There are various strategies available to draw something like this. One approach is to draw the ellipses and to add the text afterwards. This approach has the disadvantage that if you change the texts a lot, you need to change tons of coordinates. Therefore, here positioning is used to place the ellipses relative to each other. This requires one to use elliptical nodes, and thus little tricks are employed to move the text inside the nodes. What is better depends on the case and personal taste.
\documentclass[tikz,border=3mm]{standalone}
\usetikzlibrary{shapes.geometric,positioning}
\begin{document}
\begin{tikzpicture}[>=stealth,thick,font=\sffamily,
elli/.style args={#1 and #2}{ellipse,minimum width=#1cm,
minimum height=#2cm,align=center}]
\begin{scope}[local bounding box=ells,fill opacity=0.4,text opacity=1]
\node[elli=3.5 and 2,fill=blue] (E1) {independent solution};
\node[elli=3 and 2.8,fill=cyan,above right=0em and -1em of E1.east] (E2) {Capped violity funds};
\node[elli=2.8 and 2.8,fill=cyan!80,above=-3em of E2] (E3) {Asset-transfer\\
programs\\[3em]};
\node[elli=3 and 3.4,fill=gray,right=-2em of E3.10,inner sep=-0.5em] (E4){
\quad\begin{tabular}{c}Target viotatility\\
funds
\end{tabular}};
\node[elli=3 and 4,fill=gray!70,above=-1em of E4.north] (E5)
{Capital preservation\\ funds\\[2em]};
\end{scope}
\draw[gray,thin] ([shift={(-1ex,1ex)}]ells.north west) coordinate (TL) rectangle
([shift={(1ex,-1ex)}]ells.south east)coordinate (BR) -- (TL);
%
\draw[thick,<->] ([yshift=-2em]BR-|TL) node[below right]{Low}
-- node[above] {Economic \dots} ([yshift=-2em]BR) node[below left]{High};
%
\draw[thick,<->] ([xshift=-2em]TL) node[below left,rotate=90]{Significant
impact} -- node[above,rotate=90] {Economic \dots}
([xshift=-2em]TL|-BR) node[below right,rotate=90]{Minimal impact};
\end{tikzpicture}
\end{document}
