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iShares Municipal Bond Index Fund (BIDAX) Diversifiers

Mutual Fund · Currency in USD · Last updated Jun 4, 2026

The investment seeks to provide investment results that correspond to the total return performance of fixed-income securities in the aggregate, as represented by the ICE BofA US Municipal Securities Index. The fund generally invests at least 80% of its assets, plus the amount of any borrowings for investment purposes, in securities or other financial instruments that are components of or have economic characteristics similar to the securities in the index. The index tracks the performance of U.S. dollar denominated investment grade tax-exempt debt publicly issued by U.S. states and territories, and their political subdivisions, in the U.S. domestic market.

Looking to diversify beyond BIDAX? The mutual funds below have the lowest correlation with BIDAX — 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 BIDAX.

Best Diversifiers for BIDAX

19 mutual funds have low correlation with BIDAX (below 0.3), 3 of which are negatively correlated. The least correlated is AlphaSimplex Managed Futures Strategy Fund Class Y (ASFYX) (Systematic Trend) with a 1Y correlation of -0.05, up from -0.26 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
ASFYX
AlphaSimplex Managed Futures Strategy Fund Class Y-0.05-0.14-0.26
67
Systematic TrendBIDAX vs ASFYX
DCARX
DFA California Municipal Real Return Portfolio-0.020.180.21
96
Municipal BondsBIDAX vs DCARX
BDMIX
BlackRock Global Long/Short Equity Fund Class I-0.01-0.020.00
92
Long-ShortBIDAX vs BDMIX
DMREX
DFA Municipal Real Return Portfolio0.020.200.22
95
Municipal BondsBIDAX vs DMREX
NASDX
Shelton Capital Management Nasdaq-100 Index Fund D...0.150.100.10
75
Large Cap Growth EquitiesBIDAX vs NASDX
See all 27 diversifiers for BIDAX

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Low-Correlation Stock Ideas

If you're looking for individual stocks that move independently from BIDAX, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to BIDAX and solid risk/return profiles. The least correlated is Nuveen AMT-Free Quality Municipal Income Fund (NEA) (Financial Services) with a 1Y correlation of 0.46, roughly unchanged from 0.51 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankSector
NEA
Nuveen AMT-Free Quality Municipal Income Fund0.460.520.51
78
Financial Services

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