Looking to diversify beyond CPOAX? The mutual funds below have historically moved differently from CPOAX, 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 CPOAX
3 mutual funds have low correlation with CPOAX (below 0.3), 0 of which are negatively correlated. The least correlated is Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio (MUIIX) (Ultrashort Bond) with a 1Y correlation of 0.11, roughly unchanged from 0.04 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Morgan Stanley Institutional Fund Trust Ultra-Shor... | 0.11 | 0.02 | 0.04 | 100 | Ultrashort Bond | CPOAX vs MUIIX | |
| Morgan Stanley Pathway Funds Ultra-ShortTerm Fixed... | 0.11 | 0.01 | -0.05 | 97 | Ultrashort Bond | CPOAX vs TSDUX | |
| Morgan Stanley Pathway Funds Municipal Bond Fund | 0.28 | 0.15 | 0.15 | 55 | Municipal Bonds | CPOAX vs TMUUX | |
| Morgan Stanley China A Share Fund | 0.30 | 0.24 | 0.28 | 73 | China Equities, Asia Pacific Equities | CPOAX vs CAF | |
| Morgan Stanley Emerging Markets Domestic Fund | 0.33 | 0.29 | 0.34 | 53 | Emerging Markets Bonds | CPOAX vs EDD |
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Low-Correlation Stock Ideas
The table shows companies with at least $1B in market capitalization, historical correlation data for CPOAX, 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 AST SpaceMobile, Inc. (ASTS) (Technology) with a 1Y correlation of 0.44, roughly unchanged from 0.45 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| AST SpaceMobile, Inc. | 0.44 | 0.43 | 0.45 | 55 | Technology | |
| Astera Labs, Inc. | 0.46 | — | — | 82 | Technology |
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