Nuveen Massachusetts Correlations

NMAAX Fund

USD 9.32 0.02 0.22%

The current 90-days correlation between Nuveen Massachusetts and Metropolitan West Porate is 0.32 (i.e., Weak diversification). The correlation of Nuveen Massachusetts 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 Massachusetts Correlation With Market

Average diversification

The correlation between Nuveen Massachusetts Municipal and DJI is 0.11 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nuveen Massachusetts Municipal 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 Massachusetts Municipal. 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

0.76	FRKSX	Nuveen Kansas Municipal	Pair Corr
0.97	FAARX	Nuveen All American	Pair Corr
0.97	FAAWX	Nuveen All American	Pair Corr
0.95	FACCX	Nuveen All American	Pair Corr
0.98	FAFPX	Nuveen Missouri Municipal	Pair Corr
0.73	FAFOX	Nuveen Kansas Municipal	Pair Corr
0.91	FAFNX	Nuveen Michigan Municipal	Pair Corr
0.7	FAFLX	Nuveen Louisiana Mun	Pair Corr
0.89	FAFKX	Nuveen Orado Municipal	Pair Corr
0.96	FAMAX	Nuveen Minnesota Int	Pair Corr
0.73	FALTX	Nuveen Short Term	Pair Corr
0.9	FAMTX	Nuveen Minnesota Int	Pair Corr
0.71	FSHAX	Nuveen Short Term	Pair Corr
0.8	FSFRX	Nuveen Strategic Income	Pair Corr

Moving against Nuveen Mutual Fund

0.4	FRMPX	Nuveen Small Cap	Pair Corr
0.39	FRSLX	Nuveen Mid Cap	Pair Corr
0.37	NQCCX	Nuveen Nwq Large	Pair Corr
0.37	NQCAX	Nuveen Nwq Large	Pair Corr
0.37	NQCRX	Nuveen Nwq Large	Pair Corr
0.35	EMGRX	Nuveen Small Cap	Pair Corr
0.33	NQVAX	Nuveen Nwq Multi	Pair Corr
0.33	NQVRX	Nuveen Nwq Multi	Pair Corr
0.32	FSCVX	Nuveen Small Cap	Pair Corr
0.32	NQVCX	Nuveen Nwq Multi	Pair Corr
0.31	FSCCX	First American Investment	Pair Corr
0.31	FSCWX	Nuveen Small Cap	Pair Corr
0.31	FSCAX	Nuveen Small Cap	Pair Corr

Related Correlations Analysis

	MWCSX	TFBIX	MSTBX	BBINX	ICAXX	BIDPX	PCMNX
MWCSX		0.67	0.92	0.74	0.0	0.76	0.78	MWCSX
TFBIX	0.67		0.77	0.96	0.0	0.97	0.91	TFBIX
MSTBX	0.92	0.77		0.84	0.0	0.84	0.86	MSTBX
BBINX	0.74	0.96	0.84		0.0	0.99	0.97	BBINX
ICAXX	0.0	0.0	0.0	0.0		0.0	0.0	ICAXX
BIDPX	0.76	0.97	0.84	0.99	0.0		0.96	BIDPX
PCMNX	0.78	0.91	0.86	0.97	0.0	0.96		PCMNX
	MWCSX	TFBIX	MSTBX	BBINX	ICAXX	BIDPX	PCMNX

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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

BIDPX	+ 0.99	BBINX
BIDPX	+ 0.97	TFBIX
PCMNX	+ 0.97	BBINX
BBINX	+ 0.96	TFBIX
PCMNX	+ 0.96	BIDPX
MSTBX	+ 0.92	MWCSX

High negative correlations

PCMNX	- 0.0	ICAXX
BIDPX	- 0.0	ICAXX
ICAXX	- 0.0	BBINX
ICAXX	- 0.0	MSTBX
ICAXX	- 0.0	TFBIX
ICAXX	- 0.0	MWCSX

Risk-Adjusted Indicators

There is a big difference between Nuveen Mutual Fund performing well and Nuveen Massachusetts 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 Massachusetts' 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
MWCSX	0.15	(0.01)	0.00	1.64	0.00	0.00	0.43	(0.43)	1.40
TFBIX	0.15	0.00	(0.31)	0.02	0.21	(0.22)	0.40	(0.39)	1.58
MSTBX	0.10	(0.01)	0.00	(1.57)	0.00	0.00	0.21	(0.21)	0.72
BBINX	0.11	(0.01)	(0.44)	(0.23)	0.16	(0.18)	0.29	(0.29)	1.07
ICAXX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
BIDPX	0.14	(0.01)	(0.35)	(0.10)	0.22	(0.18)	0.27	(0.45)	1.36
PCMNX	0.11	(0.02)	0.00	(0.38)	0.00	0.00	0.25	(0.25)	1.07

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