Nuveen New Correlations

XNXJX Fund

USD 13.57 0.05 0.37%

The current 90-days correlation between Nuveen New Jersey and Vanguard Short Term Federal is 0.28 (i.e., Modest 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

Very good diversification

The correlation between Nuveen New Jersey and DJI is -0.28 (i.e., Very good 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 Your Current Watchlist to better understand how to build diversified portfolios, which includes a position in Nuveen New Jersey. Also, note that the market value of any mutual fund could be closely tied with the direction of predictive economic indicators such as signals in inflation.

Moving together with Nuveen Mutual Fund

0.69

Korea Closed

Pair Corr

Moving against Nuveen Mutual Fund

0.73	XGEIX	Guggenheim Energy Income	Pair Corr
0.7	SPGSX	State Street Premier	Pair Corr
0.68	VTSAX	Vanguard Total Stock	Pair Corr
0.68	VTSMX	Vanguard Total Stock	Pair Corr
0.68	VITSX	Vanguard Total Stock	Pair Corr
0.68	VSTSX	Vanguard Total Stock	Pair Corr
0.68	VSMPX	Vanguard Total Stock	Pair Corr
0.68	VFFSX	Vanguard 500 Index	Pair Corr
0.67	VFIAX	Vanguard 500 Index	Pair Corr
0.67	VFINX	Vanguard 500 Index	Pair Corr
0.72	MIGYX	Oppenheimer Main Street	Pair Corr
0.72	DREQX	Dreyfus Research Growth	Pair Corr
0.69	BKPSX	Banks Ultrasector Profund Steady Growth	Pair Corr
0.69	DOXGX	Dodge Cox Stock	Pair Corr
0.68	FCNKX	Fidelity Trafund Class	Pair Corr
0.67	THLCX	Thrivent Large Cap	Pair Corr
0.66	VEMPX	Vanguard Extended Market	Pair Corr
0.62	THPGX	Thompson Largecap	Pair Corr
0.59	DFMAX	Davidson Multi Cap	Pair Corr
0.57	RTSAX	Tax Managed Mid	Pair Corr
0.57	PSGLX	Strategic Asset Mana	Pair Corr
0.55	ASVNX	Small Cap Value	Pair Corr
0.4	RBVAX	Rbc Small Cap	Pair Corr
0.35	ACOAX	Strategic Allocation:	Pair Corr
0.73	FGLGX	Fidelity Series Growth	Pair Corr
0.68	VIIIX	Vanguard Institutional	Pair Corr
0.67	HSTIX	Stock Index Fund	Pair Corr
0.64	RICGX	Investment Of America	Pair Corr
0.62	ASTZX	Astor Long/short	Pair Corr
0.61	CFJAX	Calvert Large Cap	Pair Corr

Related Correlations Analysis

	VSGBX	GTLSX	OWSBX	FTFZX	ASCLX	PRMDX	CDICX	BXDCX
VSGBX		-0.54	0.92	0.29	-0.61	0.35	0.96	0.1	VSGBX
GTLSX	-0.54		-0.39	0.32	0.81	0.17	-0.37	0.37	GTLSX
OWSBX	0.92	-0.39		0.45	-0.35	0.41	0.94	0.34	OWSBX
FTFZX	0.29	0.32	0.45		0.36	0.85	0.46	0.83	FTFZX
ASCLX	-0.61	0.81	-0.35	0.36		0.19	-0.41	0.58	ASCLX
PRMDX	0.35	0.17	0.41	0.85	0.19		0.48	0.67	PRMDX
CDICX	0.96	-0.37	0.94	0.46	-0.41	0.48		0.33	CDICX
BXDCX	0.1	0.37	0.34	0.83	0.58	0.67	0.33		BXDCX
	VSGBX	GTLSX	OWSBX	FTFZX	ASCLX	PRMDX	CDICX	BXDCX

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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

CDICX	+ 0.96	VSGBX
CDICX	+ 0.94	OWSBX
OWSBX	+ 0.92	VSGBX
PRMDX	+ 0.85	FTFZX
BXDCX	+ 0.83	FTFZX
ASCLX	+ 0.81	GTLSX

High negative correlations

ASCLX	- 0.61	VSGBX
GTLSX	- 0.54	VSGBX
CDICX	- 0.41	ASCLX
OWSBX	- 0.39	GTLSX
CDICX	- 0.37	GTLSX
ASCLX	- 0.35	OWSBX

Risk-Adjusted Indicators

There is a big difference between Nuveen Mutual Fund performing well and Nuveen New Mutual 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
VSGBX	0.10	0.00	(0.76)	0.19	0.11	(0.14)	0.20	(0.20)	0.78
GTLSX	0.31	0.01	(0.17)	0.15	0.22	(0.37)	0.71	(0.50)	2.57
OWSBX	0.08	0.00	(0.92)	0.20	0.05	(0.12)	0.20	(0.10)	0.49
FTFZX	0.07	0.00	(0.60)	0.30	0.00	(0.13)	0.19	(0.10)	0.68
ASCLX	0.37	0.00	(0.09)	0.11	0.37	(0.41)	0.77	(0.93)	2.91
PRMDX	0.05	(0.01)	(0.46)	(0.32)	0.00	(0.20)	0.20	(0.19)	0.59
CDICX	0.09	0.00	(0.92)	0.20	0.05	(0.12)	0.26	(0.13)	0.64
BXDCX	0.09	0.00	(0.80)	0.00	0.00	(0.16)	0.22	(0.11)	0.65

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