Nuveen Equity Correlations

Mutual Funds . USA . 
Fund . Nuveen Equity Longshort
NELIX Fund  USD 65.07  0.47  0.73%   
The current 90-days correlation between Nuveen Equity Longshort and Diamond Hill Long Short is 0.4 (i.e., Very weak diversification). The correlation of Nuveen Equity 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 Equity Correlation With Market

Poor diversification

The correlation between Nuveen Equity Longshort and DJI is 0.74 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nuveen Equity Longshort 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 Equity Longshort. 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 gross domestic product.

Moving together with Nuveen Mutual Fund

  0.95EMGRX Nuveen Small CapPairCorr
  0.95FRMPX Nuveen Small CapPairCorr
  0.97FRSLX Nuveen Mid CapPairCorr
  0.96NQCCX Nuveen Nwq LargePairCorr
  0.96NQCAX Nuveen Nwq LargePairCorr
  0.91FACSX Nuveen Mid CapPairCorr
  0.96NQCRX Nuveen Nwq LargePairCorr
  0.92FSCCX First American InvestmentPairCorr
  0.91FSCVX Nuveen Small CapPairCorr
  0.92FSCWX Nuveen Small CapPairCorr
  0.92FSCAX Nuveen Small CapPairCorr
  0.92FSEIX Nuveen Mid Cap Potential GrowthPairCorr
  0.9FAQIX Nuveen Dividend ValuePairCorr
  0.91FASEX Nuveen Mid Cap Potential GrowthPairCorr

Moving against Nuveen Mutual Fund

  0.38FRLCX Nuveen Real EstatePairCorr
  0.34FREAX Nuveen Real EstatePairCorr
  0.34FREGX Nuveen Real EstatePairCorr
  0.81FALTX Nuveen Short TermPairCorr
  0.48FAFJX Nuveen Limited TermPairCorr
  0.36FAFMX Nuveen Ohio MunicipalPairCorr
  0.57NRICX Nuveen Real AssetPairCorr
  0.56NRIAX Nuveen Real AssetPairCorr
  0.54NRIIX Nuveen Real AssetPairCorr
  0.53NRIFX Nuveen Real AssetPairCorr
  0.35FARCX Nuveen Real EstatePairCorr

Related Correlations Analysis

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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   
NELAX
+ 1.0
NELCX
SAOIX
+ 0.61
NELCX
SAOIX
+ 0.61
NELAX
GURIX
+ 0.09
DHLSX
GURIX
+ 0.04
NELCX
GURIX
+ 0.04
NELAX
  
High negative correlations   
NELAX
- 0.19
DHLSX
NELCX
- 0.19
DHLSX
SAOIX
- 0.02
DHLSX
SAOIX
- 0.0
GURIX

Risk-Adjusted Indicators

There is a big difference between Nuveen Mutual Fund performing well and Nuveen Equity 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 Equity'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.

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