Nuveen Symphony Correlations

Mutual Funds . USA . 
Fund . Nuveen Symphony Credit
NCOIX Fund  USD 17.69  0.04  0.23%   
The current 90-days correlation between Nuveen Symphony Credit and Nuveen Symphony Floating is 0.57 (i.e., Very weak diversification). The correlation of Nuveen Symphony 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 Symphony Correlation With Market

Very weak diversification

The correlation between Nuveen Symphony Credit and DJI is 0.44 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nuveen Symphony Credit 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 Symphony Credit. 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 gross domestic product.

Moving together with Nuveen Mutual Fund

  0.75FREAX Nuveen Real EstatePairCorr
  0.76FREGX Nuveen Real EstatePairCorr
  0.82NPSAX Nuveen Preferred SecPairCorr
  0.81NPSFX Nuveen Preferred SecPairCorr
  0.81NPSCX Nuveen Preferred SecPairCorr
  0.81NPSRX Nuveen Preferred SecPairCorr
  0.81FRKSX Nuveen Kansas MunicipalPairCorr
  0.75FRLCX Nuveen Real EstatePairCorr
  0.8FAARX Nuveen All AmericanPairCorr
  0.72NQCCX Nuveen Nwq LargePairCorr
  0.73NQCAX Nuveen Nwq LargePairCorr
  0.8FAAWX Nuveen All AmericanPairCorr
  0.76FACCX Nuveen All AmericanPairCorr
  0.7FAFPX Nuveen Missouri MunicipalPairCorr
  0.78FAFOX Nuveen Kansas MunicipalPairCorr
  0.67FAFNX Nuveen Michigan MunicipalPairCorr
  0.82NQGCX Nuveen Nwq GlobalPairCorr
  0.75FAFMX Nuveen Ohio MunicipalPairCorr
  0.73FAFLX Nuveen Louisiana MunPairCorr
  0.7FAFKX Nuveen Orado MunicipalPairCorr
  0.82NQGAX Nuveen Nwq GlobalPairCorr
  0.8FAFJX Nuveen Limited TermPairCorr
  0.82NQGIX Nuveen Nwq GlobalPairCorr
  0.78FAMAX Nuveen Minnesota IntPairCorr
  0.8FAMTX Nuveen Minnesota IntPairCorr
  0.76FARCX Nuveen Real EstatePairCorr
  0.79FSHAX Nuveen Short TermPairCorr
  0.77FSFRX Nuveen Strategic IncomePairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

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