Nuveen California Correlations

NXC Stock

USD 12.94 0.02 0.15%

The current 90-days correlation between Nuveen California Select and MFS Investment Grade 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

Modest diversification

The correlation between Nuveen California Select and DJI is 0.21 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nuveen California Select and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Nuveen Stock

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Nuveen California Select. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in interest.

Moving together with Nuveen Stock

0.7	GS	Goldman Sachs Group	Pair Corr
0.74	AXP	American Express	Pair Corr
0.76	COF	Capital One Financial Earnings Call This Week	Pair Corr
0.65	PFLT	PennantPark Floating Rate	Pair Corr
0.73	PYPL	PayPal Holdings Aggressive Push	Pair Corr
0.7	ALLY	Ally Financial	Pair Corr
0.65	CSWC	Capital Southwest	Pair Corr
0.7	C	Citigroup Aggressive Push	Pair Corr
0.72	L	Loews Corp	Pair Corr
0.68	DHIL	Diamond Hill Investment	Pair Corr
0.82	AB	AllianceBernstein Earnings Call This Week	Pair Corr
0.72	AX	Axos Financial	Pair Corr
0.63	BK	Bank of New York	Pair Corr
0.75	BN	Brookfield Corp	Pair Corr
0.72	BX	Blackstone Group Normal Trading	Pair Corr
0.72	BY	Byline Bancorp Earnings Call This Week	Pair Corr
0.67	CG	Carlyle Group Earnings Call This Week	Pair Corr
0.65	CM	Canadian Imperial Bank	Pair Corr
0.69	DB	Deutsche Bank AG Earnings Call This Week	Pair Corr

Moving against Nuveen Stock

0.33	HRZN	Horizon Technology	Pair Corr
0.46	EG	Everest Group	Pair Corr
0.39	FG	FG Annuities Life	Pair Corr

Related Correlations Analysis

	CXH	EOT	FMN	NCA	NXN	NKX	NNY	NMT
CXH		0.76	0.77	0.47	0.61	0.54	0.54	0.26	CXH
EOT	0.76		0.69	0.44	0.58	0.77	0.76	0.36	EOT
FMN	0.77	0.69		0.72	0.81	0.35	0.63	0.64	FMN
NCA	0.47	0.44	0.72		0.69	0.23	0.38	0.44	NCA
NXN	0.61	0.58	0.81	0.69		0.41	0.51	0.46	NXN
NKX	0.54	0.77	0.35	0.23	0.41		0.61	0.09	NKX
NNY	0.54	0.76	0.63	0.38	0.51	0.61		0.61	NNY
NMT	0.26	0.36	0.64	0.44	0.46	0.09	0.61		NMT
	CXH	EOT	FMN	NCA	NXN	NKX	NNY	NMT

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Risk-Adjusted Indicators

There is a big difference between Nuveen Stock performing well and Nuveen California Company 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
CXH	0.32	(0.05)	0.00	(0.18)	0.00	0.00	0.53	(0.93)	1.86
EOT	0.42	(0.03)	(0.24)	0.00	0.51	(0.50)	0.97	(0.69)	3.44
FMN	0.38	0.00	(0.20)	0.13	0.43	(0.40)	0.66	(0.75)	2.26
NCA	0.52	0.00	(0.15)	0.15	0.56	(0.61)	1.44	(1.16)	2.83
NXN	0.37	0.00	(0.22)	0.15	0.42	(0.42)	0.62	(0.70)	2.79
NKX	0.42	(0.03)	(0.22)	0.00	0.53	(0.47)	0.86	(0.77)	3.67
NNY	0.32	0.01	(0.24)	0.27	0.37	(0.40)	0.63	(0.74)	2.34
NMT	0.50	0.02	(0.13)	0.20	0.56	(0.59)	1.22	(1.02)	4.72

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