Looking to diversify beyond CGFAX? The mutual funds below have historically moved differently from CGFAX, 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 CGFAX
4 mutual funds have low correlation with CGFAX (below 0.3), 0 of which are negatively correlated. The least correlated is American High-Income Municipal Bond Fund Class F-3 (HIMFX) (High Yield Muni) with a 1Y correlation of 0.20, roughly unchanged from 0.13 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| American High-Income Municipal Bond Fund Class F-3 | 0.20 | 0.14 | 0.13 | 92 | High Yield Muni | CGFAX vs HIMFX | |
| American High-Income Municipal Bond Fund Class F-2 | 0.20 | 0.14 | 0.13 | 92 | High Yield Muni | CGFAX vs AHMFX | |
| Capital Group California Short-Term Municipal Fund | 0.24 | 0.14 | 0.10 | 70 | Municipal Bonds | CGFAX vs CCSTX | |
| Capital Group California Core Municipal Fund | 0.28 | 0.17 | 0.12 | 56 | Municipal Bonds | CGFAX vs CCCMX | |
| ICON Equity Fund | 0.72 | 0.70 | 0.78 | 78 | Large Cap Growth Equities | CGFAX vs IOLZX |
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