Nuveen Municipal Correlations

NMCO Fund

USD 11.05 0.02 0.18%

The current 90-days correlation between Nuveen Municipal Credit and Munivest Fund is 0.6 (i.e., Poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Nuveen Municipal moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Nuveen Municipal Credit moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Nuveen Municipal Correlation With Market

Significant diversification

The correlation between Nuveen Municipal Credit and DJI is 0.01 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nuveen Municipal Credit 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 Municipal Credit. Also, note that the market value of any fund could be closely tied with the direction of predictive economic indicators such as signals in main economic indicators.

Moving together with Nuveen Fund

0.65	NHCCX	Nuveen High Yield	Pair Corr
0.62	NHMFX	Nuveen High Yield	Pair Corr
0.74	ABHFX	American High Income	Pair Corr
0.78	AHICX	American High Income	Pair Corr
0.74	AMHIX	American High Income	Pair Corr
0.78	GHYCX	Goldman Sachs High	Pair Corr
0.72	GHYAX	Goldman Sachs High	Pair Corr
0.73	ACTDX	Invesco High Yield	Pair Corr
0.67	NEA	Nuveen Amt Free	Pair Corr
0.83	NVG	Nuveen Amt Free	Pair Corr
0.81	EIM	Eaton Vance Mbf	Pair Corr
0.75	KO	Coca Cola Aggressive Push	Pair Corr
0.7	MRK	Merck Company Fiscal Year End 6th of February 2025	Pair Corr

Moving against Nuveen Fund

0.5	VTSMX	Vanguard Total Stock	Pair Corr
0.48	NTG	Tortoise Mlp Closed	Pair Corr
0.76	JPM	JPMorgan Chase Fiscal Year End 10th of January 2025	Pair Corr
0.65	BAC	Bank of America Aggressive Push	Pair Corr
0.63	CVX	Chevron Corp Fiscal Year End 7th of February 2025	Pair Corr
0.61	CSCO	Cisco Systems	Pair Corr
0.6	HPQ	HP Inc	Pair Corr
0.5	DIS	Walt Disney Aggressive Push	Pair Corr
0.44	INTC	Intel Fiscal Year End 23rd of January 2025	Pair Corr
0.41	AXP	American Express Fiscal Year End 24th of January 2025	Pair Corr
0.39	TRV	The Travelers Companies Fiscal Year End 17th of January 2025	Pair Corr
0.32	XOM	Exxon Mobil Corp Aggressive Push	Pair Corr

Related Correlations Analysis

	MVF	MUE	KTF	MHD	NXC	RFM	MYD	MVT	MQT	MUI
MVF		0.8	0.42	0.9	0.76	0.8	0.82	0.89	0.85	0.27	MVF
MUE	0.8		0.6	0.8	0.58	0.8	0.85	0.76	0.81	0.24	MUE
KTF	0.42	0.6		0.47	0.34	0.64	0.69	0.28	0.35	0.51	KTF
MHD	0.9	0.8	0.47		0.85	0.91	0.89	0.91	0.9	0.32	MHD
NXC	0.76	0.58	0.34	0.85		0.81	0.71	0.8	0.82	0.39	NXC
RFM	0.8	0.8	0.64	0.91	0.81		0.88	0.76	0.83	0.49	RFM
MYD	0.82	0.85	0.69	0.89	0.71	0.88		0.8	0.84	0.3	MYD
MVT	0.89	0.76	0.28	0.91	0.8	0.76	0.8		0.86	0.16	MVT
MQT	0.85	0.81	0.35	0.9	0.82	0.83	0.84	0.86		0.13	MQT
MUI	0.27	0.24	0.51	0.32	0.39	0.49	0.3	0.16	0.13		MUI
	MVF	MUE	KTF	MHD	NXC	RFM	MYD	MVT	MQT	MUI

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Risk-Adjusted Indicators

There is a big difference between Nuveen Fund performing well and Nuveen Municipal 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 Municipal'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
MVF	0.46	(0.01)	(0.15)	(0.34)	0.61	(0.54)	0.83	(1.06)	2.81
MUE	0.39	0.03	(0.13)	(1.15)	0.47	(0.40)	0.85	(0.76)	2.47
KTF	0.42	0.05	(0.09)	(1.40)	0.47	(0.52)	1.12	(0.61)	3.40
MHD	0.48	(0.01)	(0.14)	1.20	0.71	(0.45)	0.88	(1.14)	3.11
NXC	0.46	(0.03)	0.00	2.18	0.00	0.00	0.94	(0.94)	2.82
RFM	0.35	0.00	(0.20)	0.61	0.45	(0.39)	0.81	(0.76)	2.25
MYD	0.49	0.00	(0.15)	0.18	0.55	(0.56)	1.08	(1.06)	2.65
MVT	0.44	(0.03)	0.00	0.72	0.00	0.00	1.02	(1.09)	2.79
MQT	0.43	(0.04)	0.00	(0.10)	0.00	0.00	0.87	(0.92)	2.73
MUI	0.29	0.01	(0.13)	1.78	0.48	(0.32)	0.73	(0.65)	3.31

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