Nuveen ESG Correlations

NUHY Etf

USD 21.54 0.09 0.42%

The current 90-days correlation between Nuveen ESG High and Nuveen ESG Aggregate is 0.62 (i.e., Poor diversification). The correlation of Nuveen ESG 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 ESG Correlation With Market

Very weak diversification

The correlation between Nuveen ESG High and DJI is 0.41 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nuveen ESG High 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 ESG High. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in rate.

Moving together with Nuveen Etf

0.97	HYG	iShares iBoxx High	Pair Corr
0.97	USHY	iShares Broad USD	Pair Corr
0.97	JNK	SPDR Bloomberg High	Pair Corr
0.91	SHYG	iShares 0 5	Pair Corr
0.97	HYLB	Xtrackers USD High	Pair Corr
0.93	SJNK	SPDR Bloomberg Short	Pair Corr
0.96	ANGL	VanEck Fallen Angel	Pair Corr
0.97	FALN	iShares Fallen Angels	Pair Corr
0.95	HYLS	First Trust Tactical	Pair Corr
0.97	HYDW	Xtrackers Low Beta	Pair Corr
0.83	MLPR	ETRACS Quarterly Pay	Pair Corr
0.72	ATMP	Barclays ETN Select Low Volatility	Pair Corr
0.62	AIQ	Global X Artificial	Pair Corr
0.66	RXI	iShares Global Consumer	Pair Corr
0.81	T	ATT Inc Aggressive Push	Pair Corr
0.74	JPM	JPMorgan Chase	Pair Corr
0.77	CSCO	Cisco Systems	Pair Corr
0.65	WMT	Walmart Aggressive Push	Pair Corr
0.75	IBM	International Business Sell-off Trend	Pair Corr
0.78	GE	GE Aerospace	Pair Corr

Moving against Nuveen Etf

0.6	YCS	ProShares UltraShort Yen	Pair Corr
0.4	USD	ProShares Ultra Semi	Pair Corr
0.35	MSFT	Microsoft	Pair Corr

Related Correlations Analysis

	NUBD	PHYL	HYUP	GHYB	SHYL
NUBD		0.55	0.5	0.61	0.43	NUBD
PHYL	0.55		0.99	0.98	0.98	PHYL
HYUP	0.5	0.99		0.98	0.99	HYUP
GHYB	0.61	0.98	0.98		0.97	GHYB
SHYL	0.43	0.98	0.99	0.97		SHYL
	NUBD	PHYL	HYUP	GHYB	SHYL

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Nuveen ESG Constituents Risk-Adjusted Indicators

There is a big difference between Nuveen Etf performing well and Nuveen ESG ETF 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 ESG'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
NUBD	0.25	0.03	0.18	0.33	0.16	(0.31)	0.60	(0.41)	1.38
PHYL	0.17	0.03	0.19	0.20	0.13	(0.19)	0.38	(0.23)	1.24
HYUP	0.20	0.03	0.16	0.16	0.20	(0.20)	0.36	(0.31)	1.42
GHYB	0.20	0.03	0.16	0.15	0.18	(0.22)	0.36	(0.36)	1.31
SHYL	0.17	0.02	0.18	0.17	0.14	(0.18)	0.38	(0.29)	1.28

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