Nuveen High Correlations

Mutual Funds . USA . 
Fund . Nuveen High Yield
NHMRX Fund  USD 14.80  0.03  0.20%   
The current 90-days correlation between Nuveen High Yield and Oppenheimer Roc High is 0.97 (i.e., Almost no 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

Average diversification

The correlation between Nuveen High Yield and DJI is 0.14 (i.e., Average 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 metropolitan statistical area.

Moving together with Nuveen Mutual Fund

  0.73EMGRX Nuveen Small CapPairCorr
  0.62NPSCX Nuveen Preferred SecPairCorr
  0.99FRKSX Nuveen Kansas MunicipalPairCorr
  0.7FRSLX Nuveen Mid CapPairCorr
  0.99FAARX Nuveen All AmericanPairCorr
  0.99FAAWX Nuveen All AmericanPairCorr
  0.98FACCX Nuveen All AmericanPairCorr
  0.91FAFPX Nuveen Missouri MunicipalPairCorr
  0.98FAFOX Nuveen Kansas MunicipalPairCorr
  0.93FAFNX Nuveen Michigan MunicipalPairCorr
  0.95FAFMX Nuveen Ohio MunicipalPairCorr
  0.97FAFLX Nuveen Louisiana MunPairCorr
  0.92FAFKX Nuveen Orado MunicipalPairCorr
  0.95FAFJX Nuveen Limited TermPairCorr
  0.87FAMAX Nuveen Minnesota IntPairCorr
  0.98FAMTX Nuveen Minnesota IntPairCorr
  0.72FSCCX First American InvestmentPairCorr
  0.72FSCVX Nuveen Small CapPairCorr
  0.72FSCWX Nuveen Small CapPairCorr
  0.72FSCAX Nuveen Small CapPairCorr
  0.77FSFRX Nuveen Strategic IncomePairCorr

Related Correlations Analysis

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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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