Looking to diversify beyond CVGRX? The mutual funds below have historically moved differently from CVGRX, 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 CVGRX
3 mutual funds have low correlation with CVGRX (below 0.3), 0 of which are negatively correlated. The least correlated is Federated Hermes Municipal Ultra Short Fund (FMUSX) (Municipal Bonds) with a 1Y correlation of 0.08, roughly unchanged from 0.06 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Federated Hermes Municipal Ultra Short Fund | 0.08 | 0.06 | 0.06 | 84 | Municipal Bonds | CVGRX vs FMUSX | |
| Calamos Aksia Alternative Credit and Income Fund C... | 0.09 | — | — | 99 | Bank Loan | CVGRX vs CAPIX | |
| Putnam Global Health Care Fund | 0.10 | 0.30 | 0.45 | 51 | Health & Biotech Equities | CVGRX vs PHSTX | |
| Lord Abbett Mid Cap Stock Fund | 0.49 | 0.56 | 0.67 | 71 | Mid Cap Value Equities | CVGRX vs LAVLX | |
| PGIM Quant Solutions Mid-Cap Value Fund | 0.49 | 0.52 | 0.62 | 95 | Mid Cap Value Equities | CVGRX vs NCBVX |
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Low-Correlation Stock Ideas
The table shows companies with at least $1B in market capitalization, historical correlation data for CVGRX, 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 Johnson Controls International plc (JCI) (Industrials) with a 1Y correlation of 0.40, down from 0.57 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Johnson Controls International plc | 0.40 | 0.51 | 0.57 | 86 | Industrials | |
| Royce Value Trust Inc. | 0.61 | 0.60 | 0.69 | 87 | Financial Services |
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