.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.71%	22.20%	-2.49%

NWHVX vs. NWGSX - Expense Ratio Comparison

NWHVX has a 1.07% expense ratio, which is higher than NWGSX's 0.89% expense ratio.

Dividends

NWHVX vs. NWGSX - Dividend Comparison

NWHVX's dividend yield for the trailing twelve months is around 8.40%, 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%
NWHVX Nationwide Geneva Mid Cap Growth Fund	8.40%	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 NWGSX in my portfolio?

NWHVX and NWGSX have a correlation of 0.72, 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 NWGSX?

NWGSX has higher volatility (6.26%) compared to NWHVX (4.74%). In terms of maximum drawdown, NWHVX dropped -37.12% vs NWGSX's -46.36%.

Which has better risk-adjusted returns?

NWGSX currently has the higher Sharpe Ratio (0.55 vs -0.58), 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.