Nuveen California Correlations

NCHAX Fund

USD 8.16 0.01 0.12%

The current 90-days correlation between Nuveen California High and Vanguard California Long Term is 0.09 (i.e., Significant 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Nuveen California Correlation With Market

Good diversification

The correlation between Nuveen California High and DJI is -0.01 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nuveen California 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 California High. 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 nation.

Moving together with Nuveen Mutual Fund

0.74	FRKSX	Nuveen Kansas Municipal	Pair Corr
0.82	FAARX	Nuveen All American	Pair Corr
0.81	FAAWX	Nuveen All American	Pair Corr
0.81	FACCX	Nuveen All American	Pair Corr
0.82	FAFPX	Nuveen Missouri Municipal	Pair Corr
0.73	FAFOX	Nuveen Kansas Municipal	Pair Corr
0.82	FAFNX	Nuveen Michigan Municipal	Pair Corr
0.65	FAFMX	Nuveen Ohio Municipal	Pair Corr
0.74	FAFLX	Nuveen Louisiana Mun	Pair Corr
0.8	FAFKX	Nuveen Orado Municipal	Pair Corr
0.83	FAMAX	Nuveen Minnesota Int	Pair Corr
0.84	FAMTX	Nuveen Minnesota Int	Pair Corr
0.77	FSHAX	Nuveen Short Term	Pair Corr
0.77	FSFRX	Nuveen Strategic Income	Pair Corr

Related Correlations Analysis

	VCITX	VCLAX	SCRYY	MSTSX	LBHIX	VIASP	XTWO	SVII	70082LAB3	XTWY
VCITX		1.0	0.27	0.19	0.47	0.03	0.68	-0.69	-0.39	0.57	VCITX
VCLAX	1.0		0.3	0.23	0.5	0.05	0.64	-0.67	-0.37	0.53	VCLAX
SCRYY	0.27	0.3		0.4	0.56	0.76	-0.21	-0.34	0.51	-0.38	SCRYY
MSTSX	0.19	0.23	0.4		0.67	0.08	-0.12	0.13	0.23	-0.36	MSTSX
LBHIX	0.47	0.5	0.56	0.67		0.48	-0.05	0.0	0.4	-0.27	LBHIX
VIASP	0.03	0.05	0.76	0.08	0.48		-0.33	-0.14	0.71	-0.43	VIASP
XTWO	0.68	0.64	-0.21	-0.12	-0.05	-0.33		-0.6	-0.7	0.91	XTWO
SVII	-0.69	-0.67	-0.34	0.13	0.0	-0.14	-0.6		0.37	-0.49	SVII
70082LAB3	-0.39	-0.37	0.51	0.23	0.4	0.71	-0.7	0.37		-0.75	70082LAB3
XTWY	0.57	0.53	-0.38	-0.36	-0.27	-0.43	0.91	-0.49	-0.75		XTWY
	VCITX	VCLAX	SCRYY	MSTSX	LBHIX	VIASP	XTWO	SVII	70082LAB3	XTWY

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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

VCLAX	+ 1.0	VCITX
XTWY	+ 0.91	XTWO
VIASP	+ 0.76	SCRYY
70082LAB3	+ 0.71	VIASP
XTWO	+ 0.68	VCITX
LBHIX	+ 0.67	MSTSX

High negative correlations

XTWY	- 0.75	70082LAB3
70082LAB3	- 0.7	XTWO
SVII	- 0.69	VCITX
SVII	- 0.67	VCLAX
SVII	- 0.6	XTWO
XTWY	- 0.49	SVII

Risk-Adjusted Indicators

There is a big difference between Nuveen Mutual Fund performing well and Nuveen California 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 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
VCITX	0.16	0.00	(0.26)	0.09	0.24	(0.22)	0.35	(0.43)	1.57
VCLAX	0.17	0.00	(0.25)	0.11	0.24	(0.23)	0.35	(0.43)	1.57
SCRYY	1.93	0.45	0.12	(0.71)	1.74	(2.85)	5.61	(3.52)	12.99
MSTSX	0.45	(0.01)	(0.11)	0.10	0.39	(0.59)	1.21	(0.84)	2.80
LBHIX	0.10	0.01	(0.41)	0.24	0.00	(0.25)	0.24	(0.24)	0.71
VIASP	0.75	0.10	(0.02)	(1.58)	1.11	(0.81)	2.28	(1.20)	7.18
XTWO	0.08	(0.01)	0.00	1.07	0.00	0.00	0.14	(0.12)	0.55
SVII	0.18	0.00	(0.17)	0.24	0.39	(0.29)	0.44	(0.53)	4.77
70082LAB3	0.70	0.09	(0.03)	(0.69)	0.99	(0.84)	1.75	(1.19)	6.86
XTWY	0.76	(0.10)	0.00	0.98	0.00	0.00	1.33	(1.70)	5.49

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