NWLSX vs. IRSPX

Last updated Jun 4, 2026

NWLSX (Nationwide Destination 2035 Fund) and IRSPX (Voya Target Retirement 2045 Fund) are both Target Retirement Date funds. Over the past 10 years, NWLSX returned 8.44%/yr vs 11.85%/yr for IRSPX. With a 0.96 correlation, they move nearly in lockstep. NWLSX charges 0.38%/yr vs 0.19%/yr for IRSPX.

Performance

NWLSX vs. IRSPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nationwide Destination 2035 Fund (NWLSX) and Voya Target Retirement 2045 Fund (IRSPX). 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 IRSPX's 12.56% return. Over the past 10 years, NWLSX has underperformed IRSPX with an annualized return of 8.44%, while IRSPX has yielded a comparatively higher 11.85% 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%

IRSPX

• 1D: 0.39%
• 1M: 5.50%
• YTD: 12.56%
• 6M: 13.39%
• 1Y: 28.63%
• 3Y*: 19.58%
• 5Y*: 10.27%
• 10Y*: 11.85%

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

NWLSX vs. IRSPX - 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%
IRSPX Voya Target Retirement 2045 Fund	12.56%	20.26%	14.80%	20.14%	-18.48%	18.90%	17.49%	24.79%	-9.02%	20.77%

Correlation

The correlation between NWLSX and IRSPX is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Dec 26, 2012	0.96

The correlation between NWLSX and IRSPX has been stable across timeframes, ranging from 0.88 to 0.96 - a consistent structural relationship.

Return for Risk

NWLSX vs. IRSPX — 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

IRSPX

IRSPX Risk / Return Rank: 82
IRSPX Sharpe Ratio Rank: 84
IRSPX Sortino Ratio Rank: 82
IRSPX Omega Ratio Rank: 76
IRSPX Calmar Ratio Rank: 78
IRSPX Martin Ratio Rank: 88

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. IRSPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nationwide Destination 2035 Fund (NWLSX) and Voya Target Retirement 2045 Fund (IRSPX). 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	IRSPX	Difference
Sharpe ratio Return per unit of total volatility	2.35	2.74	-0.39
Sortino ratio Return per unit of downside risk	3.39	3.93	-0.54
Omega ratio Gain probability vs. loss probability	1.44	1.51	-0.07
Calmar ratio Return relative to maximum drawdown	3.00	3.56	-0.55
Martin ratio Return relative to average drawdown	13.40	17.12	-3.72
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. IRSPX - Sharpe Ratio Comparison

The current NWLSX Sharpe Ratio is 2.35, which is comparable to the IRSPX Sharpe Ratio of 2.74. The chart below compares the historical Sharpe Ratios of NWLSX and IRSPX, 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	IRSPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.35	2.74	-0.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.71	-0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	0.76	-0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.75	-0.36

Drawdowns

NWLSX vs. IRSPX - Drawdown Comparison

The maximum NWLSX drawdown since its inception was -52.58%, which is greater than IRSPX's maximum drawdown of -32.60%. Use the drawdown chart below to compare losses from any high point for NWLSX and IRSPX.

Drawdown Indicators

	NWLSX	IRSPX	Difference
Max Drawdown Largest peak-to-trough decline	-52.58%	-32.60%	-19.98%
Max Drawdown (1Y) Largest decline over 1 year	-6.88%	-8.99%	+2.11%
Max Drawdown (3Y) Largest decline over 3 years	-10.73%	-15.18%	+4.45%
Max Drawdown (5Y) Largest decline over 5 years	-29.54%	-25.80%	-3.74%
Max Drawdown (10Y) Largest decline over 10 years	-30.59%	-32.60%	+2.01%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-8.57%	-4.41%	-4.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.54%	1.80%	-0.26%

Volatility

NWLSX vs. IRSPX - Volatility Comparison

The current volatility for Nationwide Destination 2035 Fund (NWLSX) is 2.78%, while Voya Target Retirement 2045 Fund (IRSPX) has a volatility of 3.55%. This indicates that NWLSX experiences smaller price fluctuations and is considered to be less risky than IRSPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NWLSX	IRSPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.78%	3.55%	-0.77%
Volatility (6M) Calculated over the trailing 6-month period	7.13%	9.51%	-2.38%
Volatility (1Y) Calculated over the trailing 1-year period	8.79%	11.67%	-2.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.95%	14.85%	-1.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.71%	15.79%	-2.08%

NWLSX vs. IRSPX - Expense Ratio Comparison

NWLSX has a 0.38% expense ratio, which is higher than IRSPX's 0.19% expense ratio.

Dividends

NWLSX vs. IRSPX - Dividend Comparison

NWLSX's dividend yield for the trailing twelve months is around 7.82%, less than IRSPX's 10.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IRSPX Voya Target Retirement 2045 Fund	10.37%	11.68%	3.04%	2.02%	6.08%	22.70%	3.26%	4.76%	5.54%	5.68%	2.00%	0.44%
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 IRSPX in my portfolio?

NWLSX and IRSPX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NWLSX or IRSPX?

IRSPX has higher volatility (3.55%) compared to NWLSX (2.78%). In terms of maximum drawdown, NWLSX dropped -52.58% vs IRSPX's -32.60%.

Which has better risk-adjusted returns?

IRSPX currently has the higher Sharpe Ratio (2.74 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.