Nuveen New Correlations

NAN Fund

USD 11.79 0.06 0.51%

The current 90-days correlation between Nuveen New York and Eaton Vance National is 0.68 (i.e., Poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Nuveen New moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Nuveen New York moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Nuveen New Correlation With Market

Average diversification

The correlation between Nuveen New York and DJI is 0.12 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nuveen New York 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 New York. 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

0.8	DNP	Dnp Select Income	Pair Corr
0.72	TDF	Templeton Dragon Closed	Pair Corr
0.64	PEO	Adams Natural Resources	Pair Corr
0.78	VVR	Invesco Senior Income	Pair Corr
0.84	JGIAX	Jpmorgan Income	Pair Corr
0.64	RULFX	Rbc Ultra Short	Pair Corr
0.84	CWFCX	Carillon Chartwell Short	Pair Corr
0.78	SNGYX	Sit Government Securities	Pair Corr
0.91	TIERX	Tiaa Cref International	Pair Corr
0.87	APDKX	Artisan International	Pair Corr
0.87	GCMDX	Goldman Sachs Local	Pair Corr
0.73	LEOOX	Lazard Enhanced Oppo	Pair Corr
0.94	WARIX	Western Asset Total	Pair Corr
0.66	TIILX	Tiaa Cref Inflation	Pair Corr
0.77	LEOIX	Lazard Enhanced Oppo	Pair Corr
0.8	DLSNX	Doubleline Low Duration	Pair Corr
0.75	ZEMAX	Investec Emerging Markets	Pair Corr
0.88	RRPPX	American Funds Retirement	Pair Corr
0.89	PZVNX	Pzena International Value	Pair Corr
0.82	REIFX	Rems International Real	Pair Corr
0.61	DFCEX	Emerging Markets E	Pair Corr
0.8	FCEEX	Franklin Fund Allocator	Pair Corr
0.82	AGDZX	Ab High Income	Pair Corr
0.8	RQEAX	Resq Dynamic Allocation	Pair Corr
0.84	DHIYX	Diamond Hill Interna	Pair Corr
0.8	HYT	Blackrock Corporate High	Pair Corr
0.83	PWLEX	Pimco Rae Worldwide	Pair Corr
0.86	DIEFX	Destinations International	Pair Corr
0.83	SIHSX	Guggenheim High Yield	Pair Corr
0.88	PQDMX	Prudential Qma Intl	Pair Corr

Moving against Nuveen Fund

0.32	TWN	Taiwan Closed	Pair Corr
0.69	SRPSX	Short Real Estate	Pair Corr
0.48	RYIFX	Guggenheim Managed	Pair Corr

Related Correlations Analysis

	CXH	CBH	IHTA	EOT	FMN	MHD	DTF	JHS	RMI	MUI
CXH		0.0	0.0	0.89	0.91	0.86	0.62	0.66	0.83	0.38	CXH
CBH	0.0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	CBH
IHTA	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	IHTA
EOT	0.89	0.0	0.0		0.93	0.89	0.47	0.75	0.8	0.49	EOT
FMN	0.91	0.0	0.0	0.93		0.9	0.61	0.65	0.88	0.38	FMN
MHD	0.86	0.0	0.0	0.89	0.9		0.53	0.65	0.84	0.52	MHD
DTF	0.62	0.0	0.0	0.47	0.61	0.53		0.07	0.8	-0.19	DTF
JHS	0.66	0.0	0.0	0.75	0.65	0.65	0.07		0.34	0.76	JHS
RMI	0.83	0.0	0.0	0.8	0.88	0.84	0.8	0.34		0.09	RMI
MUI	0.38	0.0	0.0	0.49	0.38	0.52	-0.19	0.76	0.09		MUI
	CXH	CBH	IHTA	EOT	FMN	MHD	DTF	JHS	RMI	MUI

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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

FMN	+ 0.93	EOT
FMN	+ 0.91	CXH
MHD	+ 0.9	FMN
EOT	+ 0.89	CXH
MHD	+ 0.89	EOT
RMI	+ 0.88	FMN

High negative correlations

MUI	- 0.19	DTF
MUI	- 0.0	IHTA
RMI	- 0.0	IHTA
JHS	- 0.0	IHTA
DTF	- 0.0	IHTA
MHD	- 0.0	IHTA

Risk-Adjusted Indicators

There is a big difference between Nuveen Fund performing well and Nuveen New 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
CXH	0.41	(0.01)	0.00	(0.07)	0.00	0.00	0.76	(1.36)	2.56
CBH	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
IHTA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EOT	0.48	(0.01)	0.00	(0.07)	0.00	0.00	1.04	(1.49)	2.87
FMN	0.43	0.00	0.01	0.01	0.50	(0.48)	0.81	(0.99)	2.66
MHD	0.57	(0.05)	0.00	(0.41)	0.00	0.00	1.50	(1.12)	2.79
DTF	0.32	0.02	0.04	0.60	0.48	(0.33)	0.72	(0.71)	2.06
JHS	0.38	0.02	0.04	0.06	0.42	(0.43)	0.64	(0.90)	1.52
RMI	0.44	(0.01)	0.00	(0.04)	0.59	(0.46)	1.01	(1.06)	2.57
MUI	0.41	(0.07)	0.00	(0.50)	0.00	0.00	0.67	(1.40)	3.07

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