Nuveen Equity Correlations

NELCX Fund

USD 53.66 0.06 0.11%

The current 90-days correlation between Nuveen Equity Longshort and Neuberger Berman Long is 0.05 (i.e., Significant diversification). The correlation of Nuveen Equity 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 Equity Correlation With Market

Good diversification

The correlation between Nuveen Equity Longshort and DJI is -0.05 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nuveen Equity Longshort and DJI in the same portfolio, assuming nothing else is changed.

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Nuveen Equity Longshort. 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 main economic indicators.

Moving together with Nuveen Mutual Fund

0.9	FRMPX	Nuveen Small Cap	Pair Corr
0.95	NQCCX	Nuveen Nwq Large	Pair Corr
0.96	NQCAX	Nuveen Nwq Large	Pair Corr
0.87	FACSX	Nuveen Mid Cap	Pair Corr
0.81	FSCCX	First American Investment	Pair Corr
0.82	FSCVX	Nuveen Small Cap	Pair Corr
0.81	FSCWX	Nuveen Small Cap	Pair Corr
0.81	FSCAX	Nuveen Small Cap	Pair Corr
0.88	FSEIX	Nuveen Mid Cap	Pair Corr
0.87	NSCCX	Nuveen Nwq Small	Pair Corr
0.89	NSMAX	Nuveen Nwq Smallmid	Pair Corr
0.88	ARSTX	Nuveen Small Cap	Pair Corr
0.93	NVLIX	Nuveen Winslow Large	Pair Corr
1.0	NELAX	Nuveen Equity Longshort	Pair Corr
1.0	NELIX	Nuveen Equity Longshort	Pair Corr
0.93	NWCAX	Nuveen Winslow Large	Pair Corr
0.9	FIMPX	Nuveen Small Cap	Pair Corr

Moving against Nuveen Mutual Fund

0.83	FAFOX	Nuveen Kansas Municipal	Pair Corr
0.83	FTLAX	Nuveen Louisiana Mun	Pair Corr
0.82	FTLRX	Nuveen Louisiana Mun	Pair Corr
0.79	FALTX	Nuveen Short Term	Pair Corr
0.62	FACCX	Nuveen All American	Pair Corr
0.53	FCBCX	Nuveen Strategic Income	Pair Corr
0.44	NAAGX	Nuveen Massachusetts	Pair Corr
0.38	NACCX	Nuveen Maryland Municipal	Pair Corr
0.86	NXOHX	Nuveen Ohio Municipal	Pair Corr
0.8	NHCCX	Nuveen High Yield	Pair Corr
0.78	NHMFX	Nuveen High Yield	Pair Corr
0.75	NVHAX	Nuveen Short Duration	Pair Corr
0.74	NHMAX	Nuveen High Yield	Pair Corr
0.74	NHMRX	Nuveen High Yield	Pair Corr
0.61	NGJCX	Nuveen Global Real	Pair Corr
0.54	FLAAX	Nuveen All American	Pair Corr
0.36	NBMAX	Nuveen Massachusetts	Pair Corr

Related Correlations Analysis

	NLSCX	NLSAX	NLSIX	QLERX	DHLSX	DIAYX	DIAMX	PWLIX	PWLMX	ASLAX
NLSCX		1.0	0.93	0.79	0.12	0.22	0.18	0.23	0.22	0.97	NLSCX
NLSAX	1.0		0.93	0.8	0.1	0.2	0.15	0.23	0.22	0.98	NLSAX
NLSIX	0.93	0.93		0.82	0.25	0.19	0.15	0.25	0.25	0.94	NLSIX
QLERX	0.79	0.8	0.82		-0.05	-0.13	-0.17	0.16	0.16	0.83	QLERX
DHLSX	0.12	0.1	0.25	-0.05		0.77	0.76	0.48	0.51	0.11	DHLSX
DIAYX	0.22	0.2	0.19	-0.13	0.77		1.0	0.44	0.51	0.17	DIAYX
DIAMX	0.18	0.15	0.15	-0.17	0.76	1.0		0.42	0.5	0.12	DIAMX
PWLIX	0.23	0.23	0.25	0.16	0.48	0.44	0.42		0.9	0.25	PWLIX
PWLMX	0.22	0.22	0.25	0.16	0.51	0.51	0.5	0.9		0.23	PWLMX
ASLAX	0.97	0.98	0.94	0.83	0.11	0.17	0.12	0.25	0.23		ASLAX
	NLSCX	NLSAX	NLSIX	QLERX	DHLSX	DIAYX	DIAMX	PWLIX	PWLMX	ASLAX

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

Please upgrade your account to get full access to Macroaxis premium features

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

NLSAX	+ 1.0	NLSCX
DIAMX	+ 1.0	DIAYX
ASLAX	+ 0.98	NLSAX
ASLAX	+ 0.97	NLSCX
ASLAX	+ 0.94	NLSIX
NLSIX	+ 0.93	NLSCX

High negative correlations

DIAMX	- 0.17	QLERX
DIAYX	- 0.13	QLERX
DHLSX	- 0.05	QLERX

Risk-Adjusted Indicators

There is a big difference between Nuveen Mutual Fund performing well and Nuveen Equity 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 Equity'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
NLSCX	0.21	(0.01)	(0.25)	0.05	0.25	(0.22)	0.46	(0.57)	1.20
NLSAX	0.22	(0.01)	(0.25)	0.07	0.25	(0.23)	0.44	(0.55)	1.21
NLSIX	0.21	0.02	(0.26)	(0.56)	0.25	(0.22)	0.44	(0.54)	1.19
QLERX	0.30	0.09	(0.03)	(1.74)	0.14	(0.37)	0.75	(0.61)	2.22
DHLSX	0.33	(0.01)	0.00	0.20	0.00	0.00	0.70	(0.74)	2.22
DIAYX	0.33	(0.06)	0.00	(0.06)	0.00	0.00	0.70	(0.74)	2.23
DIAMX	0.33	(0.07)	0.00	(0.07)	0.00	0.00	0.73	(0.74)	2.23
PWLIX	0.28	0.02	(0.19)	0.59	0.27	(0.32)	0.50	(0.61)	1.72
PWLMX	0.28	0.02	(0.20)	0.34	0.25	(0.34)	0.61	(0.49)	1.84
ASLAX	0.37	0.00	(0.07)	0.10	0.36	(0.40)	0.80	(0.90)	2.94

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC