NWZNX vs. GMRAX

Last updated Jul 3, 2026

NWZNX (Nationwide Loomis All Cap Growth Fund) and GMRAX (Nationwide Small Cap Index Fund) are both mutual funds - NWZNX is a Large Cap Growth Equities fund managed by Nationwide, while GMRAX is a Small Cap Blend Equities fund managed by Nationwide. Over the past 5 years, NWZNX returned 9.33%/yr vs 6.31%/yr for GMRAX. A 0.74 correlation means they provide meaningful diversification when combined. NWZNX charges 1.07%/yr vs 0.68%/yr for GMRAX.

Performance

NWZNX vs. GMRAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nationwide Loomis All Cap Growth Fund (NWZNX) 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, NWZNX achieves a -2.45% return, which is significantly lower than GMRAX's 21.75% return.

NWZNX

• 1D: 1.41%
• 1M: -4.98%
• 6M: -2.45%
• YTD: -2.45%
• 1Y: 1.36%
• 3Y*: 17.40%
• 5Y*: 9.33%
• 10Y*: —

GMRAX

• 1D: -0.38%
• 1M: 2.87%
• 6M: 21.75%
• YTD: 21.75%
• 1Y: 36.40%
• 3Y*: 17.57%
• 5Y*: 6.31%
• 10Y*: 11.03%

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

NWZNX vs. GMRAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NWZNX Nationwide Loomis All Cap Growth Fund	-2.45%	13.28%	32.96%	44.70%	-27.67%	16.89%	30.82%	30.51%	-2.95%	12.69%
GMRAX Nationwide Small Cap Index Fund	21.75%	12.26%	9.12%	17.56%	-20.82%	14.27%	19.59%	24.87%	-10.71%	10.75%

Correlation

The correlation between NWZNX and GMRAX is 0.62, 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	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (All Time) Calculated using the full available price history since Jun 6, 2017	0.74

The correlation between NWZNX and GMRAX shifts across timeframes, from 0.62 (1 year) to 0.75 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

NWZNX vs. GMRAX — Risk / Return Rank

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

NWZNX

NWZNX Risk / Return Rank: 4
NWZNX Sharpe Ratio Rank: 4
NWZNX Sortino Ratio Rank: 4
NWZNX Omega Ratio Rank: 4
NWZNX Calmar Ratio Rank: 4
NWZNX Martin Ratio Rank: 4

GMRAX

GMRAX Risk / Return Rank: 73
GMRAX Sharpe Ratio Rank: 71
GMRAX Sortino Ratio Rank: 69
GMRAX Omega Ratio Rank: 57
GMRAX Calmar Ratio Rank: 86
GMRAX 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.

NWZNX vs. GMRAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nationwide Loomis All Cap Growth Fund (NWZNX) 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.

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.

	NWZNX	GMRAX	Difference
Sharpe ratio: Return per unit of total volatility	0.14	1.96	-1.82
Sortino ratio: Return per unit of downside risk	0.31	2.73	-2.42
Omega ratio: Gain probability vs. loss probability	1.04	1.33	-0.29
Calmar ratio: Return relative to maximum drawdown	0.12	3.48	-3.36
Martin ratio: Return relative to average drawdown	0.30	12.28	-11.97

NWZNX vs. GMRAX - Sharpe Ratio Comparison

The current NWZNX Sharpe Ratio is 0.14, which is lower than the GMRAX Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of NWZNX 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.

Drawdowns

NWZNX vs. GMRAX - Drawdown Comparison

The maximum NWZNX drawdown since its inception was -36.41%, smaller than the maximum GMRAX drawdown of -59.36%. Use the drawdown chart below to compare losses from any high point for NWZNX and GMRAX.

Drawdown Indicators

	NWZNX	GMRAX	Difference
Max Drawdown Largest peak-to-trough decline	-36.41%	-59.36%	+22.95%
Max Drawdown (1Y) Largest decline over 1 year	-19.85%	-11.06%	-8.79%
Max Drawdown (3Y) Largest decline over 3 years	-24.01%	-27.67%	+3.66%
Max Drawdown (5Y) Largest decline over 5 years	-36.41%	-32.00%	-4.41%
Max Drawdown (10Y) Largest decline over 10 years	—	-41.78%	—
Current Drawdown Current decline from peak	-8.48%	-0.38%	-8.10%
Average Drawdown Average peak-to-trough decline	-7.25%	-12.56%	+5.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.88%	3.13%	+4.75%

Volatility

NWZNX vs. GMRAX - Volatility Comparison

Nationwide Loomis All Cap Growth Fund (NWZNX) has a higher volatility of 6.95% compared to Nationwide Small Cap Index Fund (GMRAX) at 6.26%. This indicates that NWZNX's price experiences larger fluctuations and is considered to be riskier than GMRAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NWZNX	GMRAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.95%	6.26%	+0.69%
Volatility (6M) Calculated over the trailing 6-month period	13.42%	14.29%	-0.87%
Volatility (1Y) Calculated over the trailing 1-year period	17.12%	19.63%	-2.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.68%	22.71%	-0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.82%	23.52%	-1.70%

NWZNX vs. GMRAX - Expense Ratio Comparison

NWZNX has a 1.07% expense ratio, which is higher than GMRAX's 0.68% expense ratio.

Dividends

NWZNX vs. GMRAX - Dividend Comparison

NWZNX's dividend yield for the trailing twelve months is around 8.85%, more than GMRAX's 2.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GMRAX Nationwide Small Cap Index Fund	2.07%	2.45%	4.99%	0.52%	1.51%	6.81%	0.56%	7.38%	46.93%	17.82%	7.14%	12.55%
NWZNX Nationwide Loomis All Cap Growth Fund	8.85%	8.63%	9.42%	7.12%	8.43%	10.57%	2.57%	1.35%	8.44%	0.42%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NWZNX and GMRAX in my portfolio?

NWZNX and GMRAX have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NWZNX or GMRAX?

NWZNX has higher volatility (6.95%) compared to GMRAX (6.26%). In terms of maximum drawdown, NWZNX dropped -36.41% vs GMRAX's -59.36%.

Which has better risk-adjusted returns?

GMRAX currently has the higher Sharpe Ratio (1.96 vs 0.14), 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.