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American Funds Short-Term Bond Fund of America (ASBAX) Diversifiers

Mutual Fund · Currency in USD · Last updated Jun 24, 2026

The investment seeks current income, consistent with the maturity and quality standards described in the prospectus, and preservation of capital. The fund will invest at least 80% of its assets in bonds (bonds include any debt instrument and cash equivalents). It maintains a portfolio of bonds, other debt securities and money market instruments having a dollar-weighted average effective maturity no greater than three years and consisting primarily of debt securities rated AA- or Aa3 or better. The fund primarily invests in debt securities denominated in U.S. dollars. It may invest up to 10% of its assets in debt securities in the A rating category.

Looking to diversify beyond ASBAX? The mutual funds below have the lowest correlation with ASBAX — they tend to move on their own, which can help reduce risk when the rest of your portfolio drops. The stock ideas table highlights individual companies that behave independently from ASBAX.

Best Diversifiers for ASBAX

7 mutual funds have low correlation with ASBAX (below 0.3), 0 of which are negatively correlated. The least correlated is DFA Two-Year Fixed Income Portfolio (DFCFX) (Short-Term Bond) with a 1Y correlation of 0.00, down from 0.33 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
DFCFX
DFA Two-Year Fixed Income Portfolio0.000.020.33
65
Short-Term BondASBAX vs DFCFX
LCCMX
Leader Short Term High Yield Bond Fund0.140.150.18
80
Short-Term BondASBAX vs LCCMX
GPARX
GuidePath Absolute Return Allocation Fund0.190.440.51
57
Short-Term BondASBAX vs GPARX
FXAIX
Fidelity 500 Index Fund0.240.090.10
65
S&P 500ASBAX vs FXAIX
CWGIX
American Funds Capital World Growth and Income Fun...0.250.120.11
71
Global EquitiesASBAX vs CWGIX
See all 26 diversifiers for ASBAX

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