Nuveen Select Correlations

NIM Fund

USD 9.13 0.07 0.76%

The current 90-days correlation between Nuveen Select Maturities and Nuveen Amt Free Municipal is 0.46 (i.e., Very weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Nuveen Select moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Nuveen Select Maturities moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Nuveen Select Correlation With Market

Modest diversification

The correlation between Nuveen Select Maturities 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 Select Maturities 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 Select Maturities. Also, note that the market value of any fund could be closely tied with the direction of predictive economic indicators such as signals in gross domestic product.

Moving together with Nuveen Fund

0.78	NEA	Nuveen Amt Free	Pair Corr
0.84	NVG	Nuveen Amt Free	Pair Corr
0.75	NAD	Nuveen Dividend Advantage	Pair Corr
0.79	PTY	Pimco Corporate Income	Pair Corr
0.9	RMDUX	American Funds Multi	Pair Corr
0.96	EPDPX	Europac International	Pair Corr
0.61	TIMUX	Transamerica Intermediate	Pair Corr
0.89	SGDLX	Sprott Gold Equity	Pair Corr
0.69	SAEMX	Sa Emerging Markets	Pair Corr
0.86	GF	New Germany Closed	Pair Corr
0.92	BISMX	Brandes International	Pair Corr
0.81	EBSFX	Eubel Brady Suttman	Pair Corr
0.61	HWACX	Hotchkis Wiley Value	Pair Corr
0.94	GIOIX	Guggenheim Macro Opp	Pair Corr
0.88	DBIWX	Dws Global Macro	Pair Corr
0.73	RXRPX	American Funds Retirement	Pair Corr
0.94	EMBAX	Unconstrained Emerging	Pair Corr
0.94	ABNOX	Ab Bond Inflation	Pair Corr
0.93	PSDNX	Putnam Ultra Short	Pair Corr
0.9	DLDFX	Destinations Low Duration	Pair Corr
0.85	VICSX	Vanguard Intermediate-ter	Pair Corr
0.8	USGDX	Morgan Stanley Government	Pair Corr
0.91	HTD	John Hancock Tax	Pair Corr
0.89	UTF	Cohen And Steers	Pair Corr
0.83	EBSIX	Campbell Systematic Macro	Pair Corr
0.92	VSGDX	Vanguard Short Term	Pair Corr
0.96	ARBOX	Absolute Convertible	Pair Corr
0.65	RNCIX	Rivernorth E Opportunity	Pair Corr
0.86	HRBDX	Harbor Bond Fund	Pair Corr
0.91	MEERX	Massmutual Premier	Pair Corr

Related Correlations Analysis

	GCMGW	VMO	BTT	RQI	NUW	EVY	NXN	ENX	PNF
GCMGW		0.78	0.74	0.83	0.76	0.0	0.74	0.58	0.66	GCMGW
VMO	0.78		0.84	0.87	0.89	0.0	0.79	0.83	0.86	VMO
BTT	0.74	0.84		0.85	0.94	0.0	0.95	0.89	0.88	BTT
RQI	0.83	0.87	0.85		0.86	0.0	0.86	0.75	0.79	RQI
NUW	0.76	0.89	0.94	0.86		0.0	0.92	0.88	0.8	NUW
EVY	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	EVY
NXN	0.74	0.79	0.95	0.86	0.92	0.0		0.84	0.82	NXN
ENX	0.58	0.83	0.89	0.75	0.88	0.0	0.84		0.89	ENX
PNF	0.66	0.86	0.88	0.79	0.8	0.0	0.82	0.89		PNF
	GCMGW	VMO	BTT	RQI	NUW	EVY	NXN	ENX	PNF

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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

NXN	+ 0.95	BTT
NUW	+ 0.94	BTT
NXN	+ 0.92	NUW
NUW	+ 0.89	VMO
ENX	+ 0.89	BTT
PNF	+ 0.89	ENX

High negative correlations

PNF	- 0.0	EVY
ENX	- 0.0	EVY
NXN	- 0.0	EVY
EVY	- 0.0	NUW
EVY	- 0.0	RQI
EVY	- 0.0	BTT

Risk-Adjusted Indicators

There is a big difference between Nuveen Fund performing well and Nuveen Select 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 Select'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
VMO	0.42	(0.01)	0.00	(0.12)	0.00	0.00	0.96	(1.06)	2.19
BTT	0.29	0.02	0.23	0.25	0.31	(0.30)	0.63	(0.58)	1.56
RQI	0.89	0.03	0.00	(0.02)	0.00	0.00	1.81	(1.93)	4.75
NUW	0.33	0.03	0.19	0.15	0.37	(0.39)	0.87	(0.67)	2.26
EVY	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NXN	0.30	0.03	0.23	0.21	0.26	(0.40)	0.71	(0.59)	1.47
ENX	0.51	0.02	0.12	0.08	0.61	(0.57)	1.06	(1.14)	3.06
PNF	0.49	0.01	0.09	(0.02)	0.60	(0.56)	0.95	(1.08)	3.00

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