Nuveen All-american Correlations

FAAWX Fund

USD 10.27 0.03 0.29%

The current 90-days correlation between Nuveen All American and Nuveen Small Cap is -0.34 (i.e., Very good diversification). The correlation of Nuveen All-american 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 All-american Correlation With Market

Very good diversification

The correlation between Nuveen All American Municipal and DJI is -0.33 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nuveen All American Municipal and DJI in the same portfolio, assuming nothing else is changed.

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Nuveen All American Municipal. 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 housing.

Moving together with Nuveen Mutual Fund

0.99	FACCX	Nuveen All American	Pair Corr
0.86	FAFOX	Nuveen Kansas Municipal	Pair Corr
0.76	FALTX	Nuveen Short Term	Pair Corr
0.94	FAZTX	Nuveen Arizona Municipal	Pair Corr
0.86	FYMNX	Nuveen Minnesota Mun	Pair Corr
0.68	NGJCX	Nuveen Global Real	Pair Corr
0.78	NHCCX	Nuveen High Yield	Pair Corr
0.78	NHMAX	Nuveen High Yield	Pair Corr
0.78	NHMRX	Nuveen High Yield	Pair Corr
1.0	FLAAX	Nuveen All American	Pair Corr
0.93	NMTRX	Municipal Total Return	Pair Corr
0.95	VWLTX	Vanguard Long Term	Pair Corr
0.92	VWAHX	Vanguard High Yield	Pair Corr
0.92	VWALX	Vanguard High Yield	Pair Corr
0.91	FSMUX	Strategic Advisers	Pair Corr
0.95	VWLUX	Vanguard Long Term	Pair Corr
0.87	FAFTX	Franklin Federal Tax	Pair Corr
0.87	FFTQX	Franklin Federal Tax	Pair Corr
0.89	FKTIX	Franklin Federal Tax	Pair Corr

Moving against Nuveen Mutual Fund

0.54	NVLIX	Nuveen Winslow Large	Pair Corr
0.53	NELAX	Nuveen Equity Longshort	Pair Corr
0.53	NELCX	Nuveen Equity Longshort	Pair Corr
0.53	NELIX	Nuveen Equity Longshort	Pair Corr
0.42	NSCCX	Nuveen Nwq Small	Pair Corr
0.41	FSCCX	First American Investment	Pair Corr
0.41	FSCWX	Nuveen Small Cap	Pair Corr
0.4	FSCVX	Nuveen Small Cap	Pair Corr
0.4	FSCAX	Nuveen Small Cap	Pair Corr
0.39	FSEIX	Nuveen Mid Cap	Pair Corr
0.38	FACSX	Nuveen Mid Cap	Pair Corr
0.54	NWCAX	Nuveen Winslow Large	Pair Corr
0.51	FIMPX	Nuveen Small Cap	Pair Corr
0.49	FISGX	Nuveen Mid Cap	Pair Corr
0.48	FLRAX	Nuveen Large Cap	Pair Corr
0.48	FLRYX	Nuveen Large Cap	Pair Corr
0.48	FLYCX	Nuveen Large Cap	Pair Corr
0.49	VTSMX	Vanguard Total Stock	Pair Corr
0.45	COGVX	Cognios Large Cap	Pair Corr
0.35	SPMPX	Invesco Steelpath Mlp	Pair Corr
0.35	MLPNX	Oppenheimer Steelpath Mlp	Pair Corr

Related Correlations Analysis

	EMGRX	FREAX	FREGX	NPSAX	NPSFX	NPSCX	NPSRX	FRKSX	FRMPX	FRLCX
EMGRX		-0.24	-0.22	0.36	0.38	0.32	0.38	-0.6	0.99	-0.27	EMGRX
FREAX	-0.24		1.0	0.29	0.3	0.33	0.29	0.38	-0.28	1.0	FREAX
FREGX	-0.22	1.0		0.31	0.32	0.35	0.31	0.36	-0.26	1.0	FREGX
NPSAX	0.36	0.29	0.31		1.0	0.99	1.0	-0.32	0.36	0.26	NPSAX
NPSFX	0.38	0.3	0.32	1.0		0.99	1.0	-0.32	0.38	0.27	NPSFX
NPSCX	0.32	0.33	0.35	0.99	0.99		0.99	-0.29	0.32	0.31	NPSCX
NPSRX	0.38	0.29	0.31	1.0	1.0	0.99		-0.32	0.38	0.26	NPSRX
FRKSX	-0.6	0.38	0.36	-0.32	-0.32	-0.29	-0.32		-0.65	0.41	FRKSX
FRMPX	0.99	-0.28	-0.26	0.36	0.38	0.32	0.38	-0.65		-0.31	FRMPX
FRLCX	-0.27	1.0	1.0	0.26	0.27	0.31	0.26	0.41	-0.31		FRLCX
	EMGRX	FREAX	FREGX	NPSAX	NPSFX	NPSCX	NPSRX	FRKSX	FRMPX	FRLCX

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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

FREGX	+ 1.0	FREAX
FRLCX	+ 1.0	FREAX
FRLCX	+ 1.0	FREGX
NPSFX	+ 1.0	NPSAX
NPSRX	+ 1.0	NPSAX
NPSRX	+ 1.0	NPSFX

High negative correlations

FRMPX	- 0.65	FRKSX
FRKSX	- 0.6	EMGRX
FRKSX	- 0.32	NPSRX
FRKSX	- 0.32	NPSFX
FRKSX	- 0.32	NPSAX
FRLCX	- 0.31	FRMPX

Risk-Adjusted Indicators

There is a big difference between Nuveen Mutual Fund performing well and Nuveen All-american 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 All-american'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
EMGRX	0.89	0.01	0.08	0.13	0.74	(1.09)	2.12	(1.43)	7.90
FREAX	0.65	0.02	(0.10)	0.23	0.73	(0.72)	1.24	(1.16)	3.55
FREGX	0.65	0.02	(0.10)	0.24	0.73	(0.72)	1.25	(1.17)	3.52
NPSAX	0.11	0.01	(0.65)	0.75	0.00	(0.16)	0.26	(0.19)	0.77
NPSFX	0.12	0.01	(0.65)	1.32	0.00	(0.17)	0.26	(0.25)	0.77
NPSCX	0.11	0.01	(0.66)	0.51	0.00	(0.16)	0.26	(0.19)	0.64
NPSRX	0.12	0.01	(0.65)	0.71	0.00	(0.17)	0.32	(0.25)	0.77
FRKSX	0.15	0.00	0.00	0.15	0.00	0.00	0.30	(0.30)	1.30
FRMPX	0.97	0.01	0.05	0.13	1.00	(1.07)	2.22	(1.84)	7.20
FRLCX	0.64	0.02	(0.11)	0.22	0.73	(0.71)	1.23	(1.15)	3.46

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