Nuveen Pennsylvania Correlations

NQP Fund

USD 11.77 0.01 0.08%

The current 90-days correlation between Nuveen Pennsylvania and Invesco Trust For is 0.53 (i.e., Very weak diversification). The correlation of Nuveen Pennsylvania 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 Pennsylvania Correlation With Market

Good diversification

The correlation between Nuveen Pennsylvania Quality and DJI is -0.02 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nuveen Pennsylvania Quality 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 Pennsylvania Quality. Also, note that the market value of any fund could be closely tied with the direction of predictive economic indicators such as signals in producer price index.

Moving against Nuveen Fund

0.79	BTO	John Hancock Financial	Pair Corr
0.76	VIGAX	Vanguard Growth Index	Pair Corr
0.75	TTP	Tortoise Pipeline And	Pair Corr
0.75	LTFOX	Lord Abbett Affiliated	Pair Corr
0.73	EMO	Clearbridge Energy Mlp	Pair Corr
0.72	CSQ	Calamos Strategic Total	Pair Corr
0.71	NDP	Tortoise Energy Inde	Pair Corr
0.71	RQECX	Resq Dynamic Allocation	Pair Corr
0.7	VTSMX	Vanguard Total Stock	Pair Corr
0.69	VFINX	Vanguard 500 Index	Pair Corr
0.69	VFIAX	Vanguard 500 Index	Pair Corr
0.67	SMERX	Invesco Small Cap	Pair Corr
0.63	LLPFX	Longleaf Partners	Pair Corr
0.61	HIE	Millerhoward High Income	Pair Corr
0.6	SCRYX	Small Cap Core	Pair Corr
0.6	FBALX	Fidelity Balanced	Pair Corr
0.48	FEMDX	Franklin Emerging Market	Pair Corr
0.46	ACV	Allianzgi Diversified	Pair Corr
0.46	GAB	Gabelli Equity Trust	Pair Corr

Related Correlations Analysis

	VTN	VCV	GNT	VKI	MHN	NRK	NAN	MMU	GGT-PE	GAB-PH
VTN		0.6	0.32	0.65	0.8	0.85	0.74	0.76	0.51	0.55	VTN
VCV	0.6		-0.03	0.47	0.56	0.8	0.24	0.86	0.01	0.15	VCV
GNT	0.32	-0.03		0.12	0.55	0.18	0.48	0.27	0.73	0.65	GNT
VKI	0.65	0.47	0.12		0.75	0.73	0.79	0.54	0.55	0.63	VKI
MHN	0.8	0.56	0.55	0.75		0.81	0.85	0.79	0.74	0.75	MHN
NRK	0.85	0.8	0.18	0.73	0.81		0.67	0.87	0.33	0.37	NRK
NAN	0.74	0.24	0.48	0.79	0.85	0.67		0.52	0.75	0.7	NAN
MMU	0.76	0.86	0.27	0.54	0.79	0.87	0.52		0.27	0.36	MMU
GGT-PE	0.51	0.01	0.73	0.55	0.74	0.33	0.75	0.27		0.9	GGT-PE
GAB-PH	0.55	0.15	0.65	0.63	0.75	0.37	0.7	0.36	0.9		GAB-PH
	VTN	VCV	GNT	VKI	MHN	NRK	NAN	MMU	GGT-PE	GAB-PH

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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

GAB-PH	+ 0.9	GGT-PE
MMU	+ 0.87	NRK
MMU	+ 0.86	VCV
NRK	+ 0.85	VTN
NAN	+ 0.85	MHN
NRK	+ 0.81	MHN

High negative correlations

GNT

- 0.03

VCV

Risk-Adjusted Indicators

There is a big difference between Nuveen Fund performing well and Nuveen Pennsylvania 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 Pennsylvania'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
VTN	0.36	0.03	(0.15)	2.74	0.44	(0.40)	0.71	(0.70)	2.25
VCV	0.52	(0.06)	0.00	(0.49)	0.00	0.00	0.95	(0.97)	3.87
GNT	0.86	0.00	(0.06)	0.13	0.96	(1.04)	1.71	(1.98)	5.15
VKI	0.39	0.00	(0.24)	(0.08)	0.42	(0.45)	0.79	(0.66)	2.47
MHN	0.36	0.01	(0.15)	0.62	0.62	(0.33)	0.75	(1.03)	2.69
NRK	0.33	(0.01)	0.00	(0.37)	0.00	0.00	0.83	(0.91)	2.40
NAN	0.38	0.02	(0.20)	1.12	0.43	(0.42)	0.78	(0.77)	2.12
MMU	0.40	0.00	(0.21)	0.08	0.51	(0.41)	0.77	(0.87)	2.45
GGT-PE	0.47	0.05	(0.08)	(1.13)	0.62	(0.68)	1.44	(0.99)	5.53
GAB-PH	0.44	0.11	(0.02)	(6.18)	0.36	(0.48)	1.17	(0.93)	3.34

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