Nuveen New Correlations

NNY Fund

USD 8.36 0.05 0.60%

The current 90-days correlation between Nuveen New York and Nuveen Municipalome is 0.49 (i.e., Very weak 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

Weak diversification

The correlation between Nuveen New York and DJI is 0.33 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nuveen New York 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 York. Also, note that the market value of any fund could be closely tied with the direction of predictive economic indicators such as signals in board of governors.

Moving together with Nuveen Fund

0.82	EMD	Western Asset Emerging	Pair Corr
0.68	ASGI	Aberdeen Standard Global	Pair Corr
0.72	FTAHX	American Funds American	Pair Corr
0.82	BGVAX	Sterling Capital Int	Pair Corr
0.74	TROIX	T Rowe Price	Pair Corr
0.88	ESISX	Parametric Intl Equity	Pair Corr
0.78	GNDIX	Invesco Global Low	Pair Corr
0.77	BROAX	Blackrock Global Opp	Pair Corr
0.81	BXEAX	Barings Emerging Markets	Pair Corr
0.82	HSTRX	Hussman Strategic Total	Pair Corr
0.85	WAUCX	Western Asset Total	Pair Corr
0.73	FAHHX	American Funds American	Pair Corr
0.8	TWAAX	Thrivent Partner Wor	Pair Corr
0.78	PMZNX	Pimco Mortgage Oppor	Pair Corr
0.74	FOSFX	Fidelity Overseas	Pair Corr
0.8	VFWSX	Vanguard Ftse All	Pair Corr
0.86	CIVVX	Causeway International	Pair Corr
0.81	RIGKX	Victory Rs International	Pair Corr
0.84	AWF	Alliancebernstein	Pair Corr
0.61	PCMZX	Virtus Low Duration	Pair Corr
0.83	FSUUX	American Funds Government	Pair Corr
0.89	TIOCX	Transamerica Inflation	Pair Corr
0.76	RHYCX	Victory High Yield	Pair Corr
0.81	AMAPX	Amana Participation	Pair Corr
0.77	PMACX	Pioneer Multi Asset	Pair Corr
0.84	RGVFX	Us Government Securities	Pair Corr
0.79	RIGEX	International Growth And	Pair Corr
0.78	MTGAX	Morgan Stanley Mortgage	Pair Corr

Related Correlations Analysis

	NMI	NTRS	USA	GSBD	MNP	EICA	CXE	CMU	INSI	EGF
NMI		0.74	0.22	0.8	0.0	0.88	0.47	0.52	-0.1	-0.23	NMI
NTRS	0.74		0.67	0.85	0.0	0.54	0.56	0.53	-0.16	-0.03	NTRS
USA	0.22	0.67		0.46	0.0	0.1	0.32	0.33	-0.35	0.15	USA
GSBD	0.8	0.85	0.46		0.0	0.62	0.48	0.46	-0.07	-0.07	GSBD
MNP	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	MNP
EICA	0.88	0.54	0.1	0.62	0.0		0.21	0.27	-0.16	-0.36	EICA
CXE	0.47	0.56	0.32	0.48	0.0	0.21		0.88	0.31	0.36	CXE
CMU	0.52	0.53	0.33	0.46	0.0	0.27	0.88		0.31	0.41	CMU
INSI	-0.1	-0.16	-0.35	-0.07	0.0	-0.16	0.31	0.31		0.36	INSI
EGF	-0.23	-0.03	0.15	-0.07	0.0	-0.36	0.36	0.41	0.36		EGF
	NMI	NTRS	USA	GSBD	MNP	EICA	CXE	CMU	INSI	EGF

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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

EICA	+ 0.88	NMI
CMU	+ 0.88	CXE
GSBD	+ 0.85	NTRS
GSBD	+ 0.8	NMI
NTRS	+ 0.74	NMI
USA	+ 0.67	NTRS

High negative correlations

EGF	- 0.36	EICA
INSI	- 0.35	USA
EGF	- 0.23	NMI
INSI	- 0.16	EICA
INSI	- 0.16	NTRS
INSI	- 0.1	NMI

Risk-Adjusted Indicators

There is a big difference between Nuveen Fund performing well and Nuveen New 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
NMI	0.44	0.08	0.20	0.27	0.49	(0.51)	1.04	(0.84)	3.10
NTRS	0.95	(0.09)	0.00	0.34	0.00	0.00	1.96	(2.70)	6.63
USA	0.64	(0.06)	0.00	(0.19)	0.00	0.00	1.61	(1.44)	3.72
GSBD	0.76	0.00	0.00	(0.07)	0.00	0.00	1.39	(1.49)	4.11
MNP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EICA	0.29	0.04	0.27	0.48	0.25	(0.34)	0.72	(0.67)	2.87
CXE	0.60	0.01	0.10	(0.13)	0.73	(0.65)	1.34	(1.33)	4.08
CMU	0.41	0.03	0.12	0.06	0.48	(0.49)	0.87	(0.86)	2.27
INSI	722.41	352.96	48.31	(1.23)	0.00	(1,192)	33.33	(14.29)	13,018
EGF	1.17	0.02	0.03	0.00	1.61	(1.29)	2.51	(2.59)	9.57

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