Nuveen New Correlations

NMNJX Fund

USD 10.69 0.02 0.19%

The current 90-days correlation between Nuveen New Jersey and Qs Large Cap is -0.18 (i.e., Good diversification). The correlation of Nuveen New 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 New Correlation With Market

Very good diversification

The correlation between Nuveen New Jersey and DJI is -0.31 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nuveen New Jersey 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 New Jersey. 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 inflation.

Moving together with Nuveen Mutual Fund

0.77	FRKSX	Nuveen Kansas Municipal	Pair Corr
0.97	FAARX	Nuveen All American	Pair Corr
0.96	FAAWX	Nuveen All American	Pair Corr
0.94	FACCX	Nuveen All American	Pair Corr
0.99	FAFPX	Nuveen Missouri Municipal	Pair Corr
0.74	FAFOX	Nuveen Kansas Municipal	Pair Corr
0.73	FAFLX	Nuveen Louisiana Mun	Pair Corr
0.99	FAFKX	Nuveen Orado Municipal	Pair Corr
0.99	FAMAX	Nuveen Minnesota Int	Pair Corr
0.65	FALTX	Nuveen Short Term	Pair Corr
0.98	FAMTX	Nuveen Minnesota Int	Pair Corr
0.77	FSHAX	Nuveen Short Term	Pair Corr
0.85	FSFRX	Nuveen Strategic Income	Pair Corr
0.98	FAZTX	Nuveen Arizona Municipal	Pair Corr
0.62	NRIAX	Nuveen Real Asset	Pair Corr

Moving against Nuveen Mutual Fund

0.33	NQCRX	Nuveen Nwq Large	Pair Corr
0.32	NQCAX	Nuveen Nwq Large	Pair Corr
0.31	FRMPX	Nuveen Small Cap	Pair Corr

Related Correlations Analysis

	LMUSX	LTFXX	ABVCX	TMVAX	FIJFX	VOLJX
LMUSX		0.21	0.98	0.91	0.72	0.85	LMUSX
LTFXX	0.21		0.24	0.11	0.15	0.14	LTFXX
ABVCX	0.98	0.24		0.93	0.7	0.84	ABVCX
TMVAX	0.91	0.11	0.93		0.53	0.86	TMVAX
FIJFX	0.72	0.15	0.7	0.53		0.63	FIJFX
VOLJX	0.85	0.14	0.84	0.86	0.63		VOLJX
	LMUSX	LTFXX	ABVCX	TMVAX	FIJFX	VOLJX

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Risk-Adjusted Indicators

There is a big difference between Nuveen Mutual Fund performing well and Nuveen New 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 New'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
LMUSX	0.61	0.02	0.02	0.14	0.73	(0.70)	1.28	(1.49)	4.08
LTFXX	0.03	0.00	0.00	0.47	0.00	0.00	0.00	0.00	1.01
ABVCX	0.54	0.04	0.04	0.16	0.27	(0.68)	1.09	(0.80)	3.88
TMVAX	0.88	0.00	0.03	0.11	0.79	(1.08)	2.28	(1.70)	8.08
FIJFX	0.76	(0.06)	(0.07)	0.05	0.88	(0.82)	1.63	(1.48)	4.27
VOLJX	0.77	(0.06)	(0.03)	0.06	1.21	(0.75)	1.47	(2.02)	4.97

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