Nuveen Massachusetts Correlations

NMT Fund

USD 11.77 0.01 0.09%

The current 90-days correlation between Nuveen Massachusetts and Eaton Vance National is 0.15 (i.e., Average diversification). The correlation of Nuveen Massachusetts 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 Massachusetts Correlation With Market

Average diversification

The correlation between Nuveen Massachusetts Quality and DJI is 0.13 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nuveen Massachusetts Quality 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 Massachusetts Quality. Also, note that the market value of any fund could be closely tied with the direction of predictive economic indicators such as signals in population.

Moving together with Nuveen Fund

0.92	VGTSX	Vanguard Total Inter	Pair Corr
0.92	VTIAX	Vanguard Total Inter	Pair Corr
0.8	IGD	Voya Global Equity	Pair Corr
0.9	MXF	Mexico Closed	Pair Corr
0.84	DNP	Dnp Select Income	Pair Corr
0.9	PCF	Putnam High Income	Pair Corr
0.63	VVR	Invesco Senior Income	Pair Corr
0.76	PUCCX	Prudential Unconstrained	Pair Corr
0.83	JOEAX	Johcm Emerging Markets	Pair Corr
0.87	NEA	Nuveen Amt Free	Pair Corr
0.92	EGRAX	Eaton Vance Global	Pair Corr
0.76	PIERX	Putnam International	Pair Corr
0.7	FSGIX	Federated Gov Sec	Pair Corr
0.72	ARRFX	Amg River Road	Pair Corr
0.74	RNHIX	Rivernorthoaktree High	Pair Corr
0.81	NRIQX	Neuberger Berman Int	Pair Corr
0.73	LCRVX	Lord Abbett E	Pair Corr
0.68	JCPLX	Johnson Core Plus	Pair Corr
0.74	BIGCX	Blackrock Gov Bd	Pair Corr
0.74	PPFFX	American Funds Prese	Pair Corr
0.72	EGRIX	Eaton Vance Global	Pair Corr
0.77	VWVUX	Tomorrows Scholar College	Pair Corr
0.72	EKHCX	Wells Fargo High	Pair Corr
0.79	JELCX	Jhn Hk Cnsv	Pair Corr
0.74	ARMGX	Western Asset Adjustable	Pair Corr
0.75	MBFAX	Total Return Bond	Pair Corr

Moving against Nuveen Fund

0.43

TCHTX

Cleartrack 2020 Class

Pair Corr

Related Correlations Analysis

	EOT	EGF	GUT-PC	NCA	ECF	GNT	GAMI	GCV	BRW	CXH
EOT		0.05	0.21	0.64	0.01	0.59	0.0	0.26	0.63	0.77	EOT
EGF	0.05		-0.17	0.15	-0.46	-0.07	0.0	-0.2	0.05	-0.04	EGF
GUT-PC	0.21	-0.17		0.19	0.26	0.36	0.0	0.39	0.16	0.29	GUT-PC
NCA	0.64	0.15	0.19		-0.25	0.87	0.0	0.43	0.58	0.76	NCA
ECF	0.01	-0.46	0.26	-0.25		-0.09	0.0	0.4	-0.08	0.03	ECF
GNT	0.59	-0.07	0.36	0.87	-0.09		0.0	0.56	0.52	0.65	GNT
GAMI	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	GAMI
GCV	0.26	-0.2	0.39	0.43	0.4	0.56	0.0		0.4	0.29	GCV
BRW	0.63	0.05	0.16	0.58	-0.08	0.52	0.0	0.4		0.47	BRW
CXH	0.77	-0.04	0.29	0.76	0.03	0.65	0.0	0.29	0.47		CXH
	EOT	EGF	GUT-PC	NCA	ECF	GNT	GAMI	GCV	BRW	CXH

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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

GNT	+ 0.87	NCA
CXH	+ 0.77	EOT
CXH	+ 0.76	NCA
CXH	+ 0.65	GNT
NCA	+ 0.64	EOT
BRW	+ 0.63	EOT

High negative correlations

ECF	- 0.46	EGF
ECF	- 0.25	NCA
GCV	- 0.2	EGF
GUT-PC	- 0.17	EGF
GNT	- 0.09	ECF
BRW	- 0.08	ECF

Risk-Adjusted Indicators

There is a big difference between Nuveen Fund performing well and Nuveen Massachusetts 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 Massachusetts' 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
EOT	0.47	(0.02)	0.00	0.35	0.00	0.00	1.01	(1.28)	2.87
EGF	0.97	0.03	0.02	(0.13)	1.22	(1.26)	2.40	(2.18)	7.54
GUT-PC	0.47	(0.03)	0.00	(1.02)	0.00	0.00	0.99	(1.47)	3.56
NCA	0.37	0.04	0.06	0.38	0.49	(0.41)	0.70	(0.81)	1.91
ECF	0.74	(0.04)	0.00	0.45	0.00	0.00	1.46	(1.78)	4.33
GNT	0.64	0.17	0.18	0.65	0.66	(0.72)	1.54	(1.13)	3.93
GAMI	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
GCV	0.91	0.05	0.04	0.10	1.19	(1.00)	2.17	(2.14)	6.16
BRW	0.51	0.09	0.17	0.71	0.43	(0.59)	1.32	(0.90)	3.72
CXH	0.38	(0.01)	(0.01)	(0.08)	0.55	(0.37)	0.76	(0.98)	2.37

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