Nuveen High Correlations

NHMFX Fund

USD 14.99 0.01 0.07%

The current 90-days correlation between Nuveen High Yield and Nuveen High Yield is 1.0 (i.e., No risk reduction). 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

Significant diversification

The correlation between Nuveen High Yield and DJI is 0.03 (i.e., Significant 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 census.

Moving together with Nuveen Mutual Fund

0.93	FRKSX	Nuveen Kansas Municipal	Pair Corr
0.73	FAARX	Nuveen All American	Pair Corr
0.77	FAAWX	Nuveen All American	Pair Corr
0.82	FACCX	Nuveen All American	Pair Corr
0.97	FAFOX	Nuveen Kansas Municipal	Pair Corr
0.61	FAFNX	Nuveen Michigan Municipal	Pair Corr
0.93	FAFMX	Nuveen Ohio Municipal	Pair Corr
0.97	FAFLX	Nuveen Louisiana Mun	Pair Corr
0.93	FAFJX	Nuveen Limited Term	Pair Corr
0.69	FALTX	Nuveen Short Term	Pair Corr

Moving against Nuveen Mutual Fund

0.74	NQCCX	Nuveen Nwq Large	Pair Corr
0.74	NQCAX	Nuveen Nwq Large	Pair Corr
0.74	NQCRX	Nuveen Nwq Large	Pair Corr
0.64	FRMPX	Nuveen Small Cap	Pair Corr
0.64	FRSLX	Nuveen Mid Cap	Pair Corr
0.61	EMGRX	Nuveen Small Cap	Pair Corr
0.61	FACSX	Nuveen Mid Cap	Pair Corr
0.58	NQGAX	Nuveen Nwq Global	Pair Corr
0.55	NQGCX	Nuveen Nwq Global	Pair Corr
0.48	NPSAX	Nuveen Preferred Sec	Pair Corr
0.48	NPSFX	Nuveen Preferred Sec	Pair Corr
0.48	NPSRX	Nuveen Preferred Sec	Pair Corr
0.47	NPSCX	Nuveen Preferred Sec	Pair Corr
0.7	NQVRX	Nuveen Nwq Multi	Pair Corr
0.69	NQVAX	Nuveen Nwq Multi	Pair Corr
0.69	NQVCX	Nuveen Nwq Multi	Pair Corr
0.63	FAQIX	Nuveen Dividend Value	Pair Corr
0.62	FSEIX	Nuveen Mid Cap	Pair Corr
0.62	FASEX	Nuveen Mid Cap	Pair Corr
0.48	FSCCX	First American Investment	Pair Corr
0.48	FSCWX	Nuveen Small Cap	Pair Corr
0.48	FSCAX	Nuveen Small Cap	Pair Corr
0.46	FSCVX	Nuveen Small Cap	Pair Corr

Related Correlations Analysis

	NHCCX	NHMRX	NHMAX	SMMOX	NFRFX
NHCCX		0.94	0.94	0.47	-0.67	NHCCX
NHMRX	0.94		1.0	0.35	-0.61	NHMRX
NHMAX	0.94	1.0		0.35	-0.62	NHMAX
SMMOX	0.47	0.35	0.35		-0.25	SMMOX
NFRFX	-0.67	-0.61	-0.62	-0.25		NFRFX
	NHCCX	NHMRX	NHMAX	SMMOX	NFRFX

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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

NHMAX	+ 1.0	NHMRX
NHMRX	+ 0.94	NHCCX
NHMAX	+ 0.94	NHCCX
SMMOX	+ 0.47	NHCCX
SMMOX	+ 0.35	NHMRX
SMMOX	+ 0.35	NHMAX

High negative correlations

NFRFX	- 0.67	NHCCX
NFRFX	- 0.62	NHMAX
NFRFX	- 0.61	NHMRX
NFRFX	- 0.25	SMMOX

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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
NHCCX	0.24	(0.03)	0.00	(1.23)	0.00	0.00	0.60	(0.59)	2.17
NHMRX	0.25	0.00	0.00	0.12	0.00	0.00	0.61	(0.59)	2.35
NHMAX	0.25	(0.01)	0.00	0.13	0.00	0.00	0.61	(0.59)	2.28
SMMOX	0.16	0.00	(0.33)	(0.16)	0.24	(0.21)	0.33	(0.33)	1.54
NFRFX	0.07	0.03	(1.20)	(0.72)	0.00	(0.17)	0.11	(0.06)	0.83

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