NWXEX vs. GMRAX

Last updated Jun 3, 2026

NWXEX (Nationwide Strategic Income A) and GMRAX (Nationwide Small Cap Index Fund) are both mutual funds - NWXEX is a Multisector Bonds fund actively managed by Nationwide, while GMRAX is a Small Cap Blend Equities fund managed by Nationwide. Over the past 10 years, NWXEX returned 6.53%/yr vs 10.58%/yr for GMRAX. At a 0.08 correlation, their price movements are largely independent. NWXEX charges 0.99%/yr vs 0.68%/yr for GMRAX.

Performance

NWXEX vs. GMRAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nationwide Strategic Income A (NWXEX) 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, NWXEX achieves a 2.17% return, which is significantly lower than GMRAX's 17.34% return. Over the past 10 years, NWXEX has underperformed GMRAX with an annualized return of 6.53%, while GMRAX has yielded a comparatively higher 10.58% annualized return.

NWXEX

• 1D: 0.00%
• 1M: 0.60%
• YTD: 2.17%
• 6M: 2.67%
• 1Y: 6.88%
• 3Y*: 8.25%
• 5Y*: 6.31%
• 10Y*: 6.53%

GMRAX

• 1D: -0.46%
• 1M: 3.43%
• YTD: 17.34%
• 6M: 18.34%
• 1Y: 41.51%
• 3Y*: 17.37%
• 5Y*: 5.61%
• 10Y*: 10.58%

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

NWXEX vs. GMRAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NWXEX Nationwide Strategic Income A	2.17%	6.97%	9.36%	9.00%	3.50%	4.64%	3.24%	9.84%	-0.39%	10.86%
GMRAX Nationwide Small Cap Index Fund	17.34%	12.26%	9.12%	17.56%	-20.82%	14.27%	19.59%	24.87%	-10.71%	14.21%

Correlation

The correlation between NWXEX and GMRAX is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (5Y) Calculated over the trailing 5-year period	0.01
Correlation (10Y) Calculated over the trailing 10-year period	0.06
Correlation (All Time) Calculated using the full available price history since Nov 17, 2015	0.08

The correlation between NWXEX and GMRAX shifts across timeframes, from 0.01 (5 years) to 0.13 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

NWXEX vs. GMRAX — Risk / Return Rank

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

NWXEX

NWXEX Risk / Return Rank: 99
NWXEX Sharpe Ratio Rank: 100
NWXEX Sortino Ratio Rank: 99
NWXEX Omega Ratio Rank: 99
NWXEX Calmar Ratio Rank: 99
NWXEX Martin Ratio Rank: 99

GMRAX

GMRAX Risk / Return Rank: 60
GMRAX Sharpe Ratio Rank: 55
GMRAX Sortino Ratio Rank: 52
GMRAX Omega Ratio Rank: 44
GMRAX Calmar Ratio Rank: 81
GMRAX Martin Ratio Rank: 68

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.

NWXEX vs. GMRAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nationwide Strategic Income A (NWXEX) 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.

	NWXEX	GMRAX	Difference
Sharpe ratio Return per unit of total volatility	5.72	2.19	+3.52
Sortino ratio Return per unit of downside risk	10.13	3.03	+7.10
Omega ratio Gain probability vs. loss probability	2.91	1.36	+1.55
Calmar ratio Return relative to maximum drawdown	16.20	3.72	+12.48
Martin ratio Return relative to average drawdown	66.26	13.19	+53.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NWXEX vs. GMRAX - Sharpe Ratio Comparison

The current NWXEX Sharpe Ratio is 5.72, which is higher than the GMRAX Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of NWXEX 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.

Sharpe Ratios by Period

	NWXEX	GMRAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.72	2.19	+3.52
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.73	0.25	+1.49
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.48	0.45	+1.03
Sharpe Ratio (All Time) Calculated using the full available price history	1.48	0.32	+1.17

Drawdowns

NWXEX vs. GMRAX - Drawdown Comparison

The maximum NWXEX drawdown since its inception was -22.97%, smaller than the maximum GMRAX drawdown of -59.36%. Use the drawdown chart below to compare losses from any high point for NWXEX and GMRAX.

Drawdown Indicators

	NWXEX	GMRAX	Difference
Max Drawdown Largest peak-to-trough decline	-22.97%	-59.36%	+36.39%
Max Drawdown (1Y) Largest decline over 1 year	-0.43%	-11.06%	+10.63%
Max Drawdown (3Y) Largest decline over 3 years	-1.89%	-27.67%	+25.78%
Max Drawdown (5Y) Largest decline over 5 years	-5.60%	-32.00%	+26.40%
Max Drawdown (10Y) Largest decline over 10 years	-22.97%	-41.78%	+18.81%
Current Drawdown Current decline from peak	0.00%	-0.99%	+0.99%
Average Drawdown Average peak-to-trough decline	-1.10%	-12.60%	+11.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.11%	3.12%	-3.01%

Volatility

NWXEX vs. GMRAX - Volatility Comparison

The current volatility for Nationwide Strategic Income A (NWXEX) is 0.30%, while Nationwide Small Cap Index Fund (GMRAX) has a volatility of 5.54%. This indicates that NWXEX experiences smaller price fluctuations and is considered to be less risky than GMRAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NWXEX	GMRAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.30%	5.54%	-5.24%
Volatility (6M) Calculated over the trailing 6-month period	0.91%	13.58%	-12.67%
Volatility (1Y) Calculated over the trailing 1-year period	1.21%	19.17%	-17.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.66%	22.63%	-18.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.42%	23.55%	-19.13%

NWXEX vs. GMRAX - Expense Ratio Comparison

NWXEX has a 0.99% expense ratio, which is higher than GMRAX's 0.68% expense ratio.

Dividends

NWXEX vs. GMRAX - Dividend Comparison

NWXEX's dividend yield for the trailing twelve months is around 5.24%, more than GMRAX's 2.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GMRAX Nationwide Small Cap Index Fund	2.12%	2.45%	4.99%	0.52%	1.51%	6.81%	0.56%	7.38%	46.93%	17.82%	7.14%	12.55%
NWXEX Nationwide Strategic Income A	5.24%	4.93%	4.73%	4.33%	16.14%	3.99%	4.70%	3.63%	4.30%	8.40%	7.21%	0.43%

Frequently Asked Questions

Can I hold both NWXEX and GMRAX in my portfolio?

NWXEX and GMRAX have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NWXEX or GMRAX?

GMRAX has higher volatility (5.54%) compared to NWXEX (0.30%). In terms of maximum drawdown, NWXEX dropped -22.97% vs GMRAX's -59.36%.

Which has better risk-adjusted returns?

NWXEX currently has the higher Sharpe Ratio (5.72 vs 2.19), 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.