Nuveen High Correlations

FJSIX Fund

USD 6.69 0.01 0.15%

The current 90-days correlation between Nuveen High Income and Pioneer High Yield is 0.13 (i.e., Average diversification). The correlation of Nuveen High 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 High Correlation With Market

Very poor diversification

The correlation between Nuveen High Income and DJI is 0.81 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nuveen High Income 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 High Income. Also, note that the market value of any mutual fund could be closely tied with the direction of predictive economic indicators such as various price indices.

Moving together with Nuveen Mutual Fund

0.98	AHTFX	American High Income	Pair Corr
0.98	AHTCX	American High Income	Pair Corr
0.98	AHITX	American High Income	Pair Corr
0.98	BHYCX	Blackrock Hi Yld	Pair Corr
0.99	BHYIX	Blackrock High Yield	Pair Corr
0.99	BHYSX	Blackrock Hi Yld	Pair Corr
0.99	BHYAX	Blackrock High Yield	Pair Corr
0.98	VWEHX	Vanguard High Yield	Pair Corr
0.98	VWEAX	Vanguard High Yield	Pair Corr
0.8	PHYZX	Prudential High Yield	Pair Corr
0.95	WHIAX	Ivy High Income	Pair Corr
0.95	IVHIX	Ivy High Income	Pair Corr
0.95	IHIFX	Ivy High Income	Pair Corr
0.93	WRHIX	Ivy High Income	Pair Corr
0.94	WHIYX	Ivy High Income	Pair Corr
0.71	INTC	Intel	Pair Corr
0.64	XOM	Exxon Mobil Corp	Pair Corr
0.81	AA	Alcoa Corp	Pair Corr
0.86	BA	Boeing	Pair Corr
0.63	CVX	Chevron Corp	Pair Corr
0.69	CAT	Caterpillar	Pair Corr
0.69	WMT	Walmart Common Stock	Pair Corr

Moving against Nuveen Mutual Fund

0.7	ERH	Allspring Utilities And	Pair Corr
0.49	T	ATT Inc Earnings Call This Week	Pair Corr
0.38	MSFT	Microsoft	Pair Corr
0.33	MMM	3M Company	Pair Corr

Related Correlations Analysis

	PAHIX	PHDTX	BCHIX	JYHRX	CYBAX	PYICX
PAHIX		0.74	0.86	0.95	0.98	0.99	PAHIX
PHDTX	0.74		0.61	0.72	0.72	0.76	PHDTX
BCHIX	0.86	0.61		0.8	0.83	0.85	BCHIX
JYHRX	0.95	0.72	0.8		0.97	0.97	JYHRX
CYBAX	0.98	0.72	0.83	0.97		0.98	CYBAX
PYICX	0.99	0.76	0.85	0.97	0.98		PYICX
	PAHIX	PHDTX	BCHIX	JYHRX	CYBAX	PYICX

Risk-Adjusted Indicators

There is a big difference between Nuveen Mutual Fund performing well and Nuveen High 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 High'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	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
PAHIX	0.12	0.01	(0.13)	0.13	(0.24)	0.34	(0.17)	1.01
PHDTX	0.12	(0.03)	0.00	(0.24)	0.00	0.22	(0.22)	3.01
BCHIX	0.08	0.00	(0.17)	0.16	(0.15)	0.21	(0.10)	0.83
JYHRX	0.08	0.00	(0.11)	0.10	(0.15)	0.15	(0.15)	0.76
CYBAX	0.10	0.00	(0.22)	0.08	(0.12)	0.24	(0.20)	0.80
PYICX	0.10	0.01	(0.19)	0.13	(0.17)	0.22	(0.11)	0.67

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