Nuveen New Correlations

NXJ Fund

USD 11.90 0.04 0.34%

The current 90-days correlation between Nuveen New Jersey and Munivest Fund is 0.38 (i.e., Weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Nuveen New moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Nuveen New Jersey moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Nuveen New Correlation With Market

Modest diversification

The correlation between Nuveen New Jersey and DJI is 0.25 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nuveen New Jersey 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 Jersey. Also, note that the market value of any fund could be closely tied with the direction of predictive economic indicators such as signals in interest.

Moving together with Nuveen Fund

0.65	ERH	Allspring Utilities And	Pair Corr
0.75	CSJZX	Cohen Steers Realty	Pair Corr
0.75	CSRSX	Cohen Steers Realty	Pair Corr
0.66	VMNVX	Vanguard Global Minimum	Pair Corr
0.63	WRAIX	Wilmington Global Alpha	Pair Corr
0.64	SGQCX	Deutsche Global Growth	Pair Corr
0.77	CMDAX	Columbia Conservative	Pair Corr
0.8	TSSIX	Thornburg Strategic	Pair Corr
0.62	TGROX	Tiaa Cref Green	Pair Corr
0.82	CMBFX	Columbia Amt Free	Pair Corr
0.66	SGSLX	Western Asset Mortgage	Pair Corr
0.76	MCNAX	Madison Conservative	Pair Corr
0.66	PEGBX	Pimco Esg Income	Pair Corr
0.81	WFITX	Intermediate Tax/amt-free	Pair Corr
0.74	RCLSX	Conservative Strategy	Pair Corr

Related Correlations Analysis

	MVF	MUI	MYI	MQY	GAB-PH	NCV-PA	GAB-PG	OXLCO	GUT-PC	GGT-PE
MVF		-0.47	0.91	0.67	0.02	0.46	0.12	0.68	0.27	0.17	MVF
MUI	-0.47		-0.53	-0.58	-0.13	-0.72	-0.21	-0.78	-0.38	-0.32	MUI
MYI	0.91	-0.53		0.74	0.09	0.47	0.2	0.64	0.26	0.2	MYI
MQY	0.67	-0.58	0.74		0.6	0.54	0.65	0.47	0.1	0.23	MQY
GAB-PH	0.02	-0.13	0.09	0.6		0.21	0.88	-0.08	-0.13	0.2	GAB-PH
NCV-PA	0.46	-0.72	0.47	0.54	0.21		0.43	0.8	0.34	0.11	NCV-PA
GAB-PG	0.12	-0.21	0.2	0.65	0.88	0.43		0.06	-0.11	0.14	GAB-PG
OXLCO	0.68	-0.78	0.64	0.47	-0.08	0.8	0.06		0.4	0.17	OXLCO
GUT-PC	0.27	-0.38	0.26	0.1	-0.13	0.34	-0.11	0.4		0.15	GUT-PC
GGT-PE	0.17	-0.32	0.2	0.23	0.2	0.11	0.14	0.17	0.15		GGT-PE
	MVF	MUI	MYI	MQY	GAB-PH	NCV-PA	GAB-PG	OXLCO	GUT-PC	GGT-PE

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

Please upgrade your account to get full access to Macroaxis premium features

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

MYI	+ 0.91	MVF
GAB-PG	+ 0.88	GAB-PH
OXLCO	+ 0.8	NCV-PA
MQY	+ 0.74	MYI
OXLCO	+ 0.68	MVF
MQY	+ 0.67	MVF

High negative correlations

OXLCO	- 0.78	MUI
NCV-PA	- 0.72	MUI
MQY	- 0.58	MUI
MYI	- 0.53	MUI
MUI	- 0.47	MVF
GUT-PC	- 0.38	MUI

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
MVF	0.49	0.01	0.10	0.01	0.63	(0.54)	1.12	(0.99)	3.98
MUI	0.46	(0.03)	0.00	(0.30)	0.00	0.00	0.73	(1.40)	3.95
MYI	0.50	0.00	0.00	(0.06)	0.00	0.00	0.91	(1.08)	3.13
MQY	0.52	(0.06)	0.00	(0.30)	0.00	0.00	1.04	(1.18)	2.85
GAB-PH	0.49	(0.07)	0.00	(0.98)	0.00	0.00	0.91	(1.13)	4.10
NCV-PA	0.42	0.05	0.15	0.32	0.58	(0.46)	0.86	(0.90)	4.22
GAB-PG	0.43	(0.05)	0.00	(0.34)	0.00	0.00	0.76	(1.46)	2.32
OXLCO	0.20	0.02	0.25	(0.40)	0.20	(0.25)	0.61	(0.35)	1.55
GUT-PC	0.47	(0.01)	0.00	(0.65)	0.00	0.00	0.99	(1.47)	3.43
GGT-PE	0.33	0.00	0.00	0.00	0.00	0.00	0.75	(0.78)	2.76

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC