Nationwide Growth Correlations

Mutual Funds . USA . 
Fund . Nationwide Growth Fund
NMFAX Fund  USD 15.64  0.10  0.64%   
The current 90-days correlation between Nationwide Growth and Nationwide Mid Cap is 0.81 (i.e., Very poor diversification). The correlation of Nationwide Growth 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 Growth Correlation With Market

Very poor diversification

The correlation between Nationwide Growth Fund and DJI is 0.83 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nationwide Growth Fund 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 Growth Fund. 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

  0.67NADCX Nationwide InvestorPairCorr
  0.84GGEAX Nationwide Global EquityPairCorr
  1.0GGFRX Nationwide GrowthPairCorr
  0.84GGESX Nationwide Global EquityPairCorr
  0.93NSDMX Nationwide InvestorPairCorr
  0.66NSDCX Nationwide InvestorPairCorr
  0.97NTDAX Nationwide DestinationPairCorr
  0.97NTDTX Nationwide DestinationPairCorr
  0.97NTDSX Nationwide DestinationPairCorr
  0.99NDAAX Nationwide InvestorPairCorr
  0.99NDASX Nationwide InvestorPairCorr
  0.98NDMSX Nationwide InvestorPairCorr
  0.98NDMAX Nationwide InvestorPairCorr
  0.88NWAVX Nationwide Gqg QualityPairCorr
  0.88NWAUX Nationwide Gqg QualityPairCorr
  0.97NWATX Nationwide DestinationPairCorr
  0.83NWBIX Nationwide DestinationPairCorr
  0.99NWABX Nationwide Fund6PairCorr
  1.0NWAEX Nationwide Bny MellonPairCorr
  0.96NWADX Nationwide Loomis AllPairCorr
  0.96NWANX Nationwide Bny MellonPairCorr
  0.96NWALX Nationwide Bny MellonPairCorr
  0.96NWAPX Nationwide Bny MellonPairCorr
  0.96NWAOX Nationwide Bny MellonPairCorr
  0.99NWFAX Nationwide Fund ClassPairCorr
  0.91NWHDX Nationwide Bailard NitivePairCorr
  0.91NWHFX Nationwide Bailard NitivePairCorr

Moving against NATIONWIDE Mutual Fund

  0.51GIIAX Nationwide InternationalPairCorr
  0.5GIXIX Nationwide InternationalPairCorr
  0.69NWCIX Nationwide E PlusPairCorr
  0.4NWAGX Nationwide AllianzgiPairCorr
  0.39NWAJX Nationwide AllianzgiPairCorr
  0.39NWAHX Nationwide AllianzgiPairCorr
  0.69NWCSX Nationwide E PlusPairCorr
  0.66NWJIX Nationwide Highmark BondPairCorr
  0.42NWHLX Nationwide BailardPairCorr
  0.42NWHNX Nationwide BailardPairCorr
  0.41NWHMX Nationwide BailardPairCorr

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   
GMRAX
+ 0.99
GMXAX
MUIFX
+ 0.96
GMXAX
MUIFX
+ 0.93
GMRAX
GBIAX
+ 0.76
GIIAX
  
High negative correlations   
GBIAX
- 0.76
MUIFX
GBIAX
- 0.69
GMXAX
GBIAX
- 0.66
GMRAX
GIIAX
- 0.62
GMRAX
GIIAX
- 0.59
GMXAX
MUIFX
- 0.57
GIIAX

Risk-Adjusted Indicators

There is a big difference between NATIONWIDE Mutual Fund performing well and Nationwide Growth 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 Growth'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.

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