Nuveen New Correlations

XNXJX Fund

USD 13.43 0.05 0.37%

The current 90-days correlation between Nuveen New Jersey and Vanguard Total Stock is 0.01 (i.e., Significant diversification). The correlation of Nuveen New 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 New Correlation With Market

Average diversification

The correlation between Nuveen New Jersey and DJI is 0.17 (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 Your Current Watchlist to better understand how to build diversified portfolios, which includes a position in Nuveen New Jersey. Also, note that the market value of any mutual fund could be closely tied with the direction of predictive economic indicators such as signals in inflation.

Moving together with Nuveen Mutual Fund

0.63	KF	Korea Closed	Pair Corr
0.62	PFE	Pfizer Inc Fiscal Year End 4th of February 2025	Pair Corr
0.81	MRK	Merck Company Fiscal Year End 6th of February 2025	Pair Corr
0.84	KO	Coca Cola Aggressive Push	Pair Corr

Moving against Nuveen Mutual Fund

0.71	XGEIX	Guggenheim Energy Income	Pair Corr
0.68	VITSX	Vanguard Total Stock	Pair Corr
0.68	SPGSX	State Street Premier	Pair Corr
0.67	VTSAX	Vanguard Total Stock	Pair Corr
0.67	VFIAX	Vanguard 500 Index	Pair Corr
0.67	VTSMX	Vanguard Total Stock	Pair Corr
0.67	VSTSX	Vanguard Total Stock	Pair Corr
0.67	VSMPX	Vanguard Total Stock	Pair Corr
0.67	VFINX	Vanguard 500 Index	Pair Corr
0.67	EGLAX	Eagle Mlp Strategy	Pair Corr
0.66	VFFSX	Vanguard 500 Index	Pair Corr
0.61	ARDEX	Amg River Road	Pair Corr
0.44	MGDNX	Mainstay Moderate Growth	Pair Corr
0.36	GAB	Gabelli Equity Trust	Pair Corr
0.8	JPM	JPMorgan Chase Fiscal Year End 10th of January 2025	Pair Corr
0.78	CSCO	Cisco Systems	Pair Corr
0.78	BAC	Bank of America Aggressive Push	Pair Corr
0.76	BITW	Bitwise 10 Crypto	Pair Corr
0.65	HPQ	HP Inc	Pair Corr
0.64	WMT	Walmart Aggressive Push	Pair Corr
0.64	TRV	The Travelers Companies Fiscal Year End 17th of January 2025	Pair Corr
0.58	AXP	American Express Fiscal Year End 24th of January 2025	Pair Corr
0.57	DIS	Walt Disney Aggressive Push	Pair Corr
0.47	T	ATT Inc Aggressive Push	Pair Corr
0.34	XOM	Exxon Mobil Corp Aggressive Push	Pair Corr

Related Correlations Analysis

	VTSAX	VFIAX	VTSMX	VITSX	VSTSX	VSMPX	VFINX	VFFSX	VGTSX	VTIAX
VTSAX		0.95	1.0	0.95	1.0	1.0	0.95	1.0	-0.06	-0.05	VTSAX
VFIAX	0.95		0.95	1.0	0.95	0.95	1.0	0.95	-0.08	-0.08	VFIAX
VTSMX	1.0	0.95		0.95	1.0	1.0	0.95	1.0	-0.06	-0.05	VTSMX
VITSX	0.95	1.0	0.95		0.95	0.95	1.0	0.95	-0.11	-0.11	VITSX
VSTSX	1.0	0.95	1.0	0.95		1.0	0.95	1.0	-0.06	-0.05	VSTSX
VSMPX	1.0	0.95	1.0	0.95	1.0		0.95	1.0	-0.06	-0.05	VSMPX
VFINX	0.95	1.0	0.95	1.0	0.95	0.95		0.95	-0.08	-0.08	VFINX
VFFSX	1.0	0.95	1.0	0.95	1.0	1.0	0.95		-0.02	-0.02	VFFSX
VGTSX	-0.06	-0.08	-0.06	-0.11	-0.06	-0.06	-0.08	-0.02		1.0	VGTSX
VTIAX	-0.05	-0.08	-0.05	-0.11	-0.05	-0.05	-0.08	-0.02	1.0		VTIAX
	VTSAX	VFIAX	VTSMX	VITSX	VSTSX	VSMPX	VFINX	VFFSX	VGTSX	VTIAX

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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

VTSMX	+ 1.0	VTSAX
VSTSX	+ 1.0	VTSAX
VSMPX	+ 1.0	VTSAX
VFFSX	+ 1.0	VTSAX
VITSX	+ 1.0	VFIAX
VFINX	+ 1.0	VFIAX

High negative correlations

VTIAX	- 0.11	VITSX
VGTSX	- 0.11	VITSX
VTIAX	- 0.08	VFINX
VGTSX	- 0.08	VFINX
VTIAX	- 0.08	VFIAX
VGTSX	- 0.08	VFIAX

Risk-Adjusted Indicators

There is a big difference between Nuveen Mutual Fund performing well and Nuveen New Mutual 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
VTSAX	0.59	0.01	0.01	0.10	0.67	(0.62)	1.29	(1.31)	4.11
VFIAX	0.57	0.08	(0.01)	(1.31)	0.69	(0.59)	1.17	(1.31)	3.84
VTSMX	0.59	0.01	0.01	0.10	0.67	(0.62)	1.29	(1.31)	4.11
VITSX	0.59	0.09	0.00	(1.77)	0.67	(0.64)	1.30	(1.31)	4.11
VSTSX	0.59	0.01	0.01	0.10	0.67	(0.62)	1.29	(1.31)	4.11
VSMPX	0.59	0.01	0.01	0.10	0.67	(0.62)	1.29	(1.30)	4.11
VFINX	0.57	0.08	(0.01)	(1.31)	0.69	(0.60)	1.17	(1.31)	3.84
VFFSX	0.57	0.01	0.00	0.09	0.68	(0.57)	1.17	(1.31)	3.84
VGTSX	0.65	(0.08)	0.00	(0.08)	0.00	0.00	1.45	(1.56)	4.09
VTIAX	0.65	(0.08)	0.00	(0.08)	0.00	0.00	1.44	(1.59)	4.11

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