Nationwide Destination Correlations

Mutual Funds . USA . 
Fund . Nationwide Destination 2035
NWLIX Fund  USD 9.55  0.03  0.32%   
The current 90-days correlation between Nationwide Destination and Nationwide Investor Destinations is 0.81 (i.e., Very poor diversification). The correlation of Nationwide Destination 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 Destination Correlation With Market

Almost no diversification

The correlation between Nationwide Destination 2035 and DJI is 0.91 (i.e., Almost no diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nationwide Destination 2035 and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Nationwide Destination 2035. 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

  0.96GCFRX Nationwide InvestorPairCorr
  0.99NADCX Nationwide InvestorPairCorr
  1.0NADMX Nationwide InvestorPairCorr
  0.99GGEAX Nationwide Global EquityPairCorr
  0.99GGEIX Nationwide Global EquityPairCorr
  1.0GGFRX Nationwide GrowthPairCorr
  0.99GGESX Nationwide Global EquityPairCorr
  1.0NSDMX Nationwide InvestorPairCorr
  0.99NSDCX Nationwide InvestorPairCorr
  1.0NTDAX Nationwide DestinationPairCorr
  1.0NTDIX Nationwide DestinationPairCorr
  1.0NTDTX Nationwide DestinationPairCorr
  1.0NTDSX Nationwide DestinationPairCorr
  0.94GIIAX Nationwide InternationalPairCorr
  0.97GIIRX Nationwide InternationalPairCorr
  0.96GIMCX Nationwide InvestorPairCorr
  0.97GIXIX Nationwide InternationalPairCorr
  0.96NUSAX Nationwide GovernmentPairCorr
  1.0NDAAX Nationwide InvestorPairCorr
  0.96NDCAX Nationwide InvestorPairCorr
  1.0NDASX Nationwide InvestorPairCorr
  0.96NDCSX Nationwide InvestorPairCorr
  1.0NDMSX Nationwide InvestorPairCorr
  1.0NDMAX Nationwide InvestorPairCorr
  0.63NWAWX Nationwide Gqg QualityPairCorr
  0.65NWAVX Nationwide Gqg QualityPairCorr
  1.0NWATX Nationwide DestinationPairCorr
  0.63NWAYX Nationwide Gqg QualityPairCorr
  1.0NWBIX Nationwide DestinationPairCorr
  1.0NWABX Nationwide Fund6PairCorr
  1.0NWAEX Nationwide Bny MellonPairCorr
  0.99NWADX Nationwide Loomis AllPairCorr
  0.97NWAJX Nationwide AllianzgiPairCorr
  0.97NWAHX Nationwide AllianzgiPairCorr
  0.97NWAGX Nationwide AllianzgiPairCorr
  0.99NWANX Nationwide Bny MellonPairCorr
  0.99NWAMX Nationwide MellonPairCorr
  0.99NWALX Nationwide Bny MellonPairCorr
  0.97NWAKX Nationwide AllianzgiPairCorr
  1.0NWASX Nationwide DestinationPairCorr

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 Destination 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 Destination'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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