Nuveen New Correlations

NNYAX Fund

USD 9.92 0.02 0.20%

The current 90-days correlation between Nuveen New York and Gabelli Convertible And is 0.03 (i.e., Significant 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

Average diversification

The correlation between Nuveen New York 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 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 mutual fund could be closely tied with the direction of predictive economic indicators such as signals in nation.

Moving together with Nuveen Mutual Fund

0.69	FRKSX	Nuveen Kansas Municipal	Pair Corr
0.93	FAARX	Nuveen All American	Pair Corr
0.81	FAAWX	Nuveen All American	Pair Corr
0.77	FACCX	Nuveen All American	Pair Corr
0.88	FAFPX	Nuveen Missouri Municipal	Pair Corr
0.64	FAFOX	Nuveen Kansas Municipal	Pair Corr
0.86	FAFNX	Nuveen Michigan Municipal	Pair Corr
0.61	FAFLX	Nuveen Louisiana Mun	Pair Corr
0.98	FAFKX	Nuveen Orado Municipal	Pair Corr
0.96	FAMAX	Nuveen Minnesota Int	Pair Corr
0.98	FAMTX	Nuveen Minnesota Int	Pair Corr
0.81	FSHAX	Nuveen Short Term	Pair Corr

Related Correlations Analysis

	GCV	AVK	VAADX	FSAWX	XNCVX	PRCCX
GCV		0.52	0.11	0.05	0.07	-0.04	GCV
AVK	0.52		0.48	0.33	0.53	0.37	AVK
VAADX	0.11	0.48		0.93	0.98	0.98	VAADX
FSAWX	0.05	0.33	0.93		0.9	0.94	FSAWX
XNCVX	0.07	0.53	0.98	0.9		0.95	XNCVX
PRCCX	-0.04	0.37	0.98	0.94	0.95		PRCCX
	GCV	AVK	VAADX	FSAWX	XNCVX	PRCCX

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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

XNCVX	+ 0.98	VAADX
PRCCX	+ 0.98	VAADX
PRCCX	+ 0.95	XNCVX
PRCCX	+ 0.94	FSAWX
FSAWX	+ 0.93	VAADX
XNCVX	+ 0.9	FSAWX

High negative correlations

PRCCX

- 0.04

GCV

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
GCV	0.90	0.09	0.00	0.42	1.23	(0.93)	1.87	(1.80)	7.45
AVK	0.64	0.01	(0.08)	0.16	0.82	(0.74)	1.43	(1.03)	5.25
VAADX	0.44	0.09	0.07	0.28	0.21	(0.53)	1.09	(0.84)	2.28
FSAWX	0.08	0.04	(0.72)	3.43	0.00	(0.13)	0.19	(0.09)	0.46
XNCVX	0.47	0.13	0.02	1.56	0.41	(0.61)	1.08	(0.80)	2.41
PRCCX	0.39	0.06	0.01	0.24	0.21	(0.47)	0.98	(0.70)	1.94

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