Nuveen Municipal Correlations

NZF Fund

USD 12.26 0.03 0.25%

The current 90-days correlation between Nuveen Municipal Credit and Nuveen Amt Free Municipal is 0.84 (i.e., Very poor diversification). The correlation of Nuveen Municipal 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.

Nuveen Municipal Correlation With Market

Weak diversification

The correlation between Nuveen Municipal Credit and DJI is 0.31 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nuveen Municipal Credit 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 Municipal Credit. Also, note that the market value of any fund could be closely tied with the direction of predictive economic indicators such as signals in nation.

Moving together with Nuveen Fund

0.71	BRUFX	Bruce Fund Bruce	Pair Corr
0.65	VSMAX	Vanguard Small Cap	Pair Corr
0.65	FHIFX	Fidelity Focused High	Pair Corr
0.67	GSGPX	Goldman Sachs Absolute	Pair Corr
0.68	ETILX	Eventide Gilead	Pair Corr
0.68	DCCIX	Delaware Small Cap	Pair Corr

Moving against Nuveen Fund

0.44	RYMEX	Commodities Strategy	Pair Corr
0.44	RYMJX	Commodities Strategy	Pair Corr
0.44	RYMBX	Commodities Strategy	Pair Corr
0.38	QREARX	Teachers Insurance And	Pair Corr
0.68	HIMUX	Pioneer Map High	Pair Corr

Related Correlations Analysis

	NEA	NAD	NMZ	NMCO	NVG	NUV	MVF
NEA		0.96	0.92	0.81	0.95	0.75	0.91	NEA
NAD	0.96		0.93	0.88	0.97	0.81	0.95	NAD
NMZ	0.92	0.93		0.83	0.95	0.77	0.91	NMZ
NMCO	0.81	0.88	0.83		0.91	0.95	0.93	NMCO
NVG	0.95	0.97	0.95	0.91		0.84	0.96	NVG
NUV	0.75	0.81	0.77	0.95	0.84		0.86	NUV
MVF	0.91	0.95	0.91	0.93	0.96	0.86		MVF
	NEA	NAD	NMZ	NMCO	NVG	NUV	MVF

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Risk-Adjusted Indicators

There is a big difference between Nuveen Fund performing well and Nuveen Municipal 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 Municipal'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	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
NEA	0.48	(0.05)	(0.31)	0.86	(1.28)	2.59
NAD	0.53	(0.05)	(0.16)	0.96	(1.13)	2.51
NMZ	0.57	(0.06)	(0.18)	1.10	(1.14)	2.96
NMCO	0.55	(0.08)	(0.29)	1.20	(1.37)	3.01
NVG	0.68	(0.09)	(0.31)	1.19	(1.71)	3.73
NUV	0.40	(0.06)	(0.38)	0.82	(1.01)	2.54
MVF	0.59	(0.05)	(0.16)	1.11	(1.24)	3.26

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