Nationwide Fund Correlations

MUIFX Fund

USD 31.02 0.09 0.29%

The current 90-days correlation between Nationwide Fund Inst and Goldman Sachs Clean is 0.37 (i.e., Weak diversification). The correlation of Nationwide Fund 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 Fund Correlation With Market

Almost no diversification

The correlation between Nationwide Fund Institutional and DJI is 0.96 (i.e., Almost no diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nationwide Fund Institutional 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 Fund Institutional. 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 census.

Moving together with NATIONWIDE Mutual Fund

0.91	GGEIX	Nationwide Global Equity	Pair Corr
0.91	NWABX	Nationwide Fund6	Pair Corr
0.99	NWHOX	Nationwide Bailard	Pair Corr
0.97	NWHYX	Nationwide Geneva Mid	Pair Corr
0.88	NWHZX	Nationwide Geneva Small	Pair Corr
0.92	GMDRX	Nationwide Investor	Pair Corr
0.84	GRMSX	Nationwide Sp 500	Pair Corr
0.91	VTSAX	Vanguard Total Stock	Pair Corr
0.91	VFIAX	Vanguard 500 Index	Pair Corr
0.91	VTSMX	Vanguard Total Stock	Pair Corr
1.0	VITSX	Vanguard Total Stock	Pair Corr
0.91	VSMPX	Vanguard Total Stock	Pair Corr
0.91	VSTSX	Vanguard Total Stock	Pair Corr
0.91	VFINX	Vanguard 500 Index	Pair Corr
0.91	VFFSX	Vanguard 500 Index	Pair Corr
0.99	VINIX	Vanguard Institutional	Pair Corr
0.99	VIIIX	Vanguard Institutional	Pair Corr
0.76	PIEFX	Pnc Emerging Markets	Pair Corr
0.75	CIISX	Causeway International	Pair Corr
0.61	RLNCX	International Developed	Pair Corr

Moving against NATIONWIDE Mutual Fund

0.43	NWXNX	Nationwide Inflation	Pair Corr
0.36	NUSAX	Nationwide Government	Pair Corr
0.36	NWJVX	Nationwide Highmark Short	Pair Corr
0.93	RYCWX	Inverse Dow 2x	Pair Corr
0.46	FDPSX	Falling Dollar Profund	Pair Corr
0.36	FPPQX	Mfs Prudent Investor	Pair Corr
0.35	PAMSX	Pimco Short Asset	Pair Corr
0.54	TBFIX	Thrivent Government Bond	Pair Corr
0.49	MASNX	Litman Gregory Masters	Pair Corr

Related Correlations Analysis

	GCEBX	MXKJX	UIPMX	SGDIX	VGSBX	FGDIX	AGGWX	FRGOX
GCEBX		-0.27	0.77	0.82	0.27	0.79	0.8	0.82	GCEBX
MXKJX	-0.27		-0.57	-0.4	-0.39	-0.53	-0.51	-0.47	MXKJX
UIPMX	0.77	-0.57		0.93	0.09	1.0	0.95	0.99	UIPMX
SGDIX	0.82	-0.4	0.93		0.08	0.93	0.99	0.94	SGDIX
VGSBX	0.27	-0.39	0.09	0.08		0.08	0.12	0.07	VGSBX
FGDIX	0.79	-0.53	1.0	0.93	0.08		0.95	0.99	FGDIX
AGGWX	0.8	-0.51	0.95	0.99	0.12	0.95		0.96	AGGWX
FRGOX	0.82	-0.47	0.99	0.94	0.07	0.99	0.96		FRGOX
	GCEBX	MXKJX	UIPMX	SGDIX	VGSBX	FGDIX	AGGWX	FRGOX

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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

FGDIX	+ 1.0	UIPMX
FRGOX	+ 0.99	UIPMX
AGGWX	+ 0.99	SGDIX
FRGOX	+ 0.99	FGDIX
FRGOX	+ 0.96	AGGWX
AGGWX	+ 0.95	UIPMX

High negative correlations

UIPMX	- 0.57	MXKJX
FGDIX	- 0.53	MXKJX
AGGWX	- 0.51	MXKJX
FRGOX	- 0.47	MXKJX
SGDIX	- 0.4	MXKJX
VGSBX	- 0.39	MXKJX

Risk-Adjusted Indicators

There is a big difference between NATIONWIDE Mutual Fund performing well and Nationwide Fund 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 Fund'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
GCEBX	0.84	0.23	0.18	0.80	1.23	(0.92)	2.01	(1.69)	7.33
MXKJX	1.22	0.04	0.00	(0.04)	0.00	0.00	2.17	(2.25)	12.15
UIPMX	1.71	0.23	0.10	0.65	2.80	(1.67)	4.05	(3.31)	14.30
SGDIX	1.69	0.15	0.09	(7.02)	2.26	(1.80)	4.34	(3.01)	13.31
VGSBX	0.25	(0.01)	0.20	0.07	0.30	(0.28)	0.53	(0.43)	1.58
FGDIX	1.77	0.24	0.09	0.54	2.67	(1.79)	4.21	(3.64)	15.18
AGGWX	1.81	0.17	0.09	(3.60)	2.69	(1.79)	4.29	(3.55)	15.77
FRGOX	1.86	0.29	0.11	0.45	2.52	(1.86)	4.65	(3.32)	14.72

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