Nationwide Growth Correlations

GGFRX Fund

USD 13.59 0.02 0.15%

The current 90-days correlation between Nationwide Growth and Manning Napier Diversified is 0.08 (i.e., Significant 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

Poor diversification

The correlation between Nationwide Growth Fund and DJI is 0.62 (i.e., 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 Risk vs Return 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 metropolitan statistical area.

Moving together with Nationwide Mutual Fund

0.63	NADMX	Nationwide Investor	Pair Corr
0.88	GGEAX	Nationwide Global Equity	Pair Corr
0.87	GGEIX	Nationwide Global Equity	Pair Corr
0.88	GGESX	Nationwide Global Equity	Pair Corr
0.62	NSDMX	Nationwide Investor	Pair Corr
0.66	NTDAX	Nationwide Destination	Pair Corr
0.66	NTDIX	Nationwide Destination	Pair Corr
0.66	NTDTX	Nationwide Destination	Pair Corr
0.66	NTDSX	Nationwide Destination	Pair Corr
0.65	NDAAX	Nationwide Investor	Pair Corr
0.65	NDASX	Nationwide Investor	Pair Corr
0.64	NDMSX	Nationwide Investor	Pair Corr
0.64	NDMAX	Nationwide Investor	Pair Corr
0.89	NWAWX	Nationwide Gqg Quality	Pair Corr
0.89	NWAVX	Nationwide Gqg Quality	Pair Corr
0.9	NWAUX	Nationwide Gqg Quality	Pair Corr
0.82	NWATX	Nationwide Destination	Pair Corr
0.89	NWAYX	Nationwide Gqg Quality	Pair Corr
0.95	NWABX	Nationwide Fund6	Pair Corr
1.0	NWAEX	Nationwide Bny Mellon	Pair Corr
0.97	NWADX	Nationwide Loomis All	Pair Corr
0.63	NWAMX	Nationwide Mellon	Pair Corr

Moving against Nationwide Mutual Fund

0.51	NUSAX	Nationwide Government	Pair Corr
0.37	GIIAX	Nationwide International	Pair Corr
0.37	GIIRX	Nationwide International	Pair Corr
0.37	GIXIX	Nationwide International	Pair Corr
0.36	NWAJX	Nationwide Allianzgi	Pair Corr
0.36	NWAHX	Nationwide Allianzgi	Pair Corr
0.36	NWAGX	Nationwide Allianzgi	Pair Corr
0.36	NWAKX	Nationwide Allianzgi	Pair Corr
0.32	NWCIX	Nationwide E Plus	Pair Corr
0.32	NWCSX	Nationwide E Plus	Pair Corr
0.31	NWCPX	Nationwide E Plus	Pair Corr

Related Correlations Analysis

	MNDWX	PGFCX	GPICX	DLTZX	XWDIX	SRDAX	TFCAX
MNDWX		0.83	0.76	0.79	0.71	-0.33	0.74	MNDWX
PGFCX	0.83		0.71	0.63	0.65	-0.11	0.6	PGFCX
GPICX	0.76	0.71		0.9	0.38	-0.17	0.91	GPICX
DLTZX	0.79	0.63	0.9		0.5	-0.35	0.94	DLTZX
XWDIX	0.71	0.65	0.38	0.5		-0.51	0.39	XWDIX
SRDAX	-0.33	-0.11	-0.17	-0.35	-0.51		-0.25	SRDAX
TFCAX	0.74	0.6	0.91	0.94	0.39	-0.25		TFCAX
	MNDWX	PGFCX	GPICX	DLTZX	XWDIX	SRDAX	TFCAX

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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

TFCAX	+ 0.94	DLTZX
TFCAX	+ 0.91	GPICX
DLTZX	+ 0.9	GPICX
PGFCX	+ 0.83	MNDWX
DLTZX	+ 0.79	MNDWX
GPICX	+ 0.76	MNDWX

High negative correlations

SRDAX	- 0.51	XWDIX
SRDAX	- 0.35	DLTZX
SRDAX	- 0.33	MNDWX
TFCAX	- 0.25	SRDAX
SRDAX	- 0.17	GPICX
SRDAX	- 0.11	PGFCX

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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
MNDWX	0.12	(0.01)	0.08	(3.64)	0.19	(0.18)	0.20	(0.38)	0.96
PGFCX	0.29	(0.01)	0.06	0.08	0.39	(0.35)	0.67	(0.48)	1.75
GPICX	0.04	0.00	0.00	0.05	0.00	0.00	0.10	(0.10)	0.41
DLTZX	0.08	0.01	0.27	0.80	0.00	(0.18)	0.26	(0.13)	0.64
XWDIX	0.20	(0.03)	0.00	0.64	0.00	0.00	0.33	(0.46)	1.59
SRDAX	0.16	0.00	0.15	(0.11)	0.16	(0.20)	0.29	(0.37)	0.76
TFCAX	0.02	0.00	0.00	0.33	0.00	0.00	0.10	0.00	0.40

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