Looking to diversify beyond CAIBX? The mutual funds below have the lowest correlation with CAIBX — 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 CAIBX.
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 MH Elite Small Cap Fund of Funds Fund (MHELX) (Diversified Portfolio) with a 1Y correlation of 0.06, down from 0.47 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| MH Elite Small Cap Fund of Funds Fund | 0.06 | 0.18 | 0.47 | 64 | Diversified Portfolio | CAIBX vs MHELX | |
| SEI Institutional Managed Trust Multi-Asset Inflat... | 0.07 | 0.20 | 0.30 | 73 | Diversified Portfolio | CAIBX vs SIFAX | |
| Federated Hermes Capital Income Fund | 0.28 | 0.60 | 0.75 | 85 | Diversified Portfolio | CAIBX vs CAPAX | |
| Franklin California Tax Free Income Fund | 0.30 | 0.25 | 0.18 | 63 | Municipal Bonds | CAIBX vs FKTFX | |
| MFS California Municipal Bond Fund | 0.31 | 0.28 | 0.21 | 60 | Municipal Bonds | CAIBX vs MCFTX |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from CAIBX, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to CAIBX and solid risk/return profiles. The least correlated is FLEX LNG Ltd (FLNG) (Energy) with a 1Y correlation of -0.01, down from 0.26 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| FLEX LNG Ltd | -0.01 | 0.19 | 0.26 | 81 | Energy | |
| Chevron Corporation | 0.02 | 0.22 | 0.37 | 83 | Energy | |
| Western Midstream Partners, LP | 0.13 | 0.30 | 0.41 | 76 | Energy | |
| Enterprise Products Partners L.P. | 0.14 | 0.33 | 0.42 | 85 | Energy | |
| AbbVie Inc. | 0.26 | 0.34 | 0.37 | 62 | Healthcare |
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