Looking to diversify beyond CSHZX? The mutual funds below have historically moved differently from CSHZX, 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 CSHZX
12 mutual funds have low correlation with CSHZX (below 0.3), 6 of which are negatively correlated. The least correlated is MainStay MacKay Short Term Municipal Fund (MSTIX) (Municipal Bonds) with a 1Y correlation of -0.17, down from 0.00 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| MainStay MacKay Short Term Municipal Fund | -0.17 | 0.01 | 0.00 | 74 | Municipal Bonds | CSHZX vs MSTIX | |
| MainStay Floating Rate Fund | -0.12 | 0.06 | 0.16 | 69 | Bank Loan | CSHZX vs MXFIX | |
| MainStay MacKay High Yield Corporate Bond Fund Cla... | -0.08 | 0.25 | 0.36 | 79 | High Yield Bonds | CSHZX vs MHCAX | |
| MainStay Moderate Allocation Fund | -0.07 | 0.32 | 0.47 | 62 | Diversified Portfolio | CSHZX vs MMRIX | |
| NYLI S&P 500 Index Class A | -0.06 | 0.28 | 0.42 | 58 | S&P 500 | CSHZX vs MSXAX |
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