Nationwide Mid Correlations

NWXQX Fund  USD 16.82  0.22  1.33%   
The current 90-days correlation between Nationwide Mid Cap and Nationwide Investor Destinations is 0.6 (i.e., Poor diversification). The correlation of Nationwide Mid 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 Mid Correlation With Market

Good diversification

The correlation between Nationwide Mid Cap and DJI is -0.17 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nationwide Mid Cap 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 Mid 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 producer price index.

Moving together with Nationwide Mutual Fund

  0.92GCFRX Nationwide InvestorPairCorr
  0.97NADCX Nationwide InvestorPairCorr
  0.98NADMX Nationwide InvestorPairCorr
  0.95GGEAX Nationwide Global EquityPairCorr
  0.97GGEIX Nationwide Global EquityPairCorr
  0.98GGFRX Nationwide GrowthPairCorr
  0.95GGESX Nationwide Global EquityPairCorr
  0.98NSDMX Nationwide InvestorPairCorr
  0.98NTDAX Nationwide DestinationPairCorr
  0.97NTDSX Nationwide DestinationPairCorr
  0.93GIIRX Nationwide InternationalPairCorr
  0.91NUSAX Nationwide GovernmentPairCorr
  0.97NDAAX Nationwide InvestorPairCorr
  0.93NDCAX Nationwide InvestorPairCorr
  0.99NDASX Nationwide InvestorPairCorr
  0.91NDCSX Nationwide InvestorPairCorr
  0.98NDMSX Nationwide InvestorPairCorr
  0.96NDMAX Nationwide InvestorPairCorr
  0.97NWBIX Nationwide DestinationPairCorr
  0.96NWABX Nationwide Fund6PairCorr
  0.98NWAEX Nationwide Bny MellonPairCorr
  0.95NWADX Nationwide Loomis AllPairCorr
  0.94NWAJX Nationwide AllianzgiPairCorr
  0.92NWAHX Nationwide AllianzgiPairCorr
  0.94NWAGX Nationwide AllianzgiPairCorr
  0.98NWANX Nationwide Bny MellonPairCorr
  0.98NWAMX Nationwide MellonPairCorr
  0.92NWAKX Nationwide AllianzgiPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Nationwide Mutual Fund performing well and Nationwide Mid 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 Mid'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  0.21  0.05 (0.36)(15.54) 0.00 
 0.51 
 1.46 
NADCX  0.27  0.08 (0.19)(5.36) 0.21 
 0.74 
 1.94 
NADMX  0.36  0.12 (0.08)(4.17) 0.19 
 1.22 
 2.44 
GGEAX  0.59  0.11  0.09  0.30  0.41 
 1.78 
 4.21 
GGEIX  0.62  0.24  0.06 (2.19) 0.50 
 1.78 
 4.24 
GGFRX  0.66  0.24  0.06 (2.41) 0.59 
 2.13 
 5.02 
GGESX  0.59  0.11  0.09  0.30  0.41 
 1.77 
 4.18 
NSDMX  0.36  0.13 (0.07)(3.44) 0.18 
 1.12 
 2.54 
NSDCX  0.24  0.04 (0.21) 0.34  0.10 
 0.43 
 1.77 
NTDAX  0.49  0.20  0.03 (3.05) 0.35 
 1.62 
 3.41