Nationwide Highmark Correlations

Mutual Funds . USA . 
Fund . Nationwide Highmark Small
NWKEX Fund  USD 35.36  0.14  0.39%   
The current 90-days correlation between Nationwide Highmark Small and Nationwide Highmark Small is 0.18 (i.e., Average diversification). The correlation of Nationwide Highmark 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 Highmark Correlation With Market

Very poor diversification

The correlation between Nationwide Highmark Small and DJI is 0.8 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nationwide Highmark Small 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 Highmark Small. 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 income.

Moving together with Nationwide Mutual Fund

  0.71NADMX Nationwide InvestorPairCorr
  0.7GGEAX Nationwide Global EquityPairCorr
  0.7GGEIX Nationwide Global EquityPairCorr
  0.67GGFRX Nationwide GrowthPairCorr
  0.7GGESX Nationwide Global EquityPairCorr
  0.83NSDMX Nationwide InvestorPairCorr
  0.67NSDCX Nationwide InvestorPairCorr
  0.71NTDAX Nationwide DestinationPairCorr
  0.71NTDIX Nationwide DestinationPairCorr
  0.81NTDTX Nationwide DestinationPairCorr
  0.71NTDSX Nationwide DestinationPairCorr
  0.81NDAAX Nationwide InvestorPairCorr
  0.71NDASX Nationwide InvestorPairCorr
  0.71NDMSX Nationwide InvestorPairCorr
  0.71NDMAX Nationwide InvestorPairCorr
  0.81NWATX Nationwide DestinationPairCorr
  0.76NWBIX Nationwide DestinationPairCorr
  0.74NWABX Nationwide Fund6PairCorr
  0.75NWAEX Nationwide Bny MellonPairCorr
  0.68NWADX Nationwide Loomis AllPairCorr
  0.73NWANX Nationwide Bny MellonPairCorr
  0.64NWAMX Nationwide MellonPairCorr
  0.73NWALX Nationwide Bny MellonPairCorr

Moving against Nationwide Mutual Fund

  0.4NBDAX Nationwide BondPairCorr
  0.42NWCSX Nationwide E PlusPairCorr
  0.42NWCPX Nationwide E PlusPairCorr
  0.41NWCIX Nationwide E PlusPairCorr

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 Highmark 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 Highmark'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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