Nationwide Small Correlations

Mutual Funds . USA . 
Fund . Nationwide Small Cap
GMRIX Fund  USD 12.26  0.08  0.65%   
The current 90-days correlation between Nationwide Small Cap and Nationwide Investor Destinations is 0.6 (i.e., Poor diversification). The correlation of Nationwide Small is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Nationwide Small Correlation With Market

Very poor diversification

The correlation between Nationwide Small Cap and DJI is 0.85 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nationwide Small Cap and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Nationwide Small Cap. Also, note that the market value of any mutual fund could be closely tied with the direction of predictive economic indicators such as signals in gross domestic product.

Moving together with Nationwide Mutual Fund

  0.95GCFRX Nationwide InvestorPairCorr
  0.98NADCX Nationwide InvestorPairCorr
  0.99NADMX Nationwide InvestorPairCorr
  0.98GGEAX Nationwide Global EquityPairCorr
  0.98GGEIX Nationwide Global EquityPairCorr
  0.99GGFRX Nationwide GrowthPairCorr
  0.98GGESX Nationwide Global EquityPairCorr
  0.99NSDMX Nationwide InvestorPairCorr
  0.98NSDCX Nationwide InvestorPairCorr
  0.99NTDAX Nationwide DestinationPairCorr
  0.99NTDIX Nationwide DestinationPairCorr
  0.99NTDTX Nationwide DestinationPairCorr
  0.99NTDSX Nationwide DestinationPairCorr
  0.9GIIAX Nationwide InternationalPairCorr
  0.93GIIRX Nationwide InternationalPairCorr
  0.95GIMCX Nationwide InvestorPairCorr
  0.94GIXIX Nationwide InternationalPairCorr
  0.95NUSAX Nationwide GovernmentPairCorr
  0.99NDAAX Nationwide InvestorPairCorr
  0.95NDCAX Nationwide InvestorPairCorr
  0.99NDASX Nationwide InvestorPairCorr
  0.95NDCSX Nationwide InvestorPairCorr
  0.99NDMSX Nationwide InvestorPairCorr
  0.99NDMAX Nationwide InvestorPairCorr
  0.99NWATX Nationwide DestinationPairCorr
  0.98NWBIX Nationwide DestinationPairCorr
  0.99NWABX Nationwide Fund6PairCorr
  0.99NWAEX Nationwide Bny MellonPairCorr
  0.98NWADX Nationwide Loomis AllPairCorr
  0.94NWAJX Nationwide AllianzgiPairCorr
  0.94NWAHX Nationwide AllianzgiPairCorr
  0.94NWAGX Nationwide AllianzgiPairCorr
  0.99NWANX Nationwide Bny MellonPairCorr
  0.99NWAMX Nationwide MellonPairCorr
  0.99NWALX Nationwide Bny MellonPairCorr
  0.94NWAKX Nationwide AllianzgiPairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

Risk-Adjusted Indicators

There is a big difference between Nationwide Mutual Fund performing well and Nationwide Small Mutual Fund doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Nationwide Small's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.
Mean DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
GCFRX  0.20  0.02 (0.25) 0.24  0.00 
(0.27)
 0.51 
(0.31)
 1.46 
NADCX  0.27  0.03 (0.12) 0.22  0.21 
(0.32)
 0.74 
(0.51)
 1.94 
NADMX  0.35  0.05 (0.02) 0.24  0.18 
(0.41)
 1.22 
(0.70)
 2.44 
GGEAX  0.61  0.13  0.11  0.29  0.50 
(0.72)
 1.78 
(1.25)
 4.21 
GGEIX  0.62  0.13  0.12  0.28  0.51 
(0.72)
 1.78 
(1.28)
 4.24 
GGFRX  0.66  0.10  0.09  0.24  0.60 
(0.75)
 2.13 
(1.20)
 5.02 
GGESX  0.62  0.12  0.12  0.28  0.49 
(0.70)
 1.77 
(1.28)
 4.18 
NSDMX  0.36  0.06 (0.01) 0.25  0.18 
(0.42)
 1.12 
(0.70)
 2.54 
NSDCX  0.28  0.04 (0.10) 0.24  0.18 
(0.34)
 0.74 
(0.52)
 1.92 
NTDAX  0.49  0.10  0.08  0.28  0.34 
(0.55)
 1.62 
(1.19)
 3.41 

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