Nuveen Select Correlations

NIM Fund  USD 9.28  0.03  0.32%   
The current 90-days correlation between Nuveen Select Maturities and Nuveen Amt Free Municipal is 0.09 (i.e., Significant 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

Average diversification

The correlation between Nuveen Select Maturities and DJI is 0.17 (i.e., Average 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

  0.74LIIAX Columbia Porate IncomePairCorr
  0.76SRINX Columbia Porate IncomePairCorr
  0.88TEDLX Tiaa Cref EmergingPairCorr
  0.78PBAIX Blackrock TacticalPairCorr
  0.76FMIYX International FundPairCorr
  0.89TEDNX Tiaa Cref EmergingPairCorr
  0.73ABNTX Ab Bond InflationPairCorr
  0.7HSXCX Hartford SchrodersPairCorr
  0.91BASIX Blackrock Strategic OppsPairCorr
  0.87UMNIX Lazard Short DurationPairCorr
  0.9FSTFX Fidelity Limited TermPairCorr
  0.71USIPX Ubs Ultra ShortPairCorr
  0.91ECDAX Ashmore Emerging MarketsPairCorr
  0.8MEDEX Mfs Emerging MarketsPairCorr
  0.81GOIGX John Hancock InternaPairCorr
  0.9BNDAX Total Return BondPairCorr
  0.68DNCGX Dunham PorategovernmentPairCorr
  0.84TSILX Tiaa Cref LifestylePairCorr
  0.81GCRTX Goldman Sachs AbsolutePairCorr
  0.89PXHAX Pax High YieldPairCorr
  0.76PSDLX Putnam Short DurationPairCorr
  0.84FNSHX Fidelity Freedom IncomePairCorr
  0.66VTSNX Vanguard Total InterPairCorr
  0.78HIPAX The Hartford InflationPairCorr
  0.79BBBMX Bbh Limited DurationPairCorr
  0.88TEDVX Tiaa Cref EmergingPairCorr
  0.81PGIPX Pgim Esg ShortPairCorr
  0.87TRIPX Tiaa Cref InternationalPairCorr
  0.83PRIHX T Rowe PricePairCorr

Moving against Nuveen Fund

  0.4RYAQX Inverse Government LongPairCorr

Related Correlations Analysis

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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   
NXNBTT
ENXVMO
NUWVMO
NXNNUW
RQIBTT
NUWBTT
  
High negative correlations   
PNFEVY
ENXEVY
NXNEVY
EVYNUW
EVYRQI
EVYBTT

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.