Nuveen New Correlations

NNY Fund

USD 8.22 0.02 0.24%

The current 90-days correlation between Nuveen New York and Nuveen Municipalome is 0.45 (i.e., Very weak diversification). The correlation of Nuveen New 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 New Correlation With Market

Weak diversification

The correlation between Nuveen New York and DJI is 0.36 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nuveen New York 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 New York. Also, note that the market value of any fund could be closely tied with the direction of predictive economic indicators such as signals in board of governors.

Moving together with Nuveen Fund

0.65	PCQ	Pimco California Mun	Pair Corr
0.84	RIV	Rivernorth Opportunities	Pair Corr
0.72	JAAAX	Alternative Asset	Pair Corr
0.84	MSPHX	Massmutual Select Total	Pair Corr
0.87	CBURX	Columbia Income Builder	Pair Corr
0.74	TIDDX	T Rowe Price	Pair Corr
0.85	RIRFX	Capital Income Builder	Pair Corr
0.89	RBBCX	Columbia Income Builder	Pair Corr
0.8	UTDIX	My529 International Value	Pair Corr
0.89	MCTAX	Massmutual Retiresmart	Pair Corr
0.7	IGFAX	Vy Morgan Stanley	Pair Corr
0.9	CKKRX	Columbia Income Builder	Pair Corr
0.79	FCFWX	American Funds Retirement	Pair Corr
0.84	JSEAX	Jpmorgan International	Pair Corr
0.78	PUGCX	Putnam Global Equity	Pair Corr
0.68	RGLDX	American Funds Global	Pair Corr
0.76	ASBFX	Short Term Bond	Pair Corr
0.86	BACPX	Blackrock Conservative	Pair Corr
0.84	IIBAX	Voya Intermediate Bond	Pair Corr
0.75	CCLFX	Cliffwater Corporate	Pair Corr
0.89	MNCIX	Pro-blend(r) Conservative	Pair Corr
0.7	HEMZX	Virtus Emerging Markets	Pair Corr
0.77	MRDVX	Blackrock Eq Dividend	Pair Corr
0.88	JTOIX	Multimanager Lifestyle	Pair Corr
0.82	FLRRX	Franklin Low Duration	Pair Corr
0.78	SNGYX	Sit Government Securities	Pair Corr
0.91	CITEX	American High Income	Pair Corr
0.81	GIGGX	Deutsche Gnma	Pair Corr
0.91	NHIEX	Neuberger Berman Income	Pair Corr
0.89	TEDPX	Tiaa Cref Emerging	Pair Corr
0.86	XSWZX	Swiss Helvetia	Pair Corr
0.87	PDINX	Putnam Diversified Income	Pair Corr

Moving against Nuveen Fund

0.4

ETJ

Eaton Vance Risk

Pair Corr

Related Correlations Analysis

	NMI	NTRS	USA	GSBD	MNP	EICA	CXE	CMU	INSI	EGF
NMI		0.41	-0.02	0.56	0.0	0.86	0.71	0.74	-0.38	-0.06	NMI
NTRS	0.41		0.84	0.89	0.0	0.08	0.44	0.28	-0.68	-0.31	NTRS
USA	-0.02	0.84		0.63	0.0	-0.3	0.12	-0.03	-0.55	-0.26	USA
GSBD	0.56	0.89	0.63		0.0	0.22	0.55	0.42	-0.6	-0.19	GSBD
MNP	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	MNP
EICA	0.86	0.08	-0.3	0.22	0.0		0.42	0.51	-0.16	-0.02	EICA
CXE	0.71	0.44	0.12	0.55	0.0	0.42		0.91	-0.17	0.15	CXE
CMU	0.74	0.28	-0.03	0.42	0.0	0.51	0.91		-0.08	0.23	CMU
INSI	-0.38	-0.68	-0.55	-0.6	0.0	-0.16	-0.17	-0.08		0.43	INSI
EGF	-0.06	-0.31	-0.26	-0.19	0.0	-0.02	0.15	0.23	0.43		EGF
	NMI	NTRS	USA	GSBD	MNP	EICA	CXE	CMU	INSI	EGF

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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

CMU	+ 0.91	CXE
GSBD	+ 0.89	NTRS
EICA	+ 0.86	NMI
USA	+ 0.84	NTRS
CMU	+ 0.74	NMI
CXE	+ 0.71	NMI

High negative correlations

INSI	- 0.68	NTRS
INSI	- 0.6	GSBD
INSI	- 0.55	USA
INSI	- 0.38	NMI
EGF	- 0.31	NTRS
EICA	- 0.3	USA

Risk-Adjusted Indicators

There is a big difference between Nuveen Fund performing well and Nuveen New 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 New'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
NMI	0.44	0.05	0.17	0.20	0.52	(0.50)	1.02	(0.84)	3.11
NTRS	1.08	0.01	0.00	(0.07)	0.00	0.00	2.01	(2.88)	9.01
USA	0.76	(0.06)	0.00	(0.16)	0.00	0.00	1.72	(1.61)	4.80
GSBD	0.90	0.01	0.00	(0.06)	0.00	0.00	1.56	(1.94)	4.14
MNP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EICA	0.32	0.03	0.28	(1.63)	0.27	(0.40)	0.81	(0.63)	2.84
CXE	0.62	(0.07)	0.00	(1.02)	0.00	0.00	0.82	(1.33)	4.08
CMU	0.42	(0.03)	0.00	(0.22)	0.00	0.00	0.86	(1.11)	2.25
INSI	722.41	375.82	48.32	10.33	0.00	(1,192)	33.33	(14.29)	13,018
EGF	1.05	0.02	0.00	(0.03)	0.00	0.00	2.40	(2.59)	7.54

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