Nuveen Michigan Correlations

FAFNX Fund

USD 10.63 0.01 0.09%

The current 90-days correlation between Nuveen Michigan Municipal and Western Asset Inflation is 0.35 (i.e., Weak diversification). The correlation of Nuveen Michigan 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 Michigan Correlation With Market

Very good diversification

The correlation between Nuveen Michigan Municipal and DJI is -0.36 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nuveen Michigan 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 Michigan 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 board of governors.

Moving together with Nuveen Mutual Fund

0.77	FRKSX	Nuveen Kansas Municipal	Pair Corr
0.97	FAARX	Nuveen All American	Pair Corr
0.89	FAAWX	Nuveen All American	Pair Corr
0.89	FACCX	Nuveen All American	Pair Corr
0.89	FAFPX	Nuveen Missouri Municipal	Pair Corr
0.71	FAFOX	Nuveen Kansas Municipal	Pair Corr
0.68	FAFLX	Nuveen Louisiana Mun	Pair Corr
0.98	FAFKX	Nuveen Orado Municipal	Pair Corr
0.86	FAMAX	Nuveen Minnesota Int	Pair Corr
0.76	FALTX	Nuveen Short Term	Pair Corr
0.96	FAMTX	Nuveen Minnesota Int	Pair Corr
0.86	FSFRX	Nuveen Strategic Income	Pair Corr

Moving against Nuveen Mutual Fund

0.44	FRMPX	Nuveen Small Cap	Pair Corr
0.44	NQCCX	Nuveen Nwq Large	Pair Corr
0.44	NQCAX	Nuveen Nwq Large	Pair Corr
0.44	NQCRX	Nuveen Nwq Large	Pair Corr
0.43	EMGRX	Nuveen Small Cap	Pair Corr
0.43	FRSLX	Nuveen Mid Cap	Pair Corr
0.32	FACSX	Nuveen Mid Cap	Pair Corr
0.4	FSCCX	First American Investment	Pair Corr
0.4	FSCWX	Nuveen Small Cap	Pair Corr
0.4	FSCAX	Nuveen Small Cap	Pair Corr
0.32	FSCVX	Nuveen Small Cap	Pair Corr
0.32	FSEIX	Nuveen Mid Cap	Pair Corr
0.32	FASEX	Nuveen Mid Cap	Pair Corr

Related Correlations Analysis

	WAFAX	FIPRX	AUNYX	GPMFX	ABNTX	MFTFX
WAFAX		0.95	-0.05	0.82	0.89	0.72	WAFAX
FIPRX	0.95		0.06	0.76	0.91	0.64	FIPRX
AUNYX	-0.05	0.06		-0.28	0.34	-0.36	AUNYX
GPMFX	0.82	0.76	-0.28		0.64	0.95	GPMFX
ABNTX	0.89	0.91	0.34	0.64		0.52	ABNTX
MFTFX	0.72	0.64	-0.36	0.95	0.52		MFTFX
	WAFAX	FIPRX	AUNYX	GPMFX	ABNTX	MFTFX

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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

FIPRX	+ 0.95	WAFAX
MFTFX	+ 0.95	GPMFX
ABNTX	+ 0.91	FIPRX
ABNTX	+ 0.89	WAFAX
GPMFX	+ 0.82	WAFAX
GPMFX	+ 0.76	FIPRX

High negative correlations

MFTFX	- 0.36	AUNYX
GPMFX	- 0.28	AUNYX
AUNYX	- 0.05	WAFAX

Risk-Adjusted Indicators

There is a big difference between Nuveen Mutual Fund performing well and Nuveen Michigan 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 Michigan'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
WAFAX	0.24	(0.03)	0.00	(1.54)	0.00	0.00	0.42	(0.53)	1.38
FIPRX	0.23	(0.03)	0.00	(0.60)	0.00	0.00	0.40	(0.51)	1.51
AUNYX	0.12	0.01	(0.42)	0.43	0.00	(0.16)	0.28	(0.18)	1.02
GPMFX	0.40	(0.08)	0.00	(0.09)	0.00	0.00	0.65	(0.88)	2.31
ABNTX	0.14	(0.01)	(0.42)	(0.39)	0.19	(0.17)	0.29	(0.30)	1.08
MFTFX	0.93	(0.15)	0.00	(0.09)	0.00	0.00	1.68	(1.89)	5.42

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