Nuveen Ohio Correlations

Mutual Funds . USA . 
Fund . Nuveen Ohio Municipal
FAFMX Fund  USD 10.63  0.03  0.28%   
The current 90-days correlation between Nuveen Ohio Municipal and Aam Select Income is 0.71 (i.e., Poor diversification). The correlation of Nuveen Ohio 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 Ohio Correlation With Market

Average diversification

The correlation between Nuveen Ohio Municipal and DJI is 0.13 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nuveen Ohio Municipal and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Nuveen Ohio Municipal. 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 population.

Moving together with Nuveen Mutual Fund

  0.78FREAX Nuveen Real EstatePairCorr
  0.78FREGX Nuveen Real EstatePairCorr
  0.68NPSAX Nuveen Preferred SecPairCorr
  0.64NPSFX Nuveen Preferred SecPairCorr
  0.7NPSCX Nuveen Preferred SecPairCorr
  0.65NPSRX Nuveen Preferred SecPairCorr
  0.95FRKSX Nuveen Kansas MunicipalPairCorr
  0.78FRLCX Nuveen Real EstatePairCorr
  0.96FAARX Nuveen All AmericanPairCorr
  0.96FAAWX Nuveen All AmericanPairCorr
  0.98FACCX Nuveen All AmericanPairCorr
  0.99FAFPX Nuveen Missouri MunicipalPairCorr
  0.98FAFOX Nuveen Kansas MunicipalPairCorr
  0.97FAFNX Nuveen Michigan MunicipalPairCorr
  0.97FAFLX Nuveen Louisiana MunPairCorr
  0.99FAFKX Nuveen Orado MunicipalPairCorr
  0.83FAFJX Nuveen Limited TermPairCorr
  0.91FAMAX Nuveen Minnesota IntPairCorr
  0.89FAMTX Nuveen Minnesota IntPairCorr
  0.78FARCX Nuveen Real EstatePairCorr
  0.62FSHAX Nuveen Short TermPairCorr
  0.65FSFRX Nuveen Strategic IncomePairCorr

Related Correlations Analysis

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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   
WRLDX
+ 0.82
CPUCX
FFCDAX
+ 0.78
FZDAQX
ABVCX
+ 0.75
FLAKQX
FBJYGX
+ 0.7
CPUCX
FLAKQX
+ 0.68
FFCDAX
WRLDX
+ 0.65
FLAKQX
  
High negative correlations   
ABVCX
- 0.08
FBJYGX
XHYIX
- 0.06
CPUCX
XHYIX
- 0.0
FBJYGX

Risk-Adjusted Indicators

There is a big difference between Nuveen Mutual Fund performing well and Nuveen Ohio 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 Ohio'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.

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