Nationwide Highmark Correlations

NWGSX Fund

USD 35.12 0.05 0.14%

The current 90-days correlation between Nationwide Highmark Small and Nationwide Highmark Small is 1.0 (i.e., No risk reduction). The correlation of Nationwide Highmark 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 Highmark Correlation With Market

Very poor diversification

The correlation between Nationwide Highmark Small and DJI is 0.8 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nationwide Highmark Small 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 Highmark Small. 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 state.

Moving together with Nationwide Mutual Fund

0.62	NADCX	Nationwide Investor	Pair Corr
0.86	NADMX	Nationwide Investor	Pair Corr
0.87	GGEAX	Nationwide Global Equity	Pair Corr
0.87	GGEIX	Nationwide Global Equity	Pair Corr
0.81	GGFRX	Nationwide Growth	Pair Corr
0.87	GGESX	Nationwide Global Equity	Pair Corr
0.76	NSDMX	Nationwide Investor	Pair Corr
0.73	NSDCX	Nationwide Investor	Pair Corr
0.85	NTDAX	Nationwide Destination	Pair Corr
0.85	NTDIX	Nationwide Destination	Pair Corr
0.85	NTDTX	Nationwide Destination	Pair Corr
0.85	NTDSX	Nationwide Destination	Pair Corr
0.85	NDAAX	Nationwide Investor	Pair Corr
0.85	NDASX	Nationwide Investor	Pair Corr
0.86	NDMSX	Nationwide Investor	Pair Corr
0.86	NDMAX	Nationwide Investor	Pair Corr
0.72	NWAWX	Nationwide Gqg Quality	Pair Corr
0.66	NWAVX	Nationwide Gqg Quality	Pair Corr
0.66	NWAUX	Nationwide Gqg Quality	Pair Corr
0.85	NWATX	Nationwide Destination	Pair Corr
0.72	NWAYX	Nationwide Gqg Quality	Pair Corr
0.81	NWBIX	Nationwide Destination	Pair Corr
0.8	NWABX	Nationwide Fund6	Pair Corr
0.81	NWAEX	Nationwide Bny Mellon	Pair Corr
0.74	NWADX	Nationwide Loomis All	Pair Corr
0.8	NWANX	Nationwide Bny Mellon	Pair Corr
0.8	NWAMX	Nationwide Mellon	Pair Corr
0.8	NWALX	Nationwide Bny Mellon	Pair Corr

Moving against Nationwide Mutual Fund

0.42	NBDAX	Nationwide Bond	Pair Corr
0.34	GIIAX	Nationwide International	Pair Corr
0.45	NWCPX	Nationwide E Plus	Pair Corr
0.44	NWCIX	Nationwide E Plus	Pair Corr
0.43	NWCSX	Nationwide E Plus	Pair Corr

Related Correlations Analysis

	NWGPX	JVTSX	HFMSX	AQUI	MSTSX	LBHIX	VIASP	RRTLX	OSHDF	70082LAB3
NWGPX		0.91	0.82	0.0	0.62	0.51	0.46	0.65	0.35	0.53	NWGPX
JVTSX	0.91		0.95	0.0	0.56	0.61	0.69	0.62	0.63	0.7	JVTSX
HFMSX	0.82	0.95		0.0	0.68	0.7	0.66	0.7	0.68	0.64	HFMSX
AQUI	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	AQUI
MSTSX	0.62	0.56	0.68	0.0		0.69	0.02	0.82	0.11	0.23	MSTSX
LBHIX	0.51	0.61	0.7	0.0	0.69		0.33	0.77	0.38	0.29	LBHIX
VIASP	0.46	0.69	0.66	0.0	0.02	0.33		0.15	0.83	0.66	VIASP
RRTLX	0.65	0.62	0.7	0.0	0.82	0.77	0.15		0.23	0.12	RRTLX
OSHDF	0.35	0.63	0.68	0.0	0.11	0.38	0.83	0.23		0.52	OSHDF
70082LAB3	0.53	0.7	0.64	0.0	0.23	0.29	0.66	0.12	0.52		70082LAB3
	NWGPX	JVTSX	HFMSX	AQUI	MSTSX	LBHIX	VIASP	RRTLX	OSHDF	70082LAB3

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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

HFMSX	+ 0.95	JVTSX
JVTSX	+ 0.91	NWGPX
OSHDF	+ 0.83	VIASP
HFMSX	+ 0.82	NWGPX
RRTLX	+ 0.82	MSTSX
RRTLX	+ 0.77	LBHIX

High negative correlations

70082LAB3	- 0.0	AQUI
OSHDF	- 0.0	AQUI
RRTLX	- 0.0	AQUI
VIASP	- 0.0	AQUI
LBHIX	- 0.0	AQUI
MSTSX	- 0.0	AQUI

Risk-Adjusted Indicators

There is a big difference between Nationwide Mutual Fund performing well and Nationwide Highmark 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 Highmark'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
NWGPX	0.79	(0.08)	(0.06)	0.04	0.98	(0.81)	1.81	(1.62)	4.92
JVTSX	0.81	(0.03)	0.00	0.09	0.81	(0.95)	1.69	(1.60)	5.98
HFMSX	0.73	0.04	0.04	0.15	0.80	(0.78)	1.72	(1.35)	3.94
AQUI	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
MSTSX	0.49	(0.02)	(0.10)	0.08	0.50	(0.60)	1.21	(1.02)	2.80
LBHIX	0.12	0.02	(0.38)	1.57	0.00	(0.28)	0.24	(0.24)	0.96
VIASP	0.75	0.09	(0.03)	(1.53)	1.12	(0.80)	2.28	(1.20)	7.18
RRTLX	0.23	0.02	(0.26)	0.65	0.23	(0.25)	0.48	(0.56)	1.36
OSHDF	39.65	22.50	0.00	(0.96)	0.00	0.00	0.00	0.00	1,329
70082LAB3	0.63	0.00	(0.10)	0.03	1.03	(0.68)	1.66	(1.19)	4.03

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