Nuveen Ohio Correlations

Mutual Funds . USA . 
Fund . Nuveen Ohio Municipal
FOHTX Fund  USD 10.71  0.02  0.19%   
The current 90-days correlation between Nuveen Ohio Municipal and Franklin Ohio Tax Free is 0.97 (i.e., Almost no 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

Good diversification

The correlation between Nuveen Ohio Municipal and DJI is -0.05 (i.e., Good 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 estimate.

Moving together with Nuveen Mutual Fund

  0.98FKTOX Franklin Ohio TaxPairCorr
  0.98VOHIX Vanguard Ohio LongPairCorr
  0.99FTOIX Franklin Ohio TaxPairCorr
  0.98FAFMX Nuveen Ohio MunicipalPairCorr
  0.99FOHFX Fidelity Ohio MunicipalPairCorr
  0.7VWEAX Vanguard High YieldPairCorr
  0.69DCCIX Delaware Small CapPairCorr
  0.61OAZMX Oakmark Fund R6PairCorr
  0.67ASCGX Lebenthal Lisanti SmallPairCorr
  0.67PFJAX Putnam High YieldPairCorr

Related Correlations Analysis

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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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