Nationwide Mid Correlations

Mutual Funds . USA . 
Fund . Nationwide Mid Cap
GMXAX Fund  USD 18.88  0.31  1.67%   
The current 90-days correlation between Nationwide Mid Cap and Nationwide Small Cap is 0.12 (i.e., Average 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

Almost no diversification

The correlation between Nationwide Mid Cap 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 Mid 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 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 nation.

Moving together with Nationwide Mutual Fund

  0.77NADMX Nationwide InvestorPairCorr
  0.75GGEAX Nationwide Global EquityPairCorr
  0.76GGEIX Nationwide Global EquityPairCorr
  0.9GGFRX Nationwide GrowthPairCorr
  0.75GGESX Nationwide Global EquityPairCorr
  0.77NSDMX Nationwide InvestorPairCorr
  0.93NTDAX Nationwide DestinationPairCorr
  0.83NTDIX Nationwide DestinationPairCorr
  0.83NTDTX Nationwide DestinationPairCorr
  0.93NTDSX Nationwide DestinationPairCorr
  0.81NUSAX Nationwide GovernmentPairCorr
  0.86NDAAX Nationwide InvestorPairCorr
  0.84NDMAX Nationwide InvestorPairCorr
  0.79NWAWX Nationwide Gqg QualityPairCorr
  0.79NWAVX Nationwide Gqg QualityPairCorr
  0.79NWAUX Nationwide Gqg QualityPairCorr
  0.84NWATX Nationwide DestinationPairCorr
  0.79NWAYX Nationwide Gqg QualityPairCorr
  0.73NWBIX Nationwide DestinationPairCorr
  0.91NWABX Nationwide Fund6PairCorr
  0.96NWAEX Nationwide Bny MellonPairCorr
  0.94NWADX Nationwide Loomis AllPairCorr
  0.9NWANX Nationwide Bny MellonPairCorr
  0.96NWAMX Nationwide MellonPairCorr
  0.96NWALX Nationwide Bny MellonPairCorr
  0.87NWASX Nationwide DestinationPairCorr

Moving against Nationwide Mutual Fund

  0.69NBDAX Nationwide BondPairCorr
  0.53GIIRX Nationwide InternationalPairCorr
  0.52GIIAX Nationwide InternationalPairCorr
  0.52GIXIX Nationwide InternationalPairCorr
  0.4GCFRX Nationwide InvestorPairCorr
  0.37NDCSX Nationwide InvestorPairCorr
  0.32NDCAX Nationwide InvestorPairCorr
  0.72NWCIX Nationwide E PlusPairCorr
  0.72NWCSX Nationwide E PlusPairCorr
  0.7NWCPX Nationwide E PlusPairCorr
  0.4NWAHX Nationwide AllianzgiPairCorr
  0.4NWAGX Nationwide AllianzgiPairCorr
  0.4NWAKX Nationwide AllianzgiPairCorr
  0.39NWAJX Nationwide AllianzgiPairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.
High positive correlations   
RRTLX
+ 0.87
MSTSX
GRISX
+ 0.79
GMRAX
OSHDF
+ 0.78
VIASP
MSTSX
+ 0.74
GRISX
RRTLX
+ 0.72
LBHIX
RRTLX
+ 0.69
GRISX
  
High negative correlations   
VIASP
- 0.72
GIIAX
OSHDF
- 0.71
GIIAX
70082LAB3
- 0.64
GIIAX
GIIAX
- 0.55
GMRAX
GRISX
- 0.53
GIIAX
LBHIX
- 0.24
GIIAX

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
GMRAX  0.92  0.12  0.00  6.73  0.93 
(1.06)
 2.08 
(1.63)
 7.60 
GIIAX  0.67 (0.14) 0.00 (0.17) 0.00 
 0.00 
 1.45 
(1.66)
 3.94 
GRISX  0.56  0.00 (0.02) 0.12  0.65 
(0.62)
 1.16 
(1.30)
 3.84 
AQUI  0.00  0.00  0.00  0.00  0.00 
 0.00 
 0.00 
 0.00 
 0.00 
MSTSX  0.48 (0.04)(0.13) 0.06  0.50 
(0.59)
 1.21 
(1.02)
 2.80 
LBHIX  0.11  0.01 (0.41) 0.46  0.00 
(0.29)
 0.24 
(0.24)
 0.96 
VIASP  0.72  0.00 (0.02) 0.00  1.05 
(0.80)
 2.28 
(1.15)
 7.18 
RRTLX  0.24 (0.02)(0.31) 0.05  0.24 
(0.27)
 0.56 
(0.56)
 1.37 
OSHDF  39.65  20.22  0.00 (24.88) 0.00 
 0.00 
 0.00 
 0.00 
 1,329 
70082LAB3  1.00  0.07 (0.04)(0.12) 2.25 
(1.07)
 1.75 
(1.69)
 24.27 

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