| NFFCX Fund | | | USD 18.23 0.01 0.05% |
The current 90-days correlation between Nuveen Symphony Floating and Nuveen Symphony Floating is 0.98 (i.e., Almost no diversification). The correlation of Nuveen Symphony 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 Symphony Correlation With Market
Very good diversification
The correlation between Nuveen Symphony Floating 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 Symphony Floating 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 Symphony Floating. 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.