Nuveen Municipal Correlations

NMCO Fund

USD 10.81 0.07 0.64%

The current 90-days correlation between Nuveen Municipal Credit and Munivest Fund is 0.6 (i.e., Poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Nuveen Municipal moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Nuveen Municipal Credit moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Nuveen Municipal Correlation With Market

Modest diversification

The correlation between Nuveen Municipal Credit and DJI is 0.24 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nuveen Municipal 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 Municipal Credit. Also, note that the market value of any fund could be closely tied with the direction of predictive economic indicators such as signals in main economic indicators.

Moving together with Nuveen Fund

0.82	NHMAX	Nuveen High Yield	Pair Corr
0.8	NHCCX	Nuveen High Yield	Pair Corr
0.83	NHMRX	Nuveen High Yield	Pair Corr
0.83	NHMFX	Nuveen High Yield	Pair Corr
0.86	ABHFX	American High Income	Pair Corr
0.83	AHICX	American High Income	Pair Corr
0.86	AMHIX	American High Income	Pair Corr
0.84	GHYCX	Goldman Sachs High	Pair Corr
0.79	GHYAX	Goldman Sachs High	Pair Corr
0.84	ACTDX	Invesco High Yield	Pair Corr
0.64	IGD	Voya Global Equity	Pair Corr
0.76	ERH	Allspring Utilities And	Pair Corr
0.77	MXF	Mexico Closed	Pair Corr
0.85	DNP	Dnp Select Income	Pair Corr
0.94	PCF	Putnam High Income	Pair Corr
0.78	VVR	Invesco Senior Income	Pair Corr
0.77	SGDLX	Sprott Gold Equity	Pair Corr
0.76	HWACX	Hotchkis Wiley Value	Pair Corr
0.9	DBIWX	Dws Global Macro	Pair Corr
0.84	ABNOX	Ab Bond Inflation	Pair Corr
0.83	EBSIX	Campbell Systematic Macro	Pair Corr
0.67	USGDX	Morgan Stanley Government	Pair Corr
0.75	HRBDX	Harbor Bond Fund	Pair Corr
0.8	ARBOX	Absolute Convertible	Pair Corr
0.75	VICSX	Vanguard Intermediate-ter	Pair Corr
0.79	UTF	Cohen And Steers	Pair Corr
0.77	PGLSX	Global Multi Strategy	Pair Corr
0.75	BISMX	Brandes International	Pair Corr
0.92	GIOIX	Guggenheim Macro Opp	Pair Corr
0.77	TIMUX	Transamerica Intermediate	Pair Corr
0.88	HTD	John Hancock Tax	Pair Corr
0.92	DLDFX	Destinations Low Duration	Pair Corr

Related Correlations Analysis

	MVF	MUE	KTF	MHD	NXC	RFM	FTHY	MYD	RMM	MVT
MVF		0.89	0.82	0.91	0.71	0.86	0.76	0.9	0.87	0.95	MVF
MUE	0.89		0.86	0.93	0.71	0.86	0.75	0.94	0.84	0.89	MUE
KTF	0.82	0.86		0.82	0.62	0.87	0.71	0.87	0.83	0.85	KTF
MHD	0.91	0.93	0.82		0.69	0.92	0.8	0.95	0.88	0.9	MHD
NXC	0.71	0.71	0.62	0.69		0.66	0.71	0.67	0.56	0.72	NXC
RFM	0.86	0.86	0.87	0.92	0.66		0.81	0.92	0.94	0.87	RFM
FTHY	0.76	0.75	0.71	0.8	0.71	0.81		0.78	0.78	0.76	FTHY
MYD	0.9	0.94	0.87	0.95	0.67	0.92	0.78		0.87	0.93	MYD
RMM	0.87	0.84	0.83	0.88	0.56	0.94	0.78	0.87		0.84	RMM
MVT	0.95	0.89	0.85	0.9	0.72	0.87	0.76	0.93	0.84		MVT
	MVF	MUE	KTF	MHD	NXC	RFM	FTHY	MYD	RMM	MVT

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Risk-Adjusted Indicators

There is a big difference between Nuveen Fund performing well and Nuveen Municipal 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 Municipal'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
MVF	0.51	0.02	0.07	0.09	0.62	(0.56)	1.12	(0.99)	3.98
MUE	0.56	(0.02)	0.00	(0.10)	0.00	0.00	1.22	(1.25)	2.77
KTF	0.36	(0.03)	0.00	(0.37)	0.00	0.00	0.75	(0.95)	2.76
MHD	0.50	(0.02)	0.00	(0.20)	0.00	0.00	0.94	(1.03)	2.80
NXC	0.36	0.02	0.11	0.07	0.41	(0.40)	0.78	(0.68)	1.98
RFM	0.42	(0.04)	0.00	(0.25)	0.00	0.00	0.72	(0.92)	2.83
FTHY	0.32	(0.01)	0.06	0.41	0.44	(0.37)	0.69	(0.70)	3.07
MYD	0.47	(0.03)	0.00	(0.24)	0.00	0.00	0.97	(1.06)	2.63
RMM	0.45	(0.06)	0.00	(0.31)	0.00	0.00	0.69	(1.35)	2.75
MVT	0.52	0.01	0.06	0.02	0.63	(0.62)	0.95	(1.22)	3.47

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Nuveen Municipal Correlations

Nuveen Municipal Correlation With Market

Modest diversification

Moving together with Nuveen Fund

Related Correlations Analysis

Risk-Adjusted Indicators

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