Nuveen Municipal Correlations

NZF Fund

USD 12.26 0.02 0.16%

The current 90-days correlation between Nuveen Municipal Credit and Nuveen Amt Free Municipal is 0.81 (i.e., Very poor diversification). The correlation of Nuveen Municipal 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.

Nuveen Municipal Correlation With Market

Average diversification

The correlation between Nuveen Municipal Credit and DJI is 0.17 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nuveen Municipal Credit 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 Municipal Credit. Also, note that the market value of any fund could be closely tied with the direction of predictive economic indicators such as signals in nation.

Moving together with Nuveen Fund

0.65	KF	Korea Closed	Pair Corr
0.65	UTF	Cohen And Steers	Pair Corr
0.82	RNP	Cohen Steers Reit	Pair Corr
0.8	GIOIX	Guggenheim Macro Opp	Pair Corr
0.71	ABNOX	Ab Bond Inflation	Pair Corr
0.63	USGDX	Morgan Stanley Government	Pair Corr
0.77	HTD	John Hancock Tax	Pair Corr
0.75	PGLSX	Global Multi Strategy	Pair Corr
0.77	DLDFX	Destinations Low Duration	Pair Corr
0.7	VICSX	Vanguard Intermediate-ter	Pair Corr
0.61	SGDLX	Sprott Gold Equity	Pair Corr
0.68	HRBDX	Harbor Bond Fund	Pair Corr
0.74	HWACX	Hotchkis Wiley Value	Pair Corr
0.84	TIMUX	Transamerica Intermediate	Pair Corr
0.84	DBIWX	Dws Global Macro	Pair Corr

Moving against Nuveen Fund

0.61	IIF	Morgan Stanley India	Pair Corr
0.44	IFN	India Closed Normal Trading	Pair Corr

Related Correlations Analysis

	NEA	NAD	NMZ	NMCO	NVG	NUV	MVF
NEA		0.96	0.92	0.94	0.97	0.94	0.87	NEA
NAD	0.96		0.89	0.94	0.95	0.93	0.88	NAD
NMZ	0.92	0.89		0.96	0.95	0.94	0.85	NMZ
NMCO	0.94	0.94	0.96		0.97	0.96	0.85	NMCO
NVG	0.97	0.95	0.95	0.97		0.96	0.87	NVG
NUV	0.94	0.93	0.94	0.96	0.96		0.91	NUV
MVF	0.87	0.88	0.85	0.85	0.87	0.91		MVF
	NEA	NAD	NMZ	NMCO	NVG	NUV	MVF

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Risk-Adjusted Indicators

There is a big difference between Nuveen Fund performing well and Nuveen Municipal 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 Municipal'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
NEA	0.36	0.00	0.08	(0.05)	0.40	(0.44)	0.80	(0.61)	1.62
NAD	0.43	0.00	0.07	(0.01)	0.50	(0.47)	0.97	(0.86)	2.17
NMZ	0.48	0.02	0.08	0.04	0.54	(0.51)	1.01	(0.82)	2.79
NMCO	0.45	0.04	0.11	0.22	0.53	(0.48)	0.92	(0.95)	2.69
NVG	0.47	0.01	0.06	0.05	0.66	(0.44)	1.06	(0.98)	2.92
NUV	0.34	0.04	0.16	0.28	0.31	(0.43)	0.94	(0.58)	1.83
MVF	0.51	0.02	0.07	0.09	0.62	(0.56)	1.12	(0.99)	3.98

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