Nationwide International Correlations

GIIRX Fund

USD 9.25 0.08 0.86%

The current 90-days correlation between Nationwide International and Morningstar Municipal Bond is 0.21 (i.e., Modest diversification). The correlation of Nationwide International 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 International Correlation With Market

Good diversification

The correlation between Nationwide International Index and DJI is -0.19 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nationwide International Index 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 International Index. 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

0.75	GCFRX	Nationwide Investor	Pair Corr
0.8	GIIAX	Nationwide International	Pair Corr
0.77	GIMCX	Nationwide Investor	Pair Corr
0.69	NDCAX	Nationwide Investor	Pair Corr
0.96	NWAJX	Nationwide Allianzgi	Pair Corr
0.99	NWAHX	Nationwide Allianzgi	Pair Corr
0.96	NWAGX	Nationwide Allianzgi	Pair Corr
0.96	NWAKX	Nationwide Allianzgi	Pair Corr
0.95	NWCIX	Nationwide E Plus	Pair Corr
0.95	NWCSX	Nationwide E Plus	Pair Corr
0.95	NWCPX	Nationwide E Plus	Pair Corr

Moving against Nationwide Mutual Fund

0.37	GGFRX	Nationwide Growth	Pair Corr
0.59	NWHDX	Nationwide Bailard Nitive	Pair Corr
0.59	NWHHX	Nationwide Bailard Nitive	Pair Corr
0.46	NWFAX	Nationwide Fund Class	Pair Corr
0.44	NWABX	Nationwide Fund6	Pair Corr

Related Correlations Analysis

	MSTPX	TIMXX	ICAXX	GVPIX	LTXFX	MCHXX	FCSCX	FMUUX
MSTPX		0.0	0.0	0.72	0.87	0.0	0.56	0.66	MSTPX
TIMXX	0.0		0.0	0.0	0.0	0.0	0.0	0.0	TIMXX
ICAXX	0.0	0.0		0.0	0.0	0.0	0.0	0.0	ICAXX
GVPIX	0.72	0.0	0.0		0.7	0.0	0.67	0.62	GVPIX
LTXFX	0.87	0.0	0.0	0.7		0.0	0.81	0.88	LTXFX
MCHXX	0.0	0.0	0.0	0.0	0.0		0.0	0.0	MCHXX
FCSCX	0.56	0.0	0.0	0.67	0.81	0.0		0.95	FCSCX
FMUUX	0.66	0.0	0.0	0.62	0.88	0.0	0.95		FMUUX
	MSTPX	TIMXX	ICAXX	GVPIX	LTXFX	MCHXX	FCSCX	FMUUX

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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

FMUUX	+ 0.95	FCSCX
FMUUX	+ 0.88	LTXFX
LTXFX	+ 0.87	MSTPX
FCSCX	+ 0.81	LTXFX
GVPIX	+ 0.72	MSTPX
LTXFX	+ 0.7	GVPIX

High negative correlations

FMUUX	- 0.0	MCHXX
FCSCX	- 0.0	MCHXX
MCHXX	- 0.0	LTXFX
MCHXX	- 0.0	GVPIX
FMUUX	- 0.0	ICAXX
FCSCX	- 0.0	ICAXX

Risk-Adjusted Indicators

There is a big difference between Nationwide Mutual Fund performing well and Nationwide International 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 International'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
MSTPX	0.13	(0.01)	0.19	0.60	0.17	(0.15)	0.20	(0.30)	0.91
TIMXX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
ICAXX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
GVPIX	0.77	0.05	0.11	0.46	0.78	(0.90)	1.96	(1.36)	3.76
LTXFX	0.10	0.00	0.33	0.05	0.05	(0.14)	0.26	(0.20)	0.65
MCHXX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
FCSCX	0.06	0.01	0.45	0.90	0.00	(0.19)	0.13	(0.13)	0.66
FMUUX	0.03	0.00	0.00	(0.26)	0.00	0.00	0.10	0.00	0.40

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