NWLSX vs. GRISX

Last updated Jun 4, 2026

NWLSX (Nationwide Destination 2035 Fund) and GRISX (Nationwide S&P 500 Index Fund) are both mutual funds - NWLSX is a Target Retirement Date fund managed by Nationwide, while GRISX is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, NWLSX returned 8.44%/yr vs 15.27%/yr for GRISX. Their correlation of 0.95 suggests significant overlap in exposure. NWLSX charges 0.38%/yr vs 0.44%/yr for GRISX.

Performance

NWLSX vs. GRISX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nationwide Destination 2035 Fund (NWLSX) and Nationwide S&P 500 Index Fund (GRISX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NWLSX achieves a 8.28% return, which is significantly lower than GRISX's 11.55% return. Over the past 10 years, NWLSX has underperformed GRISX with an annualized return of 8.44%, while GRISX has yielded a comparatively higher 15.27% annualized return.

NWLSX

• 1D: 0.00%
• 1M: 3.77%
• YTD: 8.28%
• 6M: 9.06%
• 1Y: 20.30%
• 3Y*: 14.75%
• 5Y*: 6.91%
• 10Y*: 8.44%

GRISX

• 1D: 0.15%
• 1M: 5.78%
• YTD: 11.55%
• 6M: 11.59%
• 1Y: 28.56%
• 3Y*: 22.08%
• 5Y*: 13.73%
• 10Y*: 15.27%

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

NWLSX vs. GRISX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NWLSX Nationwide Destination 2035 Fund	8.28%	16.16%	10.17%	17.00%	-17.70%	13.33%	12.81%	18.63%	-8.01%	15.06%
GRISX Nationwide S&P 500 Index Fund	11.55%	17.41%	24.13%	25.55%	-18.49%	28.32%	17.92%	30.94%	-3.84%	21.35%

Correlation

The correlation between NWLSX and GRISX is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Aug 31, 2007	0.95

The correlation between NWLSX and GRISX has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.

Return for Risk

NWLSX vs. GRISX — Risk / Return Rank

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

NWLSX

NWLSX Risk / Return Rank: 64
NWLSX Sharpe Ratio Rank: 64
NWLSX Sortino Ratio Rank: 66
NWLSX Omega Ratio Rank: 61
NWLSX Calmar Ratio Rank: 61
NWLSX Martin Ratio Rank: 69

GRISX

GRISX Risk / Return Rank: 71
GRISX Sharpe Ratio Rank: 73
GRISX Sortino Ratio Rank: 65
GRISX Omega Ratio Rank: 65
GRISX Calmar Ratio Rank: 72
GRISX Martin Ratio Rank: 82

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.

NWLSX vs. GRISX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nationwide Destination 2035 Fund (NWLSX) and Nationwide S&P 500 Index Fund (GRISX). 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.

	NWLSX	GRISX	Difference
Sharpe ratio: Return per unit of total volatility	2.35	2.48	-0.13
Sortino ratio: Return per unit of downside risk	3.39	3.38	+0.01
Omega ratio: Gain probability vs. loss probability	1.44	1.45	-0.01
Calmar ratio: Return relative to maximum drawdown	3.00	3.29	-0.29
Martin ratio: Return relative to average drawdown	13.40	15.35	-1.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NWLSX vs. GRISX - Sharpe Ratio Comparison

The current NWLSX Sharpe Ratio is 2.35, which is comparable to the GRISX Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of NWLSX and GRISX, 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

	NWLSX	GRISX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.35	2.48	-0.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.82	-0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	0.85	-0.23
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.43	-0.05

Drawdowns

NWLSX vs. GRISX - Drawdown Comparison

The maximum NWLSX drawdown since its inception was -52.58%, smaller than the maximum GRISX drawdown of -55.53%. Use the drawdown chart below to compare losses from any high point for NWLSX and GRISX.

Drawdown Indicators

	NWLSX	GRISX	Difference
Max Drawdown Largest peak-to-trough decline	-52.58%	-55.53%	+2.95%
Max Drawdown (1Y) Largest decline over 1 year	-6.88%	-8.95%	+2.07%
Max Drawdown (3Y) Largest decline over 3 years	-10.73%	-18.78%	+8.05%
Max Drawdown (5Y) Largest decline over 5 years	-29.54%	-24.75%	-4.79%
Max Drawdown (10Y) Largest decline over 10 years	-30.59%	-33.85%	+3.26%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-8.57%	-10.86%	+2.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.54%	1.91%	-0.37%

Volatility

NWLSX vs. GRISX - Volatility Comparison

Nationwide Destination 2035 Fund (NWLSX) and Nationwide S&P 500 Index Fund (GRISX) have volatilities of 2.78% and 2.83%, 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

	NWLSX	GRISX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.78%	2.83%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	7.13%	8.98%	-1.85%
Volatility (1Y) Calculated over the trailing 1-year period	8.79%	11.88%	-3.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.95%	16.94%	-3.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.71%	18.08%	-4.37%

NWLSX vs. GRISX - Expense Ratio Comparison

NWLSX has a 0.38% expense ratio, which is lower than GRISX's 0.44% expense ratio.

Dividends

NWLSX vs. GRISX - Dividend Comparison

NWLSX's dividend yield for the trailing twelve months is around 7.82%, more than GRISX's 4.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GRISX Nationwide S&P 500 Index Fund	4.59%	5.08%	2.62%	0.79%	1.67%	4.96%	1.27%	6.26%	18.54%	6.66%	7.42%	11.98%
NWLSX Nationwide Destination 2035 Fund	7.82%	8.36%	14.07%	7.04%	2.15%	9.62%	5.85%	6.95%	11.27%	7.78%	6.64%	5.43%

Frequently Asked Questions

Can I hold both NWLSX and GRISX in my portfolio?

With a correlation of 0.93, NWLSX and GRISX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, NWLSX or GRISX?

GRISX has higher volatility (2.83%) compared to NWLSX (2.78%). In terms of maximum drawdown, NWLSX dropped -52.58% vs GRISX's -55.53%.

Which has better risk-adjusted returns?

GRISX currently has the higher Sharpe Ratio (2.48 vs 2.35), 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.