Nuveen Pennsylvania Correlations

NQP Fund

USD 11.19 0.09 0.80%

The current 90-days correlation between Nuveen Pennsylvania and Invesco Trust For is 0.59 (i.e., Very weak diversification). The correlation of Nuveen Pennsylvania 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 Pennsylvania Correlation With Market

Average diversification

The correlation between Nuveen Pennsylvania Quality and DJI is 0.15 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nuveen Pennsylvania 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 Pennsylvania 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 producer price index.

Moving together with Nuveen Fund

0.96	NEA	Nuveen Amt Free	Pair Corr
0.97	NVG	Nuveen Amt Free	Pair Corr
0.91	NAD	Nuveen Dividend Advantage	Pair Corr
0.81	EDD	Morgan Stanley Emerging	Pair Corr
0.9	PTY	Pimco Corporate Income	Pair Corr
0.96	NZF	Nuveen Municipal Credit	Pair Corr
0.89	DBIWX	Dws Global Macro	Pair Corr
0.83	DLDFX	Destinations Low Duration	Pair Corr
0.81	HTD	John Hancock Tax	Pair Corr
0.68	HWACX	Hotchkis Wiley Value	Pair Corr
0.88	GIOIX	Guggenheim Macro Opp	Pair Corr
0.73	USGDX	Morgan Stanley Government	Pair Corr
0.87	TIMUX	Transamerica Intermediate	Pair Corr
0.69	PGLSX	Global Multi Strategy	Pair Corr
0.67	UTF	Cohen And Steers	Pair Corr
0.78	VICSX	Vanguard Intermediate-ter	Pair Corr
0.77	HRBDX	Harbor Bond Fund	Pair Corr
0.68	SGDLX	Sprott Gold Equity	Pair Corr
0.79	ABNOX	Ab Bond Inflation	Pair Corr

Related Correlations Analysis

	VTN	VCV	GNT	VKI	MHN	NRK	NAN	MMU	GGT-PE	GAB-PH
VTN		0.42	0.49	0.6	0.53	0.59	0.7	0.6	0.08	0.25	VTN
VCV	0.42		0.41	0.74	0.79	0.69	0.71	0.77	-0.05	-0.31	VCV
GNT	0.49	0.41		0.54	0.4	0.73	0.74	0.69	0.09	-0.02	GNT
VKI	0.6	0.74	0.54		0.88	0.89	0.88	0.9	0.23	-0.04	VKI
MHN	0.53	0.79	0.4	0.88		0.79	0.8	0.83	0.17	0.03	MHN
NRK	0.59	0.69	0.73	0.89	0.79		0.92	0.89	0.17	-0.01	NRK
NAN	0.7	0.71	0.74	0.88	0.8	0.92		0.9	0.19	-0.02	NAN
MMU	0.6	0.77	0.69	0.9	0.83	0.89	0.9		0.13	-0.04	MMU
GGT-PE	0.08	-0.05	0.09	0.23	0.17	0.17	0.19	0.13		0.22	GGT-PE
GAB-PH	0.25	-0.31	-0.02	-0.04	0.03	-0.01	-0.02	-0.04	0.22		GAB-PH
	VTN	VCV	GNT	VKI	MHN	NRK	NAN	MMU	GGT-PE	GAB-PH

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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

NAN	+ 0.92	NRK
MMU	+ 0.9	VKI
MMU	+ 0.9	NAN
NRK	+ 0.89	VKI
MMU	+ 0.89	NRK
MHN	+ 0.88	VKI

High negative correlations

GAB-PH	- 0.31	VCV
GGT-PE	- 0.05	VCV
GAB-PH	- 0.04	MMU
GAB-PH	- 0.04	VKI
GAB-PH	- 0.02	NAN
GAB-PH	- 0.02	GNT

Risk-Adjusted Indicators

There is a big difference between Nuveen Fund performing well and Nuveen Pennsylvania 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 Pennsylvania'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
VTN	0.50	0.01	0.01	0.09	0.54	(0.61)	1.25	(0.95)	3.88
VCV	0.56	0.06	0.07	0.50	0.71	(0.61)	1.52	(1.18)	4.27
GNT	0.67	0.13	0.13	0.51	0.82	(0.72)	1.54	(1.37)	3.93
VKI	0.52	(0.03)	0.00	(0.23)	0.00	0.00	1.18	(1.03)	2.92
MHN	0.46	(0.02)	0.00	(0.13)	0.00	0.00	0.87	(1.06)	2.81
NRK	0.44	(0.01)	0.00	(0.23)	0.00	0.00	0.89	(0.86)	2.48
NAN	0.39	0.02	0.04	0.66	0.40	(0.51)	1.15	(0.61)	2.72
MMU	0.44	0.03	0.04	0.16	0.52	(0.51)	0.90	(0.98)	3.26
GGT-PE	0.32	(0.02)	0.00	(0.83)	0.00	0.00	0.71	(0.78)	2.66
GAB-PH	0.49	(0.08)	0.00	(2.04)	0.00	0.00	0.91	(1.13)	4.10

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