Nuveen Amt-free Correlations

NUW Fund

USD 13.86 0.06 0.43%

The current 90-days correlation between Nuveen Amt Free and Tekla Life Sciences is 0.4 (i.e., Very weak diversification). The correlation of Nuveen Amt-free 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 Amt-free Correlation With Market

Significant diversification

The correlation between Nuveen Amt Free Municipal and DJI is 0.04 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nuveen Amt Free Municipal 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 Amt Free Municipal. Also, note that the market value of any fund could be closely tied with the direction of predictive economic indicators such as signals in employment.

Moving together with Nuveen Fund

0.73	IIF	Morgan Stanley India	Pair Corr
0.77	IFN	India Closed Downward Rally	Pair Corr
0.79	VZ	Verizon Communications Aggressive Push	Pair Corr
0.65	KO	Coca Cola Aggressive Push	Pair Corr
0.73	MMM	3M Company Fiscal Year End 28th of January 2025	Pair Corr
0.62	GE	GE Aerospace Fiscal Year End 28th of January 2025	Pair Corr

Moving against Nuveen Fund

0.6	JPM	JPMorgan Chase Fiscal Year End 10th of January 2025	Pair Corr
0.44	BAC	Bank of America Aggressive Push	Pair Corr
0.4	BTO	John Hancock Financial	Pair Corr
0.38	CVX	Chevron Corp Fiscal Year End 7th of February 2025	Pair Corr
0.36	DIS	Walt Disney Aggressive Push	Pair Corr

Related Correlations Analysis

	HQH	CII	HQL	NXN	ENX	PNF	JLS	HYI	MAV
HQH		-0.37	0.92	-0.16	0.47	0.01	-0.37	-0.26	0.21	HQH
CII	-0.37		-0.18	0.38	-0.49	0.31	0.68	0.57	-0.25	CII
HQL	0.92	-0.18		0.06	0.31	0.2	-0.2	0.0	0.28	HQL
NXN	-0.16	0.38	0.06		-0.01	0.85	0.51	0.63	0.55	NXN
ENX	0.47	-0.49	0.31	-0.01		0.22	-0.28	-0.23	0.6	ENX
PNF	0.01	0.31	0.2	0.85	0.22		0.61	0.67	0.62	PNF
JLS	-0.37	0.68	-0.2	0.51	-0.28	0.61		0.78	-0.05	JLS
HYI	-0.26	0.57	0.0	0.63	-0.23	0.67	0.78		0.23	HYI
MAV	0.21	-0.25	0.28	0.55	0.6	0.62	-0.05	0.23		MAV
	HQH	CII	HQL	NXN	ENX	PNF	JLS	HYI	MAV

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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

HQL	+ 0.92	HQH
PNF	+ 0.85	NXN
HYI	+ 0.78	JLS
JLS	+ 0.68	CII
HYI	+ 0.67	PNF
HYI	+ 0.63	NXN

High negative correlations

ENX	- 0.49	CII
JLS	- 0.37	HQH
CII	- 0.37	HQH
JLS	- 0.28	ENX
HYI	- 0.26	HQH
MAV	- 0.25	CII

Risk-Adjusted Indicators

There is a big difference between Nuveen Fund performing well and Nuveen Amt-free 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 Amt-free'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
HQH	0.78	(0.17)	0.00	(0.16)	0.00	0.00	1.31	(1.58)	6.45
CII	0.45	(0.01)	(0.07)	0.07	0.64	(0.41)	1.01	(0.97)	2.54
HQL	0.81	(0.17)	0.00	(0.13)	0.00	0.00	1.50	(1.95)	6.62
NXN	0.32	0.02	(0.14)	(3.36)	0.34	(0.38)	0.75	(0.59)	2.08
ENX	0.44	(0.01)	0.00	0.19	0.00	0.00	0.84	(0.81)	2.58
PNF	0.39	0.01	(0.14)	0.19	0.41	(0.51)	1.13	(0.75)	2.74
JLS	0.37	0.04	(0.09)	(30.47)	0.38	(0.40)	0.79	(0.72)	2.17
HYI	0.43	0.01	(0.12)	0.16	0.50	(0.49)	0.91	(0.92)	2.53
MAV	0.42	0.00	(0.11)	0.05	0.64	(0.47)	0.81	(1.04)	4.54

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