Nuveen High Correlations

Mutual Funds . USA . 
Fund . Nuveen High Yield
NHMAX Fund  USD 15.04  0.06  0.40%   
The current 90-days correlation between Nuveen High Yield and Oppenheimer Rochester High is 0.89 (i.e., Very poor diversification). The correlation of Nuveen High 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 High Correlation With Market

Very good diversification

The correlation between Nuveen High Yield and DJI is -0.37 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nuveen High Yield 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 High Yield. 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 nation.

Moving together with Nuveen Mutual Fund

  0.97FRKSX Nuveen Kansas MunicipalPairCorr
  0.78FAARX Nuveen All AmericanPairCorr
  0.78FAAWX Nuveen All AmericanPairCorr
  0.83FACCX Nuveen All AmericanPairCorr
  0.96FAFOX Nuveen Kansas MunicipalPairCorr
  0.64FAFNX Nuveen Michigan MunicipalPairCorr
  0.96FAFMX Nuveen Ohio MunicipalPairCorr
  0.96FAFLX Nuveen Louisiana MunPairCorr
  0.63FAFKX Nuveen Orado MunicipalPairCorr
  0.96FAFJX Nuveen Limited TermPairCorr
  0.66FALTX Nuveen Short TermPairCorr

Moving against Nuveen Mutual Fund

  0.69NQCCX Nuveen Nwq LargePairCorr
  0.69NQCAX Nuveen Nwq LargePairCorr
  0.69NQCRX Nuveen Nwq LargePairCorr
  0.6FRMPX Nuveen Small CapPairCorr
  0.58FRSLX Nuveen Mid CapPairCorr
  0.57NQGAX Nuveen Nwq GlobalPairCorr
  0.56FACSX Nuveen Mid CapPairCorr
  0.55EMGRX Nuveen Small CapPairCorr
  0.54NQGCX Nuveen Nwq GlobalPairCorr
  0.48NPSAX Nuveen Preferred SecPairCorr
  0.48NPSFX Nuveen Preferred SecPairCorr
  0.48NPSRX Nuveen Preferred SecPairCorr
  0.46NPSCX Nuveen Preferred SecPairCorr
  0.65NQVAX Nuveen Nwq MultiPairCorr
  0.65NQVCX Nuveen Nwq MultiPairCorr
  0.65NQVRX Nuveen Nwq MultiPairCorr
  0.6FAQIX Nuveen Dividend ValuePairCorr
  0.57FSEIX Nuveen Mid CapPairCorr
  0.57FASEX Nuveen Mid CapPairCorr
  0.43FSCCX First American InvestmentPairCorr
  0.43FSCWX Nuveen Small CapPairCorr
  0.43FSCAX Nuveen Small CapPairCorr
  0.42FSCVX Nuveen Small CapPairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

Risk-Adjusted Indicators

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