Nationwide Destination Correlations

NWBIX Fund

USD 7.82 0.05 0.64%

The current 90-days correlation between Nationwide Destination and Barings Emerging Markets is -0.13 (i.e., Good 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

Modest diversification

The correlation between Nationwide Destination 2030 and DJI is 0.21 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nationwide Destination 2030 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 2030. 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 gross domestic product.

Moving together with Nationwide Mutual Fund

0.99	NADCX	Nationwide Investor	Pair Corr
0.98	NADMX	Nationwide Investor	Pair Corr
0.98	NSDMX	Nationwide Investor	Pair Corr
0.99	NSDCX	Nationwide Investor	Pair Corr
0.97	NTDAX	Nationwide Destination	Pair Corr
0.97	NTDIX	Nationwide Destination	Pair Corr
0.97	NTDTX	Nationwide Destination	Pair Corr
0.97	NTDSX	Nationwide Destination	Pair Corr
0.95	NDAAX	Nationwide Investor	Pair Corr
0.95	NDASX	Nationwide Investor	Pair Corr
0.96	NDMSX	Nationwide Investor	Pair Corr
0.96	NDMAX	Nationwide Investor	Pair Corr
0.77	NWATX	Nationwide Destination	Pair Corr
0.68	NWANX	Nationwide Bny Mellon	Pair Corr
0.68	NWAMX	Nationwide Mellon	Pair Corr
0.68	NWALX	Nationwide Bny Mellon	Pair Corr

Related Correlations Analysis

	BXECX	FZDAQX	RTIUX	TBLDX	FUHKBX	FZNOPX	WABMSX
BXECX		0.37	0.94	0.54	-0.39	-0.29	0.17	BXECX
FZDAQX	0.37		0.42	0.63	0.19	0.25	0.57	FZDAQX
RTIUX	0.94	0.42		0.6	-0.33	-0.15	0.33	RTIUX
TBLDX	0.54	0.63	0.6		0.2	0.42	0.81	TBLDX
FUHKBX	-0.39	0.19	-0.33	0.2		0.85	0.49	FUHKBX
FZNOPX	-0.29	0.25	-0.15	0.42	0.85		0.71	FZNOPX
WABMSX	0.17	0.57	0.33	0.81	0.49	0.71		WABMSX
	BXECX	FZDAQX	RTIUX	TBLDX	FUHKBX	FZNOPX	WABMSX

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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

RTIUX	+ 0.94	BXECX
FZNOPX	+ 0.85	FUHKBX
WABMSX	+ 0.81	TBLDX
WABMSX	+ 0.71	FZNOPX
TBLDX	+ 0.63	FZDAQX
TBLDX	+ 0.6	RTIUX

High negative correlations

FUHKBX	- 0.39	BXECX
FUHKBX	- 0.33	RTIUX
FZNOPX	- 0.29	BXECX
FZNOPX	- 0.15	RTIUX

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 Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
BXECX	0.19	0.04	0.14	(0.48)	0.00	(0.32)	0.55	(0.27)	1.21
FZDAQX	0.11	(0.01)	(0.03)	(0.09)	0.19	(0.15)	0.21	(0.21)	1.03
RTIUX	0.59	0.11	0.13	0.20	0.62	(0.65)	1.47	(1.41)	5.02
TBLDX	0.38	0.00	0.00	0.03	0.54	(0.36)	0.70	(0.80)	2.12
FUHKBX	0.68	(0.02)	0.00	(0.03)	0.00	0.00	1.13	(1.61)	4.79
FZNOPX	0.75	0.01	0.01	0.01	0.83	(0.87)	1.55	(1.59)	3.75
WABMSX	0.60	0.03	0.04	0.04	0.78	(0.61)	1.38	(1.29)	3.66

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