Nuveen California Correlations

NCA Fund

USD 8.77 0.03 0.34%

The current 90-days correlation between Nuveen California and Tekla Life Sciences is 0.25 (i.e., Modest diversification). The correlation of Nuveen California 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 California Correlation With Market

Good diversification

The correlation between Nuveen California Municipal and DJI is -0.06 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nuveen California Municipal 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 California Municipal. Also, note that the market value of any fund could be closely tied with the direction of predictive economic indicators such as signals in main economic indicators.

Moving together with Nuveen Fund

0.77	JNJ	Johnson Johnson Sell-off Trend	Pair Corr
0.78	KO	Coca Cola Aggressive Push	Pair Corr

Moving against Nuveen Fund

0.82	JPM	JPMorgan Chase Sell-off Trend	Pair Corr
0.8	BTO	John Hancock Financial	Pair Corr
0.8	BAC	Bank of America Aggressive Push	Pair Corr
0.78	DIS	Walt Disney Sell-off Trend	Pair Corr
0.76	NDP	Tortoise Energy Inde	Pair Corr
0.76	TTP	Tortoise Pipeline And	Pair Corr
0.72	EMO	Clearbridge Energy Mlp	Pair Corr
0.67	BDJ	Blackrock Enhanced Equity	Pair Corr
0.6	AXP	American Express Fiscal Year End 24th of January 2025	Pair Corr
0.58	ACV	Allianzgi Diversified	Pair Corr
0.56	CSCO	Cisco Systems Sell-off Trend	Pair Corr
0.55	HIE	Millerhoward High Income	Pair Corr
0.53	CSQ	Calamos Strategic Total	Pair Corr
0.53	TRV	The Travelers Companies Fiscal Year End 17th of January 2025	Pair Corr
0.5	T	ATT Inc Fiscal Year End 22nd of January 2025	Pair Corr
0.48	INTC	Intel Fiscal Year End 23rd of January 2025	Pair Corr
0.43	HPQ	HP Inc	Pair Corr
0.42	CII	Blackrock Enhanced	Pair Corr

Related Correlations Analysis

	HQH	HQL	RNP	XFLT	THW	RVT	BTO	ETO	LDP	FFC
HQH		0.89	0.51	-0.77	0.82	-0.48	-0.73	-0.07	-0.16	0.54	HQH
HQL	0.89		0.58	-0.61	0.77	-0.24	-0.54	0.13	0.01	0.64	HQL
RNP	0.51	0.58		-0.41	0.6	-0.3	-0.4	-0.01	-0.05	0.5	RNP
XFLT	-0.77	-0.61	-0.41		-0.89	0.78	0.94	0.34	0.27	-0.54	XFLT
THW	0.82	0.77	0.6	-0.89		-0.58	-0.86	-0.07	-0.07	0.64	THW
RVT	-0.48	-0.24	-0.3	0.78	-0.58		0.86	0.75	0.62	-0.15	RVT
BTO	-0.73	-0.54	-0.4	0.94	-0.86	0.86		0.38	0.26	-0.5	BTO
ETO	-0.07	0.13	-0.01	0.34	-0.07	0.75	0.38		0.79	0.28	ETO
LDP	-0.16	0.01	-0.05	0.27	-0.07	0.62	0.26	0.79		0.48	LDP
FFC	0.54	0.64	0.5	-0.54	0.64	-0.15	-0.5	0.28	0.48		FFC
	HQH	HQL	RNP	XFLT	THW	RVT	BTO	ETO	LDP	FFC

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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

BTO	+ 0.94	XFLT
HQL	+ 0.89	HQH
BTO	+ 0.86	RVT
THW	+ 0.82	HQH
LDP	+ 0.79	ETO
RVT	+ 0.78	XFLT

High negative correlations

THW	- 0.89	XFLT
BTO	- 0.86	THW
XFLT	- 0.77	HQH
BTO	- 0.73	HQH
XFLT	- 0.61	HQL
RVT	- 0.58	THW

Risk-Adjusted Indicators

There is a big difference between Nuveen Fund performing well and Nuveen California 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 California'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
HQH	0.70	(0.21)	0.00	(0.20)	0.00	0.00	1.08	(1.56)	6.31
HQL	0.84	(0.13)	0.00	(0.05)	0.00	0.00	1.51	(1.95)	6.65
RNP	0.86	0.01	(0.08)	0.20	1.01	(0.92)	1.79	(1.78)	4.54
XFLT	0.24	0.07	(0.14)	1.79	0.00	(0.33)	0.61	(0.45)	1.19
THW	0.66	(0.13)	0.00	(0.22)	0.00	0.00	0.93	(1.47)	4.29
RVT	0.87	(0.03)	0.02	0.10	0.93	(0.97)	1.88	(1.59)	8.39
BTO	0.90	0.10	0.15	0.20	0.72	(0.99)	1.88	(1.32)	9.88
ETO	0.56	(0.04)	(0.09)	0.06	0.85	(0.49)	1.13	(1.49)	3.50
LDP	0.51	0.05	(0.08)	0.30	0.43	(0.58)	1.13	(0.93)	3.08
FFC	0.47	0.03	(0.13)	0.40	0.61	(0.48)	1.17	(0.99)	3.02

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