Nuveen New Correlations

NXJ Fund

USD 12.21 0.03 0.25%

The current 90-days correlation between Nuveen New Jersey and Tekla Healthcare Investors is 0.17 (i.e., Average 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

Average diversification

The correlation between Nuveen New Jersey and DJI is 0.19 (i.e., Average 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

0.8	DNP	Dnp Select Income	Pair Corr
0.83	NEA	Nuveen Amt Free	Pair Corr
0.9	NVG	Nuveen Amt Free	Pair Corr
0.83	EIM	Eaton Vance Mbf	Pair Corr

Moving against Nuveen Fund

0.66	BITW	Bitwise 10 Crypto	Pair Corr
0.4	LMORX	Miller Opportunity Trust	Pair Corr
0.37	EGLAX	Eagle Mlp Strategy	Pair Corr
0.34	VTCAX	Vanguard Telecommunicatio	Pair Corr
0.32	VVSCX	Valic Company I	Pair Corr
0.45	XNDPX	Tortoise Energy Inde	Pair Corr
0.36	VIGAX	Vanguard Growth Index	Pair Corr
0.36	ADX	Adams Diversified Equity	Pair Corr
0.35	RLSIX	Riverpark Long/short	Pair Corr

Related Correlations Analysis

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

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 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
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
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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