NWMSX vs. ETV

Last updated Jun 4, 2026

NWMSX (Nationwide Destination 2040 Fund) is Target Retirement Date fund managed by Nationwide, while ETV (Eaton Vance Tax-Managed Buy-Write Opportunities Fund) is a stock. Over the past 10 years, NWMSX returned 8.79%/yr vs 9.31%/yr for ETV. A 0.70 correlation means they provide meaningful diversification when combined.

Performance

NWMSX vs. ETV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nationwide Destination 2040 Fund (NWMSX) and Eaton Vance Tax-Managed Buy-Write Opportunities Fund (ETV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NWMSX achieves a 9.77% return, which is significantly higher than ETV's 7.46% return. Over the past 10 years, NWMSX has underperformed ETV with an annualized return of 8.79%, while ETV has yielded a comparatively higher 9.31% annualized return.

NWMSX

• 1D: 0.10%
• 1M: 4.37%
• YTD: 9.77%
• 6M: 10.55%
• 1Y: 23.03%
• 3Y*: 16.49%
• 5Y*: 7.99%
• 10Y*: 8.79%

ETV

• 1D: -0.27%
• 1M: 2.96%
• YTD: 7.46%
• 6M: 8.52%
• 1Y: 19.27%
• 3Y*: 16.37%
• 5Y*: 7.61%
• 10Y*: 9.31%

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

NWMSX vs. ETV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NWMSX Nationwide Destination 2040 Fund	9.77%	17.51%	11.63%	18.59%	-18.29%	15.03%	13.50%	19.70%	-8.44%	10.47%
ETV Eaton Vance Tax-Managed Buy-Write Opportunities Fund	7.46%	8.63%	27.67%	9.94%	-19.73%	18.41%	13.03%	21.25%	-4.29%	12.98%

Correlation

The correlation between NWMSX and ETV is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (10Y) Calculated over the trailing 10-year period	0.66
Correlation (All Time) Calculated using the full available price history since Aug 31, 2007	0.70

The correlation between NWMSX and ETV has been stable across timeframes, ranging from 0.66 to 0.73 - a consistent structural relationship.

Return for Risk

NWMSX vs. ETV — Risk / Return Rank

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

NWMSX

NWMSX Risk / Return Rank: 63
NWMSX Sharpe Ratio Rank: 62
NWMSX Sortino Ratio Rank: 63
NWMSX Omega Ratio Rank: 59
NWMSX Calmar Ratio Rank: 61
NWMSX Martin Ratio Rank: 70

ETV

ETV Risk / Return Rank: 79
ETV Sharpe Ratio Rank: 82
ETV Sortino Ratio Rank: 79
ETV Omega Ratio Rank: 77
ETV Calmar Ratio Rank: 73
ETV Martin Ratio Rank: 86

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.

NWMSX vs. ETV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nationwide Destination 2040 Fund (NWMSX) and Eaton Vance Tax-Managed Buy-Write Opportunities Fund (ETV). 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.

	NWMSX	ETV	Difference
Sharpe ratio Return per unit of total volatility	2.33	1.58	+0.75
Sortino ratio Return per unit of downside risk	3.33	2.26	+1.07
Omega ratio Gain probability vs. loss probability	1.43	1.28	+0.14
Calmar ratio Return relative to maximum drawdown	3.02	1.87	+1.15
Martin ratio Return relative to average drawdown	13.48	9.60	+3.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NWMSX vs. ETV - Sharpe Ratio Comparison

The current NWMSX Sharpe Ratio is 2.33, which is higher than the ETV Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of NWMSX and ETV, 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

	NWMSX	ETV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.33	1.58	+0.75
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.56	0.45	+0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.58	0.48	+0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.43	-0.07

Drawdowns

NWMSX vs. ETV - Drawdown Comparison

The maximum NWMSX drawdown since its inception was -55.33%, which is greater than ETV's maximum drawdown of -52.11%. Use the drawdown chart below to compare losses from any high point for NWMSX and ETV.

Drawdown Indicators

	NWMSX	ETV	Difference
Max Drawdown Largest peak-to-trough decline	-55.33%	-52.11%	-3.22%
Max Drawdown (1Y) Largest decline over 1 year	-7.75%	-10.34%	+2.59%
Max Drawdown (3Y) Largest decline over 3 years	-12.62%	-20.27%	+7.65%
Max Drawdown (5Y) Largest decline over 5 years	-30.39%	-22.71%	-7.68%
Max Drawdown (10Y) Largest decline over 10 years	-32.80%	-42.39%	+9.59%
Current Drawdown Current decline from peak	0.00%	-0.27%	+0.27%
Average Drawdown Average peak-to-trough decline	-9.31%	-5.58%	-3.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.73%	2.01%	-0.28%

Volatility

NWMSX vs. ETV - Volatility Comparison

The current volatility for Nationwide Destination 2040 Fund (NWMSX) is 3.10%, while Eaton Vance Tax-Managed Buy-Write Opportunities Fund (ETV) has a volatility of 3.40%. This indicates that NWMSX experiences smaller price fluctuations and is considered to be less risky than ETV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NWMSX	ETV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.10%	3.40%	-0.30%
Volatility (6M) Calculated over the trailing 6-month period	8.05%	10.01%	-1.96%
Volatility (1Y) Calculated over the trailing 1-year period	10.05%	12.24%	-2.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.24%	16.88%	-2.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.17%	19.33%	-4.16%

Dividends

NWMSX vs. ETV - Dividend Comparison

NWMSX's dividend yield for the trailing twelve months is around 7.95%, which matches ETV's 7.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ETV Eaton Vance Tax-Managed Buy-Write Opportunities Fund	7.99%	8.30%	8.18%	9.24%	10.57%	7.94%	8.66%	8.89%	9.86%	8.65%	8.96%	8.69%
NWMSX Nationwide Destination 2040 Fund	7.95%	8.66%	14.65%	6.81%	2.49%	9.45%	6.28%	7.29%	11.84%	1.98%	8.03%	5.32%

Frequently Asked Questions

Can I hold both NWMSX and ETV in my portfolio?

NWMSX and ETV have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NWMSX or ETV?

ETV has higher volatility (3.40%) compared to NWMSX (3.10%). In terms of maximum drawdown, NWMSX dropped -55.33% vs ETV's -52.11%.

Which has better risk-adjusted returns?

NWMSX currently has the higher Sharpe Ratio (2.33 vs 1.58), 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.