Nuveen New Correlations

NXJ Fund

USD 12.13 0.02 0.17%

The current 90-days correlation between Nuveen New Jersey and Munivest Fund is 0.51 (i.e., Very weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Nuveen New moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Nuveen New Jersey moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Nuveen New Correlation With Market

Modest diversification

The correlation between Nuveen New Jersey and DJI is 0.28 (i.e., Modest 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 fund could be closely tied with the direction of predictive economic indicators such as signals in interest.

Moving together with Nuveen Fund

0.65

PDI

Pimco Dynamic Income

Pair Corr

Moving against Nuveen Fund

0.77	MSULX	Us Real Estate	Pair Corr
0.71	CUSHX	Columbia Ultra Short	Pair Corr
0.62	CREMX	Redwood Real Estate	Pair Corr
0.58	FTCAX	Templeton Strained Bond	Pair Corr
0.58	QREARX	Teachers Insurance And	Pair Corr
0.56	PYAIX	Payden Absolute Return	Pair Corr
0.54	PYARX	Payden Absolute Return	Pair Corr
0.5	QLENX	Aqr Long Short	Pair Corr
0.49	LFROX	Lord Abbett Floating	Pair Corr
0.41	FULAX	Federated Ultrashort Bond	Pair Corr
0.37	CLURX	Columbia Small Cap	Pair Corr
0.34	UIPIX	Ultrashort Mid Cap	Pair Corr
0.31	TRBCX	T Rowe Price	Pair Corr
0.62	PQTAX	Pimco Trends Managed	Pair Corr
0.56	DBFRX	Doubleline Floating Rate	Pair Corr
0.54	CSAIX	Credit Suisse Managed	Pair Corr
0.52	BXSL	Blackstone Secured	Pair Corr
0.51	FHQFX	Fidelity Series Treasury	Pair Corr
0.48	GSFRX	Goldman Sachs High	Pair Corr
0.37	DRGTX	Allianzgi Technology	Pair Corr
0.36	ADNCX	American Beacon Ark	Pair Corr
0.34	FNCMX	Fidelity Nasdaq Posite	Pair Corr
0.32	VIGRX	Vanguard Growth Index	Pair Corr

Related Correlations Analysis

	MVF	MUI	MYI	MQY	GAB-PH	NCV-PA	GAB-PG	OXLCO	GUT-PC	GGT-PE
MVF		0.7	0.85	0.85	0.65	0.54	0.62	-0.08	0.35	0.33	MVF
MUI	0.7		0.66	0.77	0.54	0.37	0.48	0.16	0.16	0.03	MUI
MYI	0.85	0.66		0.88	0.74	0.71	0.67	-0.25	0.46	0.54	MYI
MQY	0.85	0.77	0.88		0.9	0.8	0.85	-0.13	0.29	0.46	MQY
GAB-PH	0.65	0.54	0.74	0.9		0.91	0.96	-0.18	0.15	0.55	GAB-PH
NCV-PA	0.54	0.37	0.71	0.8	0.91		0.91	-0.38	0.3	0.72	NCV-PA
GAB-PG	0.62	0.48	0.67	0.85	0.96	0.91		-0.22	0.14	0.55	GAB-PG
OXLCO	-0.08	0.16	-0.25	-0.13	-0.18	-0.38	-0.22		-0.36	-0.58	OXLCO
GUT-PC	0.35	0.16	0.46	0.29	0.15	0.3	0.14	-0.36		0.41	GUT-PC
GGT-PE	0.33	0.03	0.54	0.46	0.55	0.72	0.55	-0.58	0.41		GGT-PE
	MVF	MUI	MYI	MQY	GAB-PH	NCV-PA	GAB-PG	OXLCO	GUT-PC	GGT-PE

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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-PG	+ 0.96	GAB-PH
NCV-PA	+ 0.91	GAB-PH
GAB-PG	+ 0.91	NCV-PA
GAB-PH	+ 0.9	MQY
MQY	+ 0.88	MYI
MYI	+ 0.85	MVF

High negative correlations

GGT-PE	- 0.58	OXLCO
OXLCO	- 0.38	NCV-PA
GUT-PC	- 0.36	OXLCO
OXLCO	- 0.25	MYI
OXLCO	- 0.22	GAB-PG
OXLCO	- 0.18	GAB-PH

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
MVF	0.59	(0.05)	0.00	(0.16)	0.00	0.00	1.11	(1.24)	3.26
MUI	0.42	(0.04)	0.00	(0.15)	0.00	0.00	0.72	(1.19)	3.94
MYI	0.58	(0.09)	0.00	46.19	0.00	0.00	1.24	(1.15)	3.10
MQY	0.60	(0.14)	0.00	(0.49)	0.00	0.00	0.99	(1.31)	3.70
GAB-PH	0.49	(0.16)	0.00	3.35	0.00	0.00	0.94	(1.30)	4.14
NCV-PA	0.43	(0.11)	0.00	(0.67)	0.00	0.00	1.13	(1.34)	4.20
GAB-PG	0.67	(0.13)	0.00	(0.49)	0.00	0.00	1.21	(1.66)	3.85
OXLCO	0.34	0.02	0.00	(0.13)	0.43	(0.43)	0.93	(1.05)	3.24
GUT-PC	0.43	(0.01)	(0.03)	(0.03)	0.52	(0.63)	1.03	(1.07)	2.93
GGT-PE	0.43	(0.04)	0.00	(0.13)	0.00	0.00	0.96	(1.00)	4.50

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