Looking to diversify beyond CHYDX? The mutual funds below have historically moved differently from CHYDX, 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 CHYDX
5 mutual funds have low correlation with CHYDX (below 0.3), 0 of which are negatively correlated. The least correlated is Fairholme Focused Income Fund (FOCIX) (High Yield Bonds) with a 1Y correlation of 0.00, down from 0.37 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Fairholme Focused Income Fund | 0.00 | 0.27 | 0.37 | 71 | High Yield Bonds | CHYDX vs FOCIX | |
| Pioneer ILS Interval Fund | 0.02 | 0.04 | 0.03 | 100 | High Yield Bonds | CHYDX vs XILSX | |
| Calamos Aksia Alternative Credit and Income Fund C... | 0.07 | — | — | 99 | Bank Loan | CHYDX vs CAPIX | |
| Cliffwater Corporate Lending Fund Class I Shares | 0.15 | 0.13 | 0.15 | 100 | Bank Loan, High Yield Bonds | CHYDX vs CCLFX | |
| RiverPark Short Term High Yield Fund | 0.17 | 0.20 | 0.26 | 100 | High Yield Bonds | CHYDX vs RPHIX |
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Low-Correlation Stock Ideas
The table shows companies with at least $1B in market capitalization, historical correlation data for CHYDX, 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 Cohen & Steers Infrastructure Fund, Inc (UTF) (Financial Services) with a 1Y correlation of 0.28, down from 0.40 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Cohen & Steers Infrastructure Fund, Inc | 0.28 | 0.35 | 0.40 | 68 | Financial Services |
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