Looking to diversify beyond EIRRX? The mutual funds below have historically moved differently from EIRRX, 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 EIRRX
11 mutual funds have low correlation with EIRRX (below 0.3), 0 of which are negatively correlated. The least correlated is Eaton Vance Emerging Markets Debt Opportunities Fund (EELDX) (Emerging Markets Bonds) with a 1Y correlation of 0.07, 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 |
|---|---|---|---|---|---|---|---|
| Eaton Vance Emerging Markets Debt Opportunities Fu... | 0.07 | 0.00 | 0.04 | 98 | Emerging Markets Bonds | EIRRX vs EELDX | |
| Eaton Vance Global Macro Absolute Return Fund | 0.13 | 0.18 | 0.06 | 99 | Nontraditional Bonds | EIRRX vs EIGMX | |
| Eaton Vance Large-Cap Value Fund | 0.16 | 0.15 | 0.19 | 87 | Large Cap Value Equities | EIRRX vs EHSTX | |
| Eaton Vance Global Macro Absolute Return Advantage... | 0.20 | 0.24 | 0.13 | 98 | Nontraditional Bonds | EIRRX vs EGRIX | |
| Eaton Vance Tax-Managed Global Diversified Equity ... | 0.22 | 0.19 | 0.21 | 57 | Dividend, Global Equity Income | EIRRX vs EXG |
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Low-Correlation Stock Ideas
The table shows companies with at least $1B in market capitalization, historical correlation data for EIRRX, 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 ConocoPhillips Company (COP) (Energy) with a 1Y correlation of -0.05, down from 0.17 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| ConocoPhillips Company | -0.05 | 0.07 | 0.17 | 72 | Energy | |
| Berkshire Hathaway Inc. | 0.02 | 0.05 | 0.13 | 61 | Financial Services | |
| Caterpillar Inc. | 0.03 | 0.10 | 0.15 | 92 | Industrials | |
| Cummins Inc. | 0.09 | 0.07 | 0.09 | 92 | Industrials | |
| Amazon.com, Inc | 0.15 | 0.11 | 0.16 | 60 | Consumer Cyclical |
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