Looking to diversify beyond ALCAX? The mutual funds below have historically moved differently from ALCAX, which may reduce portfolio volatility when combined in a suitable allocation. The stock ideas table highlights individual companies with the same low-correlation characteristics. Correlation can change and does not guarantee that one asset will rise when another falls.
Best Diversifiers for ALCAX
11 mutual funds have low correlation with ALCAX (below 0.3), 1 of which are negatively correlated. The least correlated is DFA California Municipal Real Return Portfolio (DCARX) (Municipal Bonds) with a 1Y correlation of -0.01, down from 0.22 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| DFA California Municipal Real Return Portfolio | -0.01 | 0.16 | 0.22 | 91 | Municipal Bonds | ALCAX vs DCARX | |
| DFA Municipal Real Return Portfolio | 0.02 | 0.17 | 0.22 | 94 | Municipal Bonds | ALCAX vs DMREX | |
| DFA Short Term Municipal Bond Portfolio | 0.22 | 0.28 | 0.36 | 100 | Municipal Bonds | ALCAX vs DFSMX | |
| DFA Short-Term Selective State Municipal Bond Port... | 0.23 | 0.31 | — | 100 | Municipal Bonds | ALCAX vs DFABX | |
| abrdn Ultra Short Municipal Income Fund | 0.25 | 0.29 | 0.28 | 100 | Municipal Bonds | ALCAX vs ATOIX |
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