Nuveen Small Correlations

The current 90-days correlation between Nuveen Small Cap and Nuveen Minnesota Municipal is 0.12 (i.e., Average diversification). The correlation of Nuveen Small 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.

Nuveen Small Correlation With Market

Poor diversification

The correlation between Nuveen Small Cap and DJI is 0.7 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nuveen Small Cap and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios. 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 Nuveen Mutual Fund

0.83	FREAX	Nuveen Real Estate	Pair Corr
0.84	FREGX	Nuveen Real Estate	Pair Corr
0.62	FRKSX	Nuveen Kansas Municipal	Pair Corr
0.62	FRMPX	Nuveen Small Cap	Pair Corr
0.78	FRLCX	Nuveen Real Estate	Pair Corr
0.91	NQCCX	Nuveen Nwq Large	Pair Corr
0.93	NQCAX	Nuveen Nwq Large	Pair Corr
0.63	FAAWX	Nuveen All American	Pair Corr
0.64	FACCX	Nuveen All American	Pair Corr
0.93	NQCRX	Nuveen Nwq Large	Pair Corr
0.64	FAFPX	Nuveen Missouri Municipal	Pair Corr
0.69	FAFNX	Nuveen Michigan Municipal	Pair Corr
0.7	FAFMX	Nuveen Ohio Municipal	Pair Corr
0.67	FAFLX	Nuveen Louisiana Mun	Pair Corr
0.64	FAFKX	Nuveen Orado Municipal	Pair Corr
0.61	NQGIX	Nuveen Nwq Global	Pair Corr
0.81	FSCCX	First American Investment	Pair Corr
0.82	FSCVX	Nuveen Small Cap	Pair Corr
0.81	FSCWX	Nuveen Small Cap	Pair Corr
0.81	FSCAX	Nuveen Small Cap	Pair Corr
0.94	FSEIX	Nuveen Mid Cap	Pair Corr
0.85	FAQIX	Nuveen Dividend Value	Pair Corr
0.79	FARCX	Nuveen Real Estate	Pair Corr
0.93	FASEX	Nuveen Mid Cap	Pair Corr
0.79	NQVAX	Nuveen Nwq Multi	Pair Corr
0.8	NQVCX	Nuveen Nwq Multi	Pair Corr
0.79	NQVRX	Nuveen Nwq Multi	Pair Corr
0.78	NQWFX	Nuveen Nwq Flexible	Pair Corr

Related Correlations Analysis

	FYMNX	NFFCX	FPXCX	ICCSX	NFRAX	NFRFX	NFRIX	NOPCX	NOPAX
FYMNX		-0.03	0.0	0.0	-0.05	-0.04	-0.04	0.0	0.0	FYMNX
NFFCX	-0.03		0.0	0.0	0.91	0.91	0.91	0.0	0.0	NFFCX
FPXCX	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	FPXCX
ICCSX	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	ICCSX
NFRAX	-0.05	0.91	0.0	0.0		1.0	1.0	0.0	0.0	NFRAX
NFRFX	-0.04	0.91	0.0	0.0	1.0		1.0	0.0	0.0	NFRFX
NFRIX	-0.04	0.91	0.0	0.0	1.0	1.0		0.0	0.0	NFRIX
NOPCX	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	NOPCX
NOPAX	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		NOPAX
	FYMNX	NFFCX	FPXCX	ICCSX	NFRAX	NFRFX	NFRIX	NOPCX	NOPAX

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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

NFRFX	+ 1.0	NFRAX
NFRIX	+ 1.0	NFRAX
NFRIX	+ 1.0	NFRFX
NFRAX	+ 0.91	NFFCX
NFRFX	+ 0.91	NFFCX
NFRIX	+ 0.91	NFFCX

High negative correlations

NFRAX	- 0.05	FYMNX
NFRIX	- 0.04	FYMNX
NFRFX	- 0.04	FYMNX
NFFCX	- 0.03	FYMNX
NOPAX	- 0.0	NOPCX
NOPAX	- 0.0	NFRIX

Risk-Adjusted Indicators

There is a big difference between Nuveen Mutual Fund performing well and Nuveen Small 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 Nuveen Small'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
FYMNX	0.17	(0.01)	(0.19)	(0.20)	0.26	(0.21)	0.37	(0.37)	1.49
NFFCX	0.06	0.01	(0.62)	(1.88)	0.00	(0.13)	0.11	(0.11)	0.83
FPXCX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
ICCSX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NFRAX	0.06	0.01	(0.74)	0.98	0.00	(0.12)	0.11	(0.06)	0.72
NFRFX	0.06	0.01	(0.63)	2.33	0.00	(0.14)	0.11	(0.06)	0.83
NFRIX	0.06	0.01	(0.67)	0.79	0.00	(0.13)	0.06	(0.11)	0.78
NOPCX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

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