Looking to diversify beyond CAIBX? The mutual funds below have historically moved differently from CAIBX, 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 CAIBX
3 mutual funds have low correlation with CAIBX (below 0.3), 0 of which are negatively correlated. The least correlated is SEI Institutional Managed Trust Multi-Asset Inflation Managed Fund (SIFAX) (Diversified Portfolio) with a 1Y correlation of 0.03, down from 0.28 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| SEI Institutional Managed Trust Multi-Asset Inflat... | 0.03 | 0.16 | 0.28 | 83 | Diversified Portfolio | CAIBX vs SIFAX | |
| MH Elite Small Cap Fund of Funds Fund | 0.07 | 0.15 | 0.45 | 68 | Diversified Portfolio | CAIBX vs MHELX | |
| MFS California Municipal Bond Fund | 0.26 | 0.26 | 0.22 | 66 | Municipal Bonds | CAIBX vs MCFTX | |
| Franklin California Tax Free Income Fund | 0.32 | 0.25 | 0.19 | 65 | Municipal Bonds | CAIBX vs FKTFX | |
| American Funds Tax-Exempt Fund of California | 0.33 | 0.26 | 0.20 | 65 | Municipal Bonds | CAIBX vs TAFTX |
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Low-Correlation Stock Ideas
The table shows companies with at least $1B in market capitalization, historical correlation data for CAIBX, and a Risk / Return Rank of 50 or higher. Treat them as research candidates rather than evidence that they will offset a future decline. The least correlated is Chevron Corporation (CVX) (Energy) with a 1Y correlation of -0.02, down from 0.34 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Chevron Corporation | -0.02 | 0.19 | 0.34 | 79 | Energy | |
| FLEX LNG Ltd | -0.00 | 0.17 | 0.24 | 83 | Energy | |
| Enterprise Products Partners L.P. | 0.07 | 0.30 | 0.40 | 89 | Energy | |
| Western Midstream Partners, LP | 0.11 | 0.28 | 0.40 | 82 | Energy | |
| MPLX LP | 0.16 | 0.33 | 0.42 | 82 | Energy |
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