Nationwide Mellon Correlations

NWAMX Fund

USD 34.22 0.14 0.41%

The current 90-days correlation between Nationwide Mellon and Tiaa Cref Mid Cap Value is 0.92 (i.e., Almost no diversification). The correlation of Nationwide Mellon 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 Mellon Correlation With Market

Very poor diversification

The correlation between Nationwide Mellon Disciplined and DJI is 0.86 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nationwide Mellon Disciplined 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 Mellon Disciplined. 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 population.

Moving together with Nationwide Mutual Fund

0.65	GCFRX	Nationwide Investor	Pair Corr
0.82	GGEAX	Nationwide Global Equity	Pair Corr
0.7	GGEIX	Nationwide Global Equity	Pair Corr
0.83	GGESX	Nationwide Global Equity	Pair Corr
0.66	GIMCX	Nationwide Investor	Pair Corr
0.65	NDCAX	Nationwide Investor	Pair Corr
0.66	NDCSX	Nationwide Investor	Pair Corr
0.7	NWAWX	Nationwide Gqg Quality	Pair Corr
0.71	NWAVX	Nationwide Gqg Quality	Pair Corr
0.7	NWAUX	Nationwide Gqg Quality	Pair Corr
0.7	NWAYX	Nationwide Gqg Quality	Pair Corr
0.64	NWANX	Nationwide Bny Mellon	Pair Corr
1.0	NWALX	Nationwide Bny Mellon	Pair Corr

Related Correlations Analysis

	TIMVX	FCPVX	RYCLX	CSCVX	ARSMX	AOPAX	BPSCX
TIMVX		0.96	-0.94	0.02	0.93	-0.29	0.95	TIMVX
FCPVX	0.96		-0.98	-0.05	0.93	-0.4	0.96	FCPVX
RYCLX	-0.94	-0.98		0.08	-0.91	0.51	-0.95	RYCLX
CSCVX	0.02	-0.05	0.08		0.05	0.46	0.05	CSCVX
ARSMX	0.93	0.93	-0.91	0.05		-0.32	0.9	ARSMX
AOPAX	-0.29	-0.4	0.51	0.46	-0.32		-0.29	AOPAX
BPSCX	0.95	0.96	-0.95	0.05	0.9	-0.29		BPSCX
	TIMVX	FCPVX	RYCLX	CSCVX	ARSMX	AOPAX	BPSCX

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

FCPVX	+ 0.96	TIMVX
BPSCX	+ 0.96	FCPVX
BPSCX	+ 0.95	TIMVX
ARSMX	+ 0.93	TIMVX
ARSMX	+ 0.93	FCPVX
BPSCX	+ 0.9	ARSMX

High negative correlations

RYCLX	- 0.98	FCPVX
BPSCX	- 0.95	RYCLX
RYCLX	- 0.94	TIMVX
ARSMX	- 0.91	RYCLX
AOPAX	- 0.4	FCPVX
AOPAX	- 0.32	ARSMX

Risk-Adjusted Indicators

There is a big difference between Nationwide Mutual Fund performing well and Nationwide Mellon 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 Mellon'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
TIMVX	0.74	0.00	0.00	(0.02)	0.00	0.00	1.41	(1.65)	3.55
FCPVX	0.82	(0.03)	0.00	(0.06)	0.00	0.00	1.70	(1.88)	4.29
RYCLX	0.84	0.07	0.11	(0.09)	0.94	(0.87)	2.16	(1.54)	5.20
CSCVX	0.31	(0.02)	0.00	(0.41)	0.00	0.00	0.97	(1.11)	4.53
ARSMX	0.67	(0.03)	0.00	2.90	0.00	0.00	1.17	(1.03)	3.08
AOPAX	0.44	0.09	0.16	0.18	0.48	(0.50)	1.15	(1.13)	3.90
BPSCX	0.79	(0.03)	0.00	(0.05)	0.00	0.00	1.61	(1.91)	4.06

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