Nuveen North Correlations

FLNCX Fund

USD 10.02 0.02 0.20%

The current 90-days correlation between Nuveen North Carolina and Maryland Tax Free Bond is 0.95 (i.e., Almost no diversification). The correlation of Nuveen North 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 North Correlation With Market

Average diversification

The correlation between Nuveen North Carolina and DJI is 0.1 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nuveen North Carolina 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 North Carolina. 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 main economic indicators.

Moving together with Nuveen Mutual Fund

0.62	NPSAX	Nuveen Preferred Sec	Pair Corr
0.63	NPSFX	Nuveen Preferred Sec	Pair Corr
0.69	NPSRX	Nuveen Preferred Sec	Pair Corr
0.82	FRKSX	Nuveen Kansas Municipal	Pair Corr
0.99	FAARX	Nuveen All American	Pair Corr
0.81	FAAWX	Nuveen All American	Pair Corr
0.82	FACCX	Nuveen All American	Pair Corr
0.8	FAFPX	Nuveen Missouri Municipal	Pair Corr
0.81	FAFOX	Nuveen Kansas Municipal	Pair Corr
0.76	FAFNX	Nuveen Michigan Municipal	Pair Corr
0.77	FAFMX	Nuveen Ohio Municipal	Pair Corr
0.8	FAFLX	Nuveen Louisiana Mun	Pair Corr
0.8	FAFKX	Nuveen Orado Municipal	Pair Corr
0.81	FAFJX	Nuveen Limited Term	Pair Corr
0.86	FAMAX	Nuveen Minnesota Int	Pair Corr
0.82	FAMTX	Nuveen Minnesota Int	Pair Corr
0.84	FSHAX	Nuveen Short Term	Pair Corr
0.7	FSFRX	Nuveen Strategic Income	Pair Corr

Related Correlations Analysis

	TFBIX	MDXBX	444859BR2	AQUI	BRRAY	LBHIX	MSTSX	ABHYX	VIASP	144285AL7
TFBIX		1.0	-0.04	0.42	-0.28	0.84	0.55	0.99	-0.23	0.6	TFBIX
MDXBX	1.0		-0.05	0.42	-0.28	0.84	0.54	0.98	-0.22	0.6	MDXBX
444859BR2	-0.04	-0.05		0.32	-0.13	0.05	0.23	0.0	-0.3	0.08	444859BR2
AQUI	0.42	0.42	0.32		-0.43	0.56	0.93	0.5	-0.67	0.35	AQUI
BRRAY	-0.28	-0.28	-0.13	-0.43		-0.18	-0.55	-0.39	0.7	-0.37	BRRAY
LBHIX	0.84	0.84	0.05	0.56	-0.18		0.65	0.83	-0.21	0.43	LBHIX
MSTSX	0.55	0.54	0.23	0.93	-0.55	0.65		0.63	-0.73	0.39	MSTSX
ABHYX	0.99	0.98	0.0	0.5	-0.39	0.83	0.63		-0.36	0.62	ABHYX
VIASP	-0.23	-0.22	-0.3	-0.67	0.7	-0.21	-0.73	-0.36		-0.32	VIASP
144285AL7	0.6	0.6	0.08	0.35	-0.37	0.43	0.39	0.62	-0.32		144285AL7
	TFBIX	MDXBX	444859BR2	AQUI	BRRAY	LBHIX	MSTSX	ABHYX	VIASP	144285AL7

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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

MDXBX	+ 1.0	TFBIX
ABHYX	+ 0.99	TFBIX
ABHYX	+ 0.98	MDXBX
MSTSX	+ 0.93	AQUI
LBHIX	+ 0.84	TFBIX
LBHIX	+ 0.84	MDXBX

High negative correlations

VIASP	- 0.73	MSTSX
VIASP	- 0.67	AQUI
MSTSX	- 0.55	BRRAY
BRRAY	- 0.43	AQUI
ABHYX	- 0.39	BRRAY
144285AL7	- 0.37	BRRAY

Risk-Adjusted Indicators

There is a big difference between Nuveen Mutual Fund performing well and Nuveen North 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 North'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	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
TFBIX	0.19	(0.04)	0.00	(1.06)	0.00	0.40	(0.49)	1.59
MDXBX	0.18	(0.03)	0.00	(0.93)	0.00	0.30	(0.39)	1.59
444859BR2	1.23	(0.01)	0.00	(0.04)	0.00	4.50	(4.02)	14.38
AQUI	2.79	(1.40)	0.00	0.74	0.00	0.00	0.00	93.33
BRRAY	2.93	0.98	0.00	(16.63)	0.00	9.47	0.00	53.93
LBHIX	0.11	(0.02)	0.00	(0.84)	0.00	0.24	(0.24)	0.71
MSTSX	0.58	(0.20)	0.00	(3.41)	0.00	0.85	(1.18)	6.73
ABHYX	0.21	(0.04)	0.00	(0.74)	0.00	0.34	(0.55)	1.91
VIASP	0.63	0.26	0.40	(1.61)	(0.79)	1.98	(1.06)	4.48
144285AL7	0.25	(0.03)	0.00	(1.64)	0.00	0.52	(0.53)	2.20

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