NWMSX vs. GMXAX

Last updated Jun 25, 2026

NWMSX (Nationwide Destination 2040 Fund) and GMXAX (Nationwide Mid Cap Market Index Fund) are both mutual funds - NWMSX is a Target Retirement Date fund managed by Nationwide, while GMXAX is a Mid Cap Blend Equities fund managed by Nationwide. Over the past 10 years, NWMSX returned 8.95%/yr vs 9.77%/yr for GMXAX. Their correlation of 0.92 suggests significant overlap in exposure. NWMSX charges 0.38%/yr vs 0.68%/yr for GMXAX.

Performance

NWMSX vs. GMXAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nationwide Destination 2040 Fund (NWMSX) and Nationwide Mid Cap Market Index Fund (GMXAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NWMSX achieves a 7.79% return, which is significantly lower than GMXAX's 14.34% return. Over the past 10 years, NWMSX has underperformed GMXAX with an annualized return of 8.95%, while GMXAX has yielded a comparatively higher 9.77% annualized return.

NWMSX

• 1D: -1.53%
• 1M: -0.10%
• YTD: 7.79%
• 6M: 7.01%
• 1Y: 18.79%
• 3Y*: 15.51%
• 5Y*: 7.36%
• 10Y*: 8.95%

GMXAX

• 1D: -1.04%
• 1M: 2.63%
• YTD: 14.34%
• 6M: 12.10%
• 1Y: 23.38%
• 3Y*: 15.17%
• 5Y*: 7.78%
• 10Y*: 9.77%

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

NWMSX vs. GMXAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NWMSX Nationwide Destination 2040 Fund	7.79%	17.51%	11.63%	18.59%	-18.29%	15.03%	13.50%	19.70%	-8.44%	10.47%
GMXAX Nationwide Mid Cap Market Index Fund	14.34%	6.84%	12.15%	15.89%	-13.45%	24.33%	12.79%	25.35%	-10.65%	2.80%

Correlation

The correlation between NWMSX and GMXAX is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Aug 30, 2007	0.92

The correlation between NWMSX and GMXAX shifts across timeframes, from 0.81 (1 year) to 0.92 (all time), reflecting how their relationship changes across market environments.

Return for Risk

NWMSX vs. GMXAX — Risk / Return Rank

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

NWMSX

NWMSX Risk / Return Rank: 59
NWMSX Sharpe Ratio Rank: 57
NWMSX Sortino Ratio Rank: 57
NWMSX Omega Ratio Rank: 56
NWMSX Calmar Ratio Rank: 59
NWMSX Martin Ratio Rank: 68

GMXAX

GMXAX Risk / Return Rank: 46
GMXAX Sharpe Ratio Rank: 37
GMXAX Sortino Ratio Rank: 38
GMXAX Omega Ratio Rank: 35
GMXAX Calmar Ratio Rank: 63
GMXAX Martin Ratio Rank: 55

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. GMXAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nationwide Destination 2040 Fund (NWMSX) and Nationwide Mid Cap Market Index Fund (GMXAX). 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.

	NWMSX	GMXAX	Difference
Sharpe ratio: Return per unit of total volatility	1.87	1.56	+0.31
Sortino ratio: Return per unit of downside risk	2.66	2.29	+0.38
Omega ratio: Gain probability vs. loss probability	1.34	1.27	+0.07
Calmar ratio: Return relative to maximum drawdown	2.60	2.79	-0.19
Martin ratio: Return relative to average drawdown	11.38	10.09	+1.29

NWMSX vs. GMXAX - Sharpe Ratio Comparison

The current NWMSX Sharpe Ratio is 1.87, which is comparable to the GMXAX Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of NWMSX and GMXAX, 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

NWMSX vs. GMXAX - Drawdown Comparison

The maximum NWMSX drawdown since its inception was -55.33%, roughly equal to the maximum GMXAX drawdown of -55.64%. Use the drawdown chart below to compare losses from any high point for NWMSX and GMXAX.

Drawdown Indicators

	NWMSX	GMXAX	Difference
Max Drawdown Largest peak-to-trough decline	-55.33%	-55.64%	+0.31%
Max Drawdown (1Y) Largest decline over 1 year	-7.75%	-8.83%	+1.08%
Max Drawdown (3Y) Largest decline over 3 years	-12.62%	-24.21%	+11.59%
Max Drawdown (5Y) Largest decline over 5 years	-30.39%	-24.21%	-6.18%
Max Drawdown (10Y) Largest decline over 10 years	-32.80%	-42.22%	+9.42%
Current Drawdown Current decline from peak	-1.99%	-1.10%	-0.89%
Average Drawdown Average peak-to-trough decline	-9.29%	-8.04%	-1.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.77%	2.43%	-0.66%

Volatility

NWMSX vs. GMXAX - Volatility Comparison

The current volatility for Nationwide Destination 2040 Fund (NWMSX) is 4.44%, while Nationwide Mid Cap Market Index Fund (GMXAX) has a volatility of 4.78%. This indicates that NWMSX experiences smaller price fluctuations and is considered to be less risky than GMXAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NWMSX	GMXAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.44%	4.78%	-0.34%
Volatility (6M) Calculated over the trailing 6-month period	8.96%	11.72%	-2.76%
Volatility (1Y) Calculated over the trailing 1-year period	10.77%	15.79%	-5.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.34%	19.72%	-5.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.14%	21.30%	-6.16%

NWMSX vs. GMXAX - Expense Ratio Comparison

NWMSX has a 0.38% expense ratio, which is lower than GMXAX's 0.68% expense ratio.

Dividends

NWMSX vs. GMXAX - Dividend Comparison

NWMSX's dividend yield for the trailing twelve months is around 7.83%, less than GMXAX's 11.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GMXAX Nationwide Mid Cap Market Index Fund	11.34%	12.93%	11.73%	6.17%	9.58%	12.52%	3.18%	5.18%	23.21%	0.85%	9.60%	13.94%
NWMSX Nationwide Destination 2040 Fund	7.83%	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 GMXAX in my portfolio?

NWMSX and GMXAX have a correlation of 0.81, 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 GMXAX?

GMXAX has higher volatility (4.78%) compared to NWMSX (4.44%). In terms of maximum drawdown, NWMSX dropped -55.33% vs GMXAX's -55.64%.

Which has better risk-adjusted returns?

NWMSX currently has the higher Sharpe Ratio (1.87 vs 1.56), 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.