Looking to diversify beyond DNLDX? The mutual funds below have the lowest correlation with DNLDX — 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 DNLDX.
Best Diversifiers for DNLDX
4 mutual funds have low correlation with DNLDX (below 0.3), 0 of which are negatively correlated. The least correlated is BNY Mellon High Yield Municipal Bond Fund (DHMBX) (High Yield Muni) with a 1Y correlation of 0.13, roughly unchanged from 0.11 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| BNY Mellon High Yield Municipal Bond Fund | 0.13 | 0.14 | 0.11 | 62 | High Yield Muni | DNLDX vs DHMBX | |
| BNY Mellon New York AMT-Free Municipal Bond Fund | 0.15 | 0.15 | 0.11 | 67 | Municipal Bonds | DNLDX vs PSNYX | |
| BNY Mellon AMT-Free Municipal Bond Fund | 0.16 | 0.14 | 0.11 | 76 | Municipal Bonds | DNLDX vs DRMBX | |
| BNY Mellon Short Term Income Fund | 0.28 | 0.22 | 0.20 | 54 | Short-Term Bond | DNLDX vs DSTIX | |
| BNY Mellon Global Emerging Markets Fund | 0.44 | 0.55 | 0.60 | 83 | Emerging Markets Diversified | DNLDX vs DGIEX |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from DNLDX, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to DNLDX and solid risk/return profiles. The least correlated is Innovative Industrial Properties, Inc. (IIPR) (Real Estate) with a 1Y correlation of 0.43, down from 0.60 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Innovative Industrial Properties, Inc. | 0.43 | 0.55 | 0.60 | 56 | Real Estate |
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