NWJCX vs. GMRAX

Last updated Jul 15, 2026

NWJCX (Nationwide NYSE Arca Tech 100 Index Fund) and GMRAX (Nationwide Small Cap Index Fund) are both mutual funds - NWJCX is a Technology Equities fund managed by Nationwide, while GMRAX is a Small Cap Blend Equities fund managed by Nationwide. Over the past 10 years, NWJCX returned 19.10%/yr vs 10.36%/yr for GMRAX. A 0.79 correlation means they provide meaningful diversification when combined. NWJCX charges 0.65%/yr vs 0.68%/yr for GMRAX.

Performance

NWJCX vs. GMRAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nationwide NYSE Arca Tech 100 Index Fund (NWJCX) and Nationwide Small Cap Index Fund (GMRAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NWJCX achieves a 23.63% return, which is significantly higher than GMRAX's 19.33% return. Over the past 10 years, NWJCX has outperformed GMRAX with an annualized return of 19.10%, while GMRAX has yielded a comparatively lower 10.36% annualized return.

NWJCX

• 1D: -1.83%
• 1M: -1.11%
• 6M: 17.28%
• YTD: 23.63%
• 1Y: 36.86%
• 3Y*: 26.92%
• 5Y*: 15.88%
• 10Y*: 19.10%

GMRAX

• 1D: -0.84%
• 1M: 0.36%
• 6M: 12.49%
• YTD: 19.33%
• 1Y: 32.23%
• 3Y*: 15.93%
• 5Y*: 6.87%
• 10Y*: 10.36%

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

NWJCX vs. GMRAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NWJCX Nationwide NYSE Arca Tech 100 Index Fund	23.63%	19.96%	18.77%	41.70%	-21.56%	25.46%	24.25%	33.67%	0.51%	31.31%
GMRAX Nationwide Small Cap Index Fund	19.33%	12.26%	9.12%	17.56%	-20.82%	14.27%	19.59%	24.87%	-10.71%	14.21%

Correlation

The correlation between NWJCX and GMRAX is 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.77
Correlation (All Time) Calculated using the full available price history since Sep 17, 2013	0.79

The correlation between NWJCX and GMRAX has been stable across timeframes, ranging from 0.75 to 0.80 - a consistent structural relationship.

Return for Risk

NWJCX vs. GMRAX — Risk / Return Rank

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

NWJCX

NWJCX Risk / Return Rank: 72
NWJCX Sharpe Ratio Rank: 68
NWJCX Sortino Ratio Rank: 58
NWJCX Omega Ratio Rank: 56
NWJCX Calmar Ratio Rank: 90
NWJCX Martin Ratio Rank: 90

GMRAX

GMRAX Risk / Return Rank: 65
GMRAX Sharpe Ratio Rank: 60
GMRAX Sortino Ratio Rank: 60
GMRAX Omega Ratio Rank: 49
GMRAX Calmar Ratio Rank: 82
GMRAX Martin Ratio Rank: 75

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.

NWJCX vs. GMRAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nationwide NYSE Arca Tech 100 Index Fund (NWJCX) and Nationwide Small Cap Index Fund (GMRAX). 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.

	NWJCX	GMRAX	Difference
Sharpe ratio: Return per unit of total volatility	1.80	1.70	+0.09
Sortino ratio: Return per unit of downside risk	2.39	2.43	-0.05
Omega ratio: Gain probability vs. loss probability	1.31	1.29	+0.02
Calmar ratio: Return relative to maximum drawdown	3.67	3.01	+0.66
Martin ratio: Return relative to average drawdown	13.26	10.61	+2.66

NWJCX vs. GMRAX - Sharpe Ratio Comparison

The current NWJCX Sharpe Ratio is 1.80, which is comparable to the GMRAX Sharpe Ratio of 1.70. The chart below compares the historical Sharpe Ratios of NWJCX and GMRAX, 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

NWJCX vs. GMRAX - Drawdown Comparison

The maximum NWJCX drawdown since its inception was -31.31%, smaller than the maximum GMRAX drawdown of -59.36%. Use the drawdown chart below to compare losses from any high point for NWJCX and GMRAX.

Drawdown Indicators

	NWJCX	GMRAX	Difference
Max Drawdown Largest peak-to-trough decline	-31.31%	-59.36%	+28.05%
Max Drawdown (1Y) Largest decline over 1 year	-10.18%	-11.06%	+0.88%
Max Drawdown (3Y) Largest decline over 3 years	-21.21%	-27.67%	+6.46%
Max Drawdown (5Y) Largest decline over 5 years	-31.31%	-32.00%	+0.69%
Max Drawdown (10Y) Largest decline over 10 years	-31.31%	-41.78%	+10.47%
Current Drawdown Current decline from peak	-4.38%	-2.36%	-2.02%
Average Drawdown Average peak-to-trough decline	-5.09%	-12.55%	+7.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.81%	3.13%	-0.32%

Volatility

NWJCX vs. GMRAX - Volatility Comparison

Nationwide NYSE Arca Tech 100 Index Fund (NWJCX) has a higher volatility of 9.41% compared to Nationwide Small Cap Index Fund (GMRAX) at 4.83%. This indicates that NWJCX's price experiences larger fluctuations and is considered to be riskier than GMRAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NWJCX	GMRAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.41%	4.83%	+4.58%
Volatility (6M) Calculated over the trailing 6-month period	17.68%	14.22%	+3.46%
Volatility (1Y) Calculated over the trailing 1-year period	20.81%	19.56%	+1.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.05%	22.68%	-0.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.66%	23.51%	-1.85%

NWJCX vs. GMRAX - Expense Ratio Comparison

NWJCX has a 0.65% expense ratio, which is lower than GMRAX's 0.68% expense ratio.

Dividends

NWJCX vs. GMRAX - Dividend Comparison

NWJCX's dividend yield for the trailing twelve months is around 3.47%, more than GMRAX's 2.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GMRAX Nationwide Small Cap Index Fund	2.11%	2.45%	4.99%	0.52%	1.51%	6.81%	0.56%	7.38%	46.93%	17.82%	7.14%	12.55%
NWJCX Nationwide NYSE Arca Tech 100 Index Fund	3.47%	4.27%	31.15%	11.59%	17.83%	8.74%	5.04%	1.98%	2.59%	3.94%	0.74%	0.64%

Frequently Asked Questions

Can I hold both NWJCX and GMRAX in my portfolio?

NWJCX and GMRAX have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NWJCX or GMRAX?

NWJCX has higher volatility (9.41%) compared to GMRAX (4.83%). In terms of maximum drawdown, NWJCX dropped -31.31% vs GMRAX's -59.36%.

Which has better risk-adjusted returns?

NWJCX currently has the higher Sharpe Ratio (1.80 vs 1.70), 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.