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Multi-Manager International Equity Strategies Fund (CMIEX) Diversifiers

Mutual Fund · Currency in USD · Last updated Jun 23, 2026

The investment seeks long-term capital appreciation. The fund pursues its investment objective by allocating the fund's assets among different asset managers that use various investment styles and strategies to invest in equity securities of foreign companies. Under normal circumstances, it invests at least 80% of its net assets (including the amount of any borrowings for investment purposes) in equity securities of foreign companies. The fund may invest in emerging market countries.

Looking to diversify beyond CMIEX? The mutual funds below have the lowest correlation with CMIEX — 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 CMIEX.

Best Diversifiers for CMIEX

1 mutual funds have low correlation with CMIEX (below 0.3), 0 of which are negatively correlated. The least correlated is Federated Hermes Institutional High Yield Bond Fund (FIHBX) (High Yield Bonds) with a 1Y correlation of 0.28, down from 0.46 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
FIHBX
Federated Hermes Institutional High Yield Bond Fun...0.280.380.46
65
High Yield BondsCMIEX vs FIHBX
BDMIX
BlackRock Global Long/Short Equity Fund Class I0.300.160.11
95
Long-ShortCMIEX vs BDMIX
SVAIX
Federated Hermes Strategic Value Dividend Fund0.320.430.55
78
Large Cap Value EquitiesCMIEX vs SVAIX
ASFYX
AlphaSimplex Managed Futures Strategy Fund Class Y0.460.330.15
60
Systematic TrendCMIEX vs ASFYX
NPSRX
Nuveen Preferred Securities & Income Fund0.490.440.44
73
Preferred Stock/Convertible BondsCMIEX vs NPSRX
See all 39 diversifiers for CMIEX

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Low-Correlation Stock Ideas

If you're looking for individual stocks that move independently from CMIEX, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to CMIEX and solid risk/return profiles. The least correlated is Vertiv Holdings Co. (VRT) (Industrials) with a 1Y correlation of 0.43, roughly unchanged from 0.47 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankSector
VRT
Vertiv Holdings Co.0.430.410.47
95
Industrials

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