Nuveen Ohio Correlations

Mutual Funds . USA . 
Fund . Nuveen Ohio Municipal
FOHTX Fund  USD 10.89  0.03  0.28%   
The current 90-days correlation between Nuveen Ohio Municipal and Franklin Ohio Tax Free is 0.87 (i.e., Very poor diversification). The correlation of Nuveen Ohio 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 Ohio Correlation With Market

Very good diversification

The correlation between Nuveen Ohio 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 Ohio 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 Ohio 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 estimate.

Moving together with Nuveen Mutual Fund

  0.96FRKSX Nuveen Kansas MunicipalPairCorr
  0.73FAARX Nuveen All AmericanPairCorr
  0.74FAAWX Nuveen All AmericanPairCorr
  0.8FACCX Nuveen All AmericanPairCorr
  0.97FAFOX Nuveen Kansas MunicipalPairCorr
  1.0FAFMX Nuveen Ohio MunicipalPairCorr
  0.98FAFLX Nuveen Louisiana MunPairCorr
  1.0FAFJX Nuveen Limited TermPairCorr
  0.78FALTX Nuveen Short TermPairCorr

Moving against Nuveen Mutual Fund

  0.81NQCCX Nuveen Nwq LargePairCorr
  0.81NQCAX Nuveen Nwq LargePairCorr
  0.81NQCRX Nuveen Nwq LargePairCorr
  0.72FRSLX Nuveen Mid CapPairCorr
  0.71FRMPX Nuveen Small CapPairCorr
  0.68EMGRX Nuveen Small CapPairCorr
  0.68FACSX Nuveen Mid CapPairCorr
  0.58NQGAX Nuveen Nwq GlobalPairCorr
  0.55NQGCX Nuveen Nwq GlobalPairCorr
  0.53NPSAX Nuveen Preferred SecPairCorr
  0.53NPSFX Nuveen Preferred SecPairCorr
  0.53NPSRX Nuveen Preferred SecPairCorr
  0.49NPSCX Nuveen Preferred SecPairCorr
  0.78NQVRX Nuveen Nwq MultiPairCorr
  0.77NQVAX Nuveen Nwq MultiPairCorr
  0.77NQVCX Nuveen Nwq MultiPairCorr
  0.73FAQIX Nuveen Dividend ValuePairCorr
  0.69FSEIX Nuveen Mid CapPairCorr
  0.69FASEX Nuveen Mid CapPairCorr
  0.56FSCCX First American InvestmentPairCorr
  0.56FSCWX Nuveen Small CapPairCorr
  0.56FSCAX Nuveen Small CapPairCorr
  0.55FSCVX Nuveen Small CapPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Nuveen Mutual Fund performing well and Nuveen Ohio 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 Ohio'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.

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