Nationwide Destination Correlations

Mutual Funds . USA . 
Fund . Nationwide Destination 2065
NWAQX Fund  USD 12.73  0.07  0.55%   
The current 90-days correlation between Nationwide Destination and Nationwide Investor Destinations is 0.85 (i.e., Very poor diversification). The correlation of Nationwide Destination 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 Destination Correlation With Market

Average diversification

The correlation between Nationwide Destination 2065 and DJI is 0.15 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nationwide Destination 2065 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 Destination 2065. 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 producer price index.

Moving together with Nationwide Mutual Fund

  0.97GCFRX Nationwide InvestorPairCorr
  0.99NADCX Nationwide InvestorPairCorr
  0.99NADMX Nationwide InvestorPairCorr
  0.94GGEAX Nationwide Global EquityPairCorr
  0.94GGEIX Nationwide Global EquityPairCorr
  0.89GGFRX Nationwide GrowthPairCorr
  0.94GGESX Nationwide Global EquityPairCorr
  0.99NSDMX Nationwide InvestorPairCorr
  0.99NSDCX Nationwide InvestorPairCorr
  0.75NBDAX Nationwide BondPairCorr
  0.99NTDAX Nationwide DestinationPairCorr
  0.99NTDIX Nationwide DestinationPairCorr
  0.99NTDTX Nationwide DestinationPairCorr
  0.99NTDSX Nationwide DestinationPairCorr
  0.61GIIRX Nationwide InternationalPairCorr
  0.97GIMCX Nationwide InvestorPairCorr
  0.99NDAAX Nationwide InvestorPairCorr
  0.98NDCAX Nationwide InvestorPairCorr
  0.99NDASX Nationwide InvestorPairCorr
  0.97NDCSX Nationwide InvestorPairCorr
  0.99NDMSX Nationwide InvestorPairCorr
  0.99NDMAX Nationwide InvestorPairCorr
  0.95NWAWX Nationwide Gqg QualityPairCorr
  0.95NWAVX Nationwide Gqg QualityPairCorr
  0.95NWAUX Nationwide Gqg QualityPairCorr
  1.0NWATX Nationwide DestinationPairCorr
  0.95NWAYX Nationwide Gqg QualityPairCorr
  0.99NWBIX Nationwide DestinationPairCorr
  0.95NWABX Nationwide Fund6PairCorr
  0.85NWAEX Nationwide Bny MellonPairCorr
  0.76NWADX Nationwide Loomis AllPairCorr
  0.92NWANX Nationwide Bny MellonPairCorr
  0.92NWAMX Nationwide MellonPairCorr
  0.92NWALX Nationwide Bny MellonPairCorr

Moving against Nationwide Mutual Fund

  0.61NUSAX Nationwide GovernmentPairCorr

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 Destination 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 Destination'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
GCFRX  0.26 (0.05) 0.00 (0.65) 0.00 
 0.00 
 0.40 
(0.61)
 2.76 
NADCX  0.40 (0.11) 0.00 (1.32) 0.00 
 0.00 
 0.61 
(0.60)
 6.63 
NADMX  0.53 (0.15) 0.00 (2.51) 0.00 
 0.00 
 0.81 
(0.72)
 9.99 
GGEAX  0.74 (0.11) 0.00 (0.71) 0.00 
 0.00 
 1.20 
(1.40)
 8.40 
GGEIX  0.73 (0.11) 0.00 (0.65) 0.00 
 0.00 
 1.19 
(1.38)
 8.06 
GGFRX  0.64 (0.04) 0.00 (0.16) 0.00 
 0.00 
 1.21 
(1.58)
 6.22 
GGESX  0.73 (0.11) 0.00 (0.64) 0.00 
 0.00 
 1.22 
(1.37)
 8.13 
NSDMX  0.54 (0.15) 0.00 (2.08) 0.00 
 0.00 
 0.81 
(0.92)
 9.96 
NSDCX  0.40 (0.11) 0.00 (1.47) 0.00 
 0.00 
 0.50 
(0.59)
 6.66 
NBDAX  0.25 (0.04) 0.00 (0.68) 0.00 
 0.00 
 0.61 
(0.62)
 1.61 

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