Correlation Between Nuveen Connecticut and Midas Special
Can any of the company-specific risk be diversified away by investing in both Nuveen Connecticut and Midas Special at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Nuveen Connecticut and Midas Special into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Nuveen Necticut Municipal and Midas Special Fund, you can compare the effects of market volatilities on Nuveen Connecticut and Midas Special and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Nuveen Connecticut with a short position of Midas Special. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nuveen Connecticut and Midas Special.
Diversification Opportunities for Nuveen Connecticut and Midas Special
0.85 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Nuveen and Midas is 0.85. Overlapping area represents the amount of risk that can be diversified away by holding Nuveen Necticut Municipal and Midas Special Fund in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Midas Special and Nuveen Connecticut is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Nuveen Necticut Municipal are associated (or correlated) with Midas Special. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Midas Special has no effect on the direction of Nuveen Connecticut i.e., Nuveen Connecticut and Midas Special go up and down completely randomly.
Pair Corralation between Nuveen Connecticut and Midas Special
Assuming the 90 days horizon Nuveen Connecticut is expected to generate 1254.0 times less return on investment than Midas Special. But when comparing it to its historical volatility, Nuveen Necticut Municipal is 9.61 times less risky than Midas Special. It trades about 0.0 of its potential returns per unit of risk. Midas Special Fund is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 4,203 in Midas Special Fund on August 25, 2025 and sell it today you would earn a total of 111.00 from holding Midas Special Fund or generate 2.64% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Nuveen Necticut Municipal vs. Midas Special Fund
Performance |
| Timeline |
| Nuveen Necticut Municipal |
| Midas Special |
Nuveen Connecticut and Midas Special Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nuveen Connecticut and Midas Special
The main advantage of trading using opposite Nuveen Connecticut and Midas Special positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nuveen Connecticut position performs unexpectedly, Midas Special can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Midas Special will offset losses from the drop in Midas Special's long position.| Nuveen Connecticut vs. Nuveen Small Cap | Nuveen Connecticut vs. Nuveen Real Estate | Nuveen Connecticut vs. Nuveen Real Estate | Nuveen Connecticut vs. Nuveen Preferred Securities |
| Midas Special vs. Midas Fund Midas | Midas Special vs. T Rowe Price | Midas Special vs. Fidelity International Discovery | Midas Special vs. Ab California Portfolio |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the CEOs Directory module to screen CEOs from public companies around the world.
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