Nuveen Preferred Correlations

JPC Fund

USD 8.08 0.05 0.62%

The current 90-days correlation between Nuveen Preferred Income and Blackrock Floating Rate is 0.2 (i.e., Modest diversification). The correlation of Nuveen Preferred 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.

Nuveen Preferred Correlation With Market

Modest diversification

The correlation between Nuveen Preferred Income and DJI is 0.2 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nuveen Preferred Income and DJI in the same portfolio, assuming nothing else is changed.

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Nuveen Preferred Income. Also, note that the market value of any fund could be closely tied with the direction of predictive economic indicators such as signals in american community survey.

Moving together with Nuveen Fund

0.7	KSOCX	Kinetics Small Cap Steady Growth	Pair Corr
0.7	KSCYX	Kinetics Small Cap	Pair Corr
0.67	KNPCX	Kinetics Paradigm	Pair Corr
0.67	WWNPX	Kinetics Paradigm	Pair Corr
0.65	KINAX	Kinetics Internet	Pair Corr
0.67	KNPAX	Kinetics Paradigm Steady Growth	Pair Corr
0.7	KSCOX	Kinetics Small Cap Steady Growth	Pair Corr
0.68	LSHUX	Horizon Spin Off Steady Growth	Pair Corr
0.65	KINCX	Kinetics Internet	Pair Corr
0.73	AMGIX	Income Growth	Pair Corr
0.78	DFMAX	Davidson Multi Cap	Pair Corr
0.81	GAPIX	Goldman Sachs Equity	Pair Corr
0.78	SAGAX	Ridgeworth Innovative	Pair Corr
0.82	VFIAX	Vanguard 500 Index	Pair Corr
0.82	VFINX	Vanguard 500 Index	Pair Corr
0.79	AMGOX	Alger Mid Cap	Pair Corr
0.67	TLCYX	Touchstone Large Cap	Pair Corr
0.63	LIGYX	Loomis Sayles Intern	Pair Corr
0.76	PGAIX	Pimco Global Multi	Pair Corr
0.81	VWELX	Vanguard Wellington	Pair Corr
0.8	AMEIX	Equity Growth	Pair Corr
0.71	FSEIX	Nuveen Mid Cap	Pair Corr
0.83	ARIDX	Amg River Road	Pair Corr
0.65	WWLAX	Westwood Largecap Value	Pair Corr
0.62	GAB	Gabelli Equity Trust	Pair Corr
0.78	MLMAX	Global E Portfolio	Pair Corr
0.78	ILESX	Fisher Investments	Pair Corr

Related Correlations Analysis

	FRA	FFC	EMD	DSL	ETJ	HIO	ETW	MVF	NML	HPI
FRA		-0.21	0.05	-0.28	0.84	0.49	0.78	-0.49	0.84	0.06	FRA
FFC	-0.21		0.59	0.47	0.14	0.46	0.19	0.63	-0.37	0.76	FFC
EMD	0.05	0.59		0.57	0.48	0.7	0.55	0.58	0.12	0.78	EMD
DSL	-0.28	0.47	0.57		0.01	0.34	0.07	0.7	-0.01	0.35	DSL
ETJ	0.84	0.14	0.48	0.01		0.72	0.91	-0.1	0.72	0.47	ETJ
HIO	0.49	0.46	0.7	0.34	0.72		0.75	0.16	0.42	0.6	HIO
ETW	0.78	0.19	0.55	0.07	0.91	0.75		-0.04	0.65	0.53	ETW
MVF	-0.49	0.63	0.58	0.7	-0.1	0.16	-0.04		-0.34	0.5	MVF
NML	0.84	-0.37	0.12	-0.01	0.72	0.42	0.65	-0.34		-0.13	NML
HPI	0.06	0.76	0.78	0.35	0.47	0.6	0.53	0.5	-0.13		HPI
	FRA	FFC	EMD	DSL	ETJ	HIO	ETW	MVF	NML	HPI

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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

ETW	+ 0.91	ETJ
ETJ	+ 0.84	FRA
NML	+ 0.84	FRA
ETW	+ 0.78	FRA
HPI	+ 0.78	EMD
HPI	+ 0.76	FFC

High negative correlations

MVF	- 0.49	FRA
NML	- 0.37	FFC
NML	- 0.34	MVF
DSL	- 0.28	FRA
FFC	- 0.21	FRA
HPI	- 0.13	NML

Risk-Adjusted Indicators

There is a big difference between Nuveen Fund performing well and Nuveen Preferred 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 Preferred'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
FRA	0.46	0.14	0.06	1.13	0.25	(0.53)	1.08	(0.85)	2.42
FFC	0.47	0.03	(0.11)	0.44	0.61	(0.48)	1.17	(0.99)	3.02
EMD	0.49	0.01	(0.14)	0.18	0.51	(0.57)	0.94	(0.91)	2.66
DSL	0.46	(0.01)	(0.19)	0.07	0.47	(0.59)	1.11	(0.87)	2.90
ETJ	0.47	0.03	(0.07)	0.18	0.46	(0.51)	0.88	(0.87)	3.26
HIO	0.43	0.02	(0.10)	0.19	0.43	(0.60)	1.28	(1.01)	2.84
ETW	0.56	(0.01)	(0.08)	0.09	0.68	(0.57)	1.19	(1.18)	3.31
MVF	0.50	0.00	(0.15)	(0.25)	0.65	(0.56)	0.95	(1.09)	2.81
NML	0.75	0.18	0.15	0.40	0.54	(0.85)	2.18	(1.37)	3.81
HPI	0.73	(0.01)	(0.12)	0.06	0.91	(0.77)	1.79	(1.54)	5.00

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