Nuveen Preferred Correlations

Summary

JPTDelisted Fund

USD 16.11 0.01 0.06%

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. If the correlation is 0, the equities are not correlated; they are entirely random.

Nuveen Preferred Correlation With Market

Very good diversification

The correlation between Nuveen Preferred And and DJI is -0.22 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nuveen Preferred And 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. 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

0.69	XGEIX	Guggenheim Energy Income	Pair Corr
0.73	WAEXX	Western Asset Premier	Pair Corr
0.61	FXAIX	Fidelity 500 Index	Pair Corr
0.7	RQECX	Resq Dynamic Allocation	Pair Corr
0.61	VFIAX	Vanguard 500 Index	Pair Corr
0.65	LTFOX	Lord Abbett Affiliated	Pair Corr
0.61	RYVYX	Nasdaq 100 2x	Pair Corr
0.61	VFINX	Vanguard 500 Index	Pair Corr
0.64	FCNTX	Fidelity Contrafund	Pair Corr
0.61	USPRX	Sp 500 Index	Pair Corr

Moving against Nuveen Fund

0.58	BRUFX	Bruce Fund Bruce	Pair Corr
0.41	KF	Korea Closed	Pair Corr

Related Correlations Analysis

	IHTA	CBH	CXH	IHIT	EOT	NXC	FMN	MHN	JHAA
IHTA		0.94	0.17	-0.6	0.23	-0.26	-0.56	-0.02	0.81	IHTA
CBH	0.94		0.18	-0.48	0.15	-0.27	-0.57	-0.02	0.92	CBH
CXH	0.17	0.18		-0.55	0.67	0.6	0.53	0.79	0.11	CXH
IHIT	-0.6	-0.48	-0.55		-0.78	-0.45	-0.15	-0.58	-0.29	IHIT
EOT	0.23	0.15	0.67	-0.78		0.68	0.55	0.79	-0.02	EOT
NXC	-0.26	-0.27	0.6	-0.45	0.68		0.85	0.85	-0.32	NXC
FMN	-0.56	-0.57	0.53	-0.15	0.55	0.85		0.78	-0.57	FMN
MHN	-0.02	-0.02	0.79	-0.58	0.79	0.85	0.78		-0.12	MHN
JHAA	0.81	0.92	0.11	-0.29	-0.02	-0.32	-0.57	-0.12		JHAA
	IHTA	CBH	CXH	IHIT	EOT	NXC	FMN	MHN	JHAA

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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

CBH	+ 0.94	IHTA
JHAA	+ 0.92	CBH
FMN	+ 0.85	NXC
MHN	+ 0.85	NXC
JHAA	+ 0.81	IHTA
MHN	+ 0.79	CXH

High negative correlations

EOT	- 0.78	IHIT
IHIT	- 0.6	IHTA
MHN	- 0.58	IHIT
JHAA	- 0.57	FMN
FMN	- 0.57	CBH
FMN	- 0.56	IHTA

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
IHTA	0.24	0.05	(0.08)	1.57	0.26	(0.30)	0.68	(0.28)	2.03
CBH	0.13	0.04	(0.30)	(21.78)	0.00	(0.18)	0.22	(0.22)	0.78
CXH	0.31	0.02	(0.15)	0.39	0.38	(0.35)	0.62	(0.62)	2.10
IHIT	0.46	(0.04)	0.00	0.55	0.00	0.00	1.07	(1.18)	2.70
EOT	0.35	0.02	(0.18)	(1.09)	0.38	(0.41)	0.75	(0.86)	2.08
NXC	0.46	(0.03)	0.00	2.18	0.00	0.00	0.94	(0.94)	2.82
FMN	0.50	(0.06)	0.00	0.65	0.00	0.00	1.06	(1.49)	5.09
MHN	0.36	(0.01)	(0.14)	(0.59)	0.63	(0.32)	0.75	(1.03)	2.69
JHAA	0.15	0.02	(0.37)	(6.00)	0.00	(0.20)	0.33	(0.22)	0.96

Nuveen Preferred Related Equities

One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with Nuveen Preferred fund to make a market-neutral strategy. Peer analysis of Nuveen Preferred could also be used in its relative valuation, which is a method of valuing Nuveen Preferred by comparing valuation metrics with similar companies.

Invesco High Income CBH MFS Investment Grade IHIT Eaton Vance National Nuveen California Select Federated Premier Municipal Blackrock Muniholdings Ny Nuveen High Income American Airlines Group Alcoa Corp Apple Inc Best Buy Co Citigroup SentinelOne

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