Nuveen Arizona Correlations

NAZ Fund

USD 12.30 0.01 0.08%

The correlation of Nuveen Arizona 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 Arizona Correlation With Market

Modest diversification

The correlation between Nuveen Arizona Quality and DJI is 0.27 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nuveen Arizona Quality 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 Arizona Quality. 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

0.72	GUT	Gabelli Utility Closed	Pair Corr
0.86	RIV	Rivernorth Opportunities	Pair Corr
0.72	PIPTX	Virtus Kar Global	Pair Corr
0.69	THCAX	Thornburg Core Plus	Pair Corr
0.73	MUAIX	Ultra Short Income	Pair Corr
0.84	XSWZX	Swiss Helvetia	Pair Corr
0.79	JSTKX	Jpmorgan Smartretirement*	Pair Corr
0.61	GASFX	Hennessy Gas Utility	Pair Corr
0.74	PWRCX	Power Income	Pair Corr
0.75	FJAVX	Fidelity Freedom Blend	Pair Corr
0.65	CPPAX	American Funds Prese	Pair Corr
0.68	MAHQX	Blackrock Total Ret	Pair Corr
0.68	CLDRX	Columbia Limited Duration	Pair Corr
0.86	LSYNX	Lord Abbett Short	Pair Corr
0.64	VEDIX	Vanguard Extended	Pair Corr
0.76	FEHRX	First Eagle High	Pair Corr
0.71	LNYAX	Columbia Amt Free	Pair Corr
0.82	CBUDX	Crossingbridge Ultra-short	Pair Corr
0.65	USGNX	Government Securities	Pair Corr
0.7	IFRWX	Voya Floating Rate	Pair Corr
0.66	FITZX	Franklin Federal Int	Pair Corr
0.83	RMDRX	American Funds Multi	Pair Corr
0.84	VWVUX	Tomorrows Scholar College	Pair Corr
0.76	PFO	Flaherty Crumrine	Pair Corr
0.66	IFRIX	Voya Floating Rate	Pair Corr
0.87	PCGAX	Prudential Income Builder	Pair Corr
0.74	MLPTX	Oppenheimer Steelpath Mlp	Pair Corr

Moving against Nuveen Fund

0.32	ETJ	Eaton Vance Risk	Pair Corr
0.61	COSRX	Columbia Overseas	Pair Corr
0.38	MCSVX	Mainstay Vertible	Pair Corr

Related Correlations Analysis

	GCMGW	NIQ	NMI	MHN	AIF	AEF	AGD	DMF	CXH	CBH
GCMGW		0.0	0.59	0.61	0.0	0.49	0.65	0.06	0.68	0.0	GCMGW
NIQ	0.0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	NIQ
NMI	0.59	0.0		0.57	0.0	0.08	0.9	0.66	0.74	0.0	NMI
MHN	0.61	0.0	0.57		0.0	0.21	0.52	0.25	0.79	0.0	MHN
AIF	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	AIF
AEF	0.49	0.0	0.08	0.21	0.0		0.25	-0.22	0.05	0.0	AEF
AGD	0.65	0.0	0.9	0.52	0.0	0.25		0.58	0.67	0.0	AGD
DMF	0.06	0.0	0.66	0.25	0.0	-0.22	0.58		0.46	0.0	DMF
CXH	0.68	0.0	0.74	0.79	0.0	0.05	0.67	0.46		0.0	CXH
CBH	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		CBH
	GCMGW	NIQ	NMI	MHN	AIF	AEF	AGD	DMF	CXH	CBH

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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

AGD	+ 0.9	NMI
CXH	+ 0.79	MHN
CXH	+ 0.74	NMI
CXH	+ 0.68	GCMGW
CXH	+ 0.67	AGD
DMF	+ 0.66	NMI

High negative correlations

DMF	- 0.22	AEF
CBH	- 0.0	CXH
CBH	- 0.0	DMF
CBH	- 0.0	AGD
CBH	- 0.0	AEF
CBH	- 0.0	AIF

Risk-Adjusted Indicators

There is a big difference between Nuveen Fund performing well and Nuveen Arizona 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 Arizona'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
GCMGW	6.91	1.33	0.12	0.38	8.12	(8.44)	16.67	(13.58)	46.65
NIQ	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NMI	0.40	0.09	0.25	(13.47)	0.36	(0.48)	0.97	(0.81)	2.95
MHN	0.47	(0.02)	0.00	(0.18)	0.00	0.00	0.87	(1.06)	2.81
AIF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
AEF	0.88	(0.03)	0.00	(0.27)	0.00	0.00	1.56	(2.29)	5.70
AGD	0.67	0.09	0.16	0.87	0.79	(0.71)	1.30	(1.19)	4.55
DMF	0.57	0.09	0.23	0.57	0.47	(0.76)	1.31	(1.12)	5.91
CXH	0.38	0.00	0.00	(0.11)	0.00	0.00	0.76	(1.00)	2.37
CBH	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

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