Looking to diversify beyond DNLAX? The mutual funds below have historically moved differently from DNLAX, 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 DNLAX
11 mutual funds have low correlation with DNLAX (below 0.3), 4 of which are negatively correlated. The least correlated is BNY Mellon New York AMT-Free Municipal Bond Fund (PSNYX) (Municipal Bonds) with a 1Y correlation of -0.01, roughly unchanged from -0.02 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| BNY Mellon New York AMT-Free Municipal Bond Fund | -0.01 | 0.01 | -0.02 | 73 | Municipal Bonds | DNLAX vs PSNYX | |
| BNY Mellon AMT-Free Municipal Bond Fund | -0.01 | -0.00 | -0.02 | 80 | Municipal Bonds | DNLAX vs DRMBX | |
| BNY MellonCalifornia AMT-Free Municipal Bond Fund | -0.01 | -0.00 | -0.02 | 67 | Municipal Bonds | DNLAX vs DRCAX | |
| BNY Mellon Intermediate Municipal Bond Fund | -0.00 | -0.00 | -0.02 | 58 | Municipal Bonds | DNLAX vs DITEX | |
| BNY Mellon High Yield Municipal Bond Fund | 0.00 | 0.01 | -0.02 | 83 | High Yield Muni | DNLAX vs DHMBX |
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