Fund Evaluator:

Nationwide Mid Cap Market Idx Instl Svc Overview

Nationwide Mid Cap Market Idx Instl Svc (NWXQX) is a passively managed U.S. Equity Mid-Cap Blend fund. Nationwide launched the fund in 2016.

The investment seeks to match the performance of the Standard & Poor's MidCap 400® Index ("S&P MidCap 400 Index") as closely as possible before the deduction of fund expenses. The fund normally invests at least 80% of its net assets in securities of companies included in the S&P MidCap 400® Index. The S&P MidCap 400® Index includes equity securities of approximately 400 mid-cap U.S. companies in a wide range of businesses. The adviser employs a "passive" management, or indexing, approach, which seeks to match approximately the performance of the S&P MidCap 400® Index before the deduction of fund expenses.

About Nationwide Mid Cap Market Idx Instl Svc (NWXQX)

There are 4 members of the management team with an average tenure of 3.21 years: Jennifer Hsui (2019), Peter Sietsema (2023), Matt Waldron (2025), Steven White (2025). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: Russell 3000 TR USD index with a weighting of 100% and S&P MidCap 400 TR index with a weighting of 100%. Nationwide Mid Cap Market Idx Instl Svc has 405 securities in its portfolio. The top 10 holdings constitute 7.7% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.

Nationwide Mid Cap Market Idx Instl Svc is part of the Equity global asset class and is within the U.S. Equity fund group. Nationwide Mid Cap Market Idx Instl Svc has 1.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 98.4%. There is 1.7% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Nationwide Mid Cap Market Idx Instl Svc has -0.1% of the portfolio in cash.

Assets Under Management

The fund has $18 million in total assets, which is below the $1 billion average for the Mid-Cap Blend category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

NWXQX Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Nationwide Mid Cap Market Idx Instl Svc expense ratio is average compared to funds in the Mid-Cap Blend category. Nationwide Mid Cap Market Idx Instl Svc has an expense ratio of 0.48%, which is 51% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. Nationwide Mid Cap Market Idx Instl Svc has a portfolio turnover rate of 15%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 51% for the Mid-Cap Blend category.

Recently, in the month of July 2026, Nationwide Mid Cap Market Idx Instl Svc returned -2.4%, which earned it a grade of C, as the Mid-Cap Blend category had an average return of -1.8%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.

Nationwide Mid Cap Market Idx Instl Svc has a trailing yield of 0.75%, which is above the 0.48% category average. The fund normally distributes its income quarterly and its capital gains annually.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

Nationwide Mid Cap Market Idx Instl Svc Grades

Year to date, the fund has returned 14.3%, 1.2 percentage points better than the category, which translates into a grade of C. The fund has returned 20.5% over the past year (grade of C), 12.4% over the past three years (grade of C) and 8.0% per year over the past five years (grade of C) and 10.4% per year over the past 10 years (grade of C).

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