Nuveen California Correlations

NCSPX Fund

USD 10.09 0.01 0.1%

The current 90-days correlation between Nuveen California and Fidelity Flex Servative is 0.05 (i.e., Significant diversification). The correlation of Nuveen California 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 California Correlation With Market

Good diversification

The correlation between Nuveen California Municipal and DJI is -0.15 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nuveen California Municipal 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 California 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 american community survey.

Moving together with Nuveen Mutual Fund

0.65	EMGRX	Nuveen Small Cap	Pair Corr
0.79	NPSAX	Nuveen Preferred Sec	Pair Corr
0.78	NPSFX	Nuveen Preferred Sec	Pair Corr
0.78	NPSCX	Nuveen Preferred Sec	Pair Corr
0.73	NPSRX	Nuveen Preferred Sec	Pair Corr
0.98	FRKSX	Nuveen Kansas Municipal	Pair Corr
0.99	FAARX	Nuveen All American	Pair Corr
0.99	FAAWX	Nuveen All American	Pair Corr
0.62	FACSX	Nuveen Mid Cap	Pair Corr
0.99	FACCX	Nuveen All American	Pair Corr
0.99	FAFPX	Nuveen Missouri Municipal	Pair Corr
0.99	FAFOX	Nuveen Kansas Municipal	Pair Corr
0.98	FAFNX	Nuveen Michigan Municipal	Pair Corr
0.66	NQGCX	Nuveen Nwq Global	Pair Corr
0.98	FAFMX	Nuveen Ohio Municipal	Pair Corr
0.99	FAFLX	Nuveen Louisiana Mun	Pair Corr
0.99	FAFKX	Nuveen Orado Municipal	Pair Corr
0.67	NQGAX	Nuveen Nwq Global	Pair Corr
0.73	FAFJX	Nuveen Limited Term	Pair Corr
0.67	NQGIX	Nuveen Nwq Global	Pair Corr
0.96	FAMAX	Nuveen Minnesota Int	Pair Corr
0.98	FAMTX	Nuveen Minnesota Int	Pair Corr
0.62	FSEIX	Nuveen Mid Cap	Pair Corr
0.62	FASEX	Nuveen Mid Cap	Pair Corr
0.7	FSHAX	Nuveen Short Term	Pair Corr
0.87	FSFRX	Nuveen Strategic Income	Pair Corr

Related Correlations Analysis

	FUEMX	OHSHX	ATOAX	FSHAX	AOUNX	TASTX	TAAQX	ASDIX
FUEMX		0.55	0.79	0.76	0.87	0.35	0.31	0.26	FUEMX
OHSHX	0.55		0.64	0.51	0.63	0.12	0.09	0.37	OHSHX
ATOAX	0.79	0.64		0.41	0.88	0.03	-0.01	-0.01	ATOAX
FSHAX	0.76	0.51	0.41		0.68	0.73	0.71	0.6	FSHAX
AOUNX	0.87	0.63	0.88	0.68		0.4	0.34	0.31	AOUNX
TASTX	0.35	0.12	0.03	0.73	0.4		0.95	0.67	TASTX
TAAQX	0.31	0.09	-0.01	0.71	0.34	0.95		0.62	TAAQX
ASDIX	0.26	0.37	-0.01	0.6	0.31	0.67	0.62		ASDIX
	FUEMX	OHSHX	ATOAX	FSHAX	AOUNX	TASTX	TAAQX	ASDIX

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

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

TAAQX	+ 0.95	TASTX
AOUNX	+ 0.88	ATOAX
AOUNX	+ 0.87	FUEMX
ATOAX	+ 0.79	FUEMX
FSHAX	+ 0.76	FUEMX
TASTX	+ 0.73	FSHAX

High negative correlations

ASDIX	- 0.01	ATOAX
TAAQX	- 0.01	ATOAX

Risk-Adjusted Indicators

There is a big difference between Nuveen Mutual Fund performing well and Nuveen California 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 California'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
FUEMX	0.03	(0.01)	(0.14)	(1.11)	0.00	(0.16)	0.10	(0.10)	0.50
OHSHX	0.10	(0.01)	(0.08)	2.27	0.15	(0.13)	0.22	(0.22)	0.89
ATOAX	0.01	(0.01)	0.00	(0.91)	0.00	0.00	0.00	0.00	0.40
FSHAX	0.04	(0.01)	0.00	(1.11)	0.00	0.00	0.10	(0.20)	0.61
AOUNX	0.03	(0.01)	(0.21)	(1.25)	0.04	(0.15)	0.10	(0.10)	0.51
TASTX	0.07	(0.02)	0.00	(1.07)	0.00	0.00	0.10	(0.10)	0.61
TAAQX	0.07	(0.02)	0.00	(3.77)	0.00	0.00	0.10	(0.10)	0.61
ASDIX	0.07	(0.02)	0.00	1.19	0.00	0.00	0.10	(0.20)	0.60

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC