Nationwide Bny Correlations

NWAEX Fund

USD 16.02 0.26 1.65%

The correlation of Nationwide Bny 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 Bny Correlation With Market

Poor diversification

The correlation between Nationwide Bny Mellon and DJI is 0.64 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nationwide Bny Mellon 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 Bny Mellon. 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

0.87	GGEAX	Nationwide Global Equity	Pair Corr
0.87	GGEIX	Nationwide Global Equity	Pair Corr
1.0	GGFRX	Nationwide Growth	Pair Corr
0.88	GGESX	Nationwide Global Equity	Pair Corr
0.63	NTDAX	Nationwide Destination	Pair Corr
0.63	NTDIX	Nationwide Destination	Pair Corr
0.63	NTDTX	Nationwide Destination	Pair Corr
0.64	NTDSX	Nationwide Destination	Pair Corr
0.63	NDAAX	Nationwide Investor	Pair Corr
0.63	NDASX	Nationwide Investor	Pair Corr
0.62	NDMSX	Nationwide Investor	Pair Corr
0.62	NDMAX	Nationwide Investor	Pair Corr
0.89	NWAWX	Nationwide Gqg Quality	Pair Corr
0.89	NWAVX	Nationwide Gqg Quality	Pair Corr
0.89	NWAUX	Nationwide Gqg Quality	Pair Corr
0.8	NWATX	Nationwide Destination	Pair Corr
0.89	NWAYX	Nationwide Gqg Quality	Pair Corr
0.93	NWABX	Nationwide Fund6	Pair Corr
0.96	NWADX	Nationwide Loomis All	Pair Corr
0.61	NWAMX	Nationwide Mellon	Pair Corr

Moving against Nationwide Mutual Fund

0.49	NUSAX	Nationwide Government	Pair Corr
0.35	GIIAX	Nationwide International	Pair Corr
0.35	GIIRX	Nationwide International	Pair Corr
0.35	GIXIX	Nationwide International	Pair Corr
0.34	NWAJX	Nationwide Allianzgi	Pair Corr
0.34	NWAHX	Nationwide Allianzgi	Pair Corr
0.34	NWAGX	Nationwide Allianzgi	Pair Corr
0.34	NWAKX	Nationwide Allianzgi	Pair Corr

Related Correlations Analysis

	HUCXX	FAFSX	SWGXX	HEWXX	DVFYX	SPAXX	JRSXX
HUCXX		0.0	0.0	0.0	0.0	0.0	0.0	HUCXX
FAFSX	0.0		0.04	0.0	0.78	-0.02	0.0	FAFSX
SWGXX	0.0	0.04		0.0	0.46	0.46	0.0	SWGXX
HEWXX	0.0	0.0	0.0		0.0	0.0	0.0	HEWXX
DVFYX	0.0	0.78	0.46	0.0		0.47	0.0	DVFYX
SPAXX	0.0	-0.02	0.46	0.0	0.47		0.0	SPAXX
JRSXX	0.0	0.0	0.0	0.0	0.0	0.0		JRSXX
	HUCXX	FAFSX	SWGXX	HEWXX	DVFYX	SPAXX	JRSXX

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

DVFYX	+ 0.78	FAFSX
SPAXX	+ 0.47	DVFYX
DVFYX	+ 0.46	SWGXX
SPAXX	+ 0.46	SWGXX
SWGXX	+ 0.04	FAFSX
FAFSX	+ 0.0	HUCXX

High negative correlations

SPAXX	- 0.02	FAFSX
JRSXX	- 0.0	SPAXX
JRSXX	- 0.0	DVFYX
JRSXX	- 0.0	HEWXX
SPAXX	- 0.0	HEWXX
DVFYX	- 0.0	HEWXX

Risk-Adjusted Indicators

There is a big difference between Nationwide Mutual Fund performing well and Nationwide Bny 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 Bny'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
HUCXX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
FAFSX	0.91	(0.04)	0.00	(0.07)	0.00	0.00	1.71	(2.71)	6.26
SWGXX	0.03	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.01
HEWXX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
DVFYX	0.85	0.07	0.05	0.03	1.27	(0.82)	1.65	(2.39)	6.47
SPAXX	0.03	0.00	0.00	(0.38)	0.00	0.00	0.00	0.00	1.01
JRSXX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC