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The most conservative interpretation of the nHz stochastic gravitational wavebackground (SGWB) discovered by NANOGrav and other Pulsar Timing Array (PTA)Collaborations is astrophysical, namely that it originates from supermassiveblack hole (SMBH) binaries. However, alternative cosmological models have beenproposed, including cosmic strings, phase transitions, domain walls, primordialfluctuations and "audible" axions. We perform a multi-model analysis (MMA) tocompare how well these different hypotheses fit the NANOGrav data, both inisolation and in combination with SMBH binaries, and address the questions:Which interpretations fit the data best, and which are disfavoured? We alsodiscuss experimental signatures that can help discriminate between differentsources of the PTA GW signal, including fluctuations in the signal strengthbetween frequency bins, individual sources and how the PTA signal extends tohigher frequencies.

What is the source of the PTA GW signal?