Nuveen New Correlations

XNANX Fund

USD 11.97 0.17 1.40%

The current 90-days correlation between Nuveen New York and Vanguard Total Stock is 0.06 (i.e., Significant 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

Modest diversification

The correlation between Nuveen New York and DJI is 0.22 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nuveen New York 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 York. 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 board of governors.

Moving together with Nuveen Mutual Fund

0.61	VGTSX	Vanguard Total Inter	Pair Corr
0.61	VTIAX	Vanguard Total Inter	Pair Corr
0.88	XDSMX	Dreyfus Strategic	Pair Corr
0.99	XNXJX	Nuveen New Jersey	Pair Corr
0.78	NXJ	Nuveen New Jersey	Pair Corr
0.87	XNBHX	Neuberger Berman Int	Pair Corr

Moving against Nuveen Mutual Fund

0.64	XNKGX	Nuveen Georgia Quality	Pair Corr
0.33	RIMOX	City National Rochdale	Pair Corr
0.48	FRA	Blackrock Floating Rate	Pair Corr
0.42	PFFRX	T Rowe Price	Pair Corr

Related Correlations Analysis

	VTSAX	VFIAX	VTSMX	VITSX	VSTSX	VSMPX	VFINX	VFFSX	VGTSX	VTIAX
VTSAX		0.94	1.0	0.95	1.0	1.0	0.94	1.0	-0.6	-0.6	VTSAX
VFIAX	0.94		0.94	1.0	0.94	0.94	1.0	0.95	-0.64	-0.64	VFIAX
VTSMX	1.0	0.94		0.95	1.0	1.0	0.94	1.0	-0.6	-0.6	VTSMX
VITSX	0.95	1.0	0.95		0.95	0.95	1.0	0.95	-0.65	-0.65	VITSX
VSTSX	1.0	0.94	1.0	0.95		1.0	0.94	1.0	-0.6	-0.6	VSTSX
VSMPX	1.0	0.94	1.0	0.95	1.0		0.94	1.0	-0.6	-0.6	VSMPX
VFINX	0.94	1.0	0.94	1.0	0.94	0.94		0.95	-0.64	-0.64	VFINX
VFFSX	1.0	0.95	1.0	0.95	1.0	1.0	0.95		-0.58	-0.58	VFFSX
VGTSX	-0.6	-0.64	-0.6	-0.65	-0.6	-0.6	-0.64	-0.58		1.0	VGTSX
VTIAX	-0.6	-0.64	-0.6	-0.65	-0.6	-0.6	-0.64	-0.58	1.0		VTIAX
	VTSAX	VFIAX	VTSMX	VITSX	VSTSX	VSMPX	VFINX	VFFSX	VGTSX	VTIAX

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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

VTSMX	+ 1.0	VTSAX
VSTSX	+ 1.0	VTSAX
VSMPX	+ 1.0	VTSAX
VFFSX	+ 1.0	VTSAX
VITSX	+ 1.0	VFIAX
VFINX	+ 1.0	VFIAX

High negative correlations

VTIAX	- 0.65	VITSX
VGTSX	- 0.65	VITSX
VTIAX	- 0.64	VFINX
VGTSX	- 0.64	VFINX
VTIAX	- 0.64	VFIAX
VGTSX	- 0.64	VFIAX

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
VTSAX	0.55	0.04	0.05	0.07	0.75	(0.58)	0.98	(0.95)	5.94
VFIAX	0.52	0.06	0.04	1.05	0.72	(0.52)	0.97	(0.96)	3.84
VTSMX	0.55	0.04	0.05	0.07	0.75	(0.58)	0.98	(0.94)	5.94
VITSX	0.55	0.06	0.05	0.78	0.75	(0.58)	0.98	(0.95)	4.11
VSTSX	0.55	0.05	0.05	0.07	0.75	(0.58)	0.98	(0.95)	5.94
VSMPX	0.55	0.04	0.05	0.07	0.75	(0.58)	0.98	(0.95)	5.94
VFINX	0.52	0.06	0.04	1.04	0.72	(0.51)	0.97	(0.96)	3.84
VFFSX	0.52	0.04	0.05	0.08	0.72	(0.52)	0.97	(0.96)	5.48
VGTSX	0.60	(0.08)	0.00	(0.18)	0.00	0.00	1.15	(1.33)	4.43
VTIAX	0.59	(0.08)	0.00	(0.18)	0.00	0.00	1.15	(1.33)	4.46

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