Correlation Between Nuveen Strategic and Tiaa-cref Managed
Can any of the company-specific risk be diversified away by investing in both Nuveen Strategic and Tiaa-cref Managed 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 Strategic and Tiaa-cref Managed into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Nuveen Strategic Municipal and Tiaa Cref Managed Allocation, you can compare the effects of market volatilities on Nuveen Strategic and Tiaa-cref Managed 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 Strategic with a short position of Tiaa-cref Managed. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nuveen Strategic and Tiaa-cref Managed.
Diversification Opportunities for Nuveen Strategic and Tiaa-cref Managed
-0.2 | Correlation Coefficient |
Good diversification
The 3 months correlation between Nuveen and Tiaa-cref is -0.2. Overlapping area represents the amount of risk that can be diversified away by holding Nuveen Strategic Municipal and Tiaa Cref Managed Allocation in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tiaa Cref Managed and Nuveen Strategic 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 Strategic Municipal are associated (or correlated) with Tiaa-cref Managed. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tiaa Cref Managed has no effect on the direction of Nuveen Strategic i.e., Nuveen Strategic and Tiaa-cref Managed go up and down completely randomly.
Pair Corralation between Nuveen Strategic and Tiaa-cref Managed
Assuming the 90 days horizon Nuveen Strategic Municipal is expected to under-perform the Tiaa-cref Managed. But the mutual fund apears to be less risky and, when comparing its historical volatility, Nuveen Strategic Municipal is 2.12 times less risky than Tiaa-cref Managed. The mutual fund trades about -0.02 of its potential returns per unit of risk. The Tiaa Cref Managed Allocation is currently generating about 0.25 of returns per unit of risk over similar time horizon. If you would invest 1,266 in Tiaa Cref Managed Allocation on May 30, 2025 and sell it today you would earn a total of 80.00 from holding Tiaa Cref Managed Allocation or generate 6.32% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 98.41% |
| Values | Daily Returns |
Nuveen Strategic Municipal vs. Tiaa Cref Managed Allocation
Performance |
| Timeline |
| Nuveen Strategic Mun |
| Tiaa Cref Managed |
Nuveen Strategic and Tiaa-cref Managed Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nuveen Strategic and Tiaa-cref Managed
The main advantage of trading using opposite Nuveen Strategic and Tiaa-cref Managed positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nuveen Strategic position performs unexpectedly, Tiaa-cref Managed 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 Tiaa-cref Managed will offset losses from the drop in Tiaa-cref Managed's long position.| Nuveen Strategic vs. Astor Longshort Fund | Nuveen Strategic vs. Ab Select Longshort | Nuveen Strategic vs. Alpine Ultra Short | Nuveen Strategic vs. The Short Term Municipal |
| Tiaa-cref Managed vs. Sound Shore Fund | Tiaa-cref Managed vs. Auer Growth Fund | Tiaa-cref Managed vs. Gmo Quality Fund | Tiaa-cref Managed vs. Growth Allocation Fund |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
Other Complementary Tools
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. |