Looking to diversify beyond CDAZX? The mutual funds below have historically moved differently from CDAZX, 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 CDAZX
6 mutual funds have low correlation with CDAZX (below 0.3), 1 of which are negatively correlated. The least correlated is Federated Hermes MDT Market Neutral A (QAMNX) (Long-Short) with a 1Y correlation of -0.08, down from 0.06 over 3 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Federated Hermes MDT Market Neutral A | -0.08 | 0.06 | — | 54 | Long-Short | CDAZX vs QAMNX | |
| Knights of Columbus Long/Short Equity Fund | 0.05 | 0.29 | 0.45 | 96 | Long-Short | CDAZX vs KCEIX | |
| Vanguard Market Neutral Fund Institutional Shares | 0.06 | 0.07 | 0.22 | 97 | Long-Short | CDAZX vs VMNIX | |
| Vanguard Market Neutral Fund Investor Shares | 0.08 | 0.08 | 0.22 | 97 | Long-Short | CDAZX vs VMNFX | |
| Guggenheim Alpha Opportunity Fund | 0.24 | 0.28 | 0.39 | 83 | Long-Short | CDAZX vs SAOAX |
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