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Elfun Tax Exempt Income Fund (ELFTX) Diversifiers

Mutual Fund · Currency in USD · Last updated Jun 3, 2026

The fund invests primarily in investment-grade municipal obligations. At least 80% of the fund's income is exempt from both regular federal income taxes and the federal alternative minimum tax. It will have an effective duration of 75% to 125% of the duration of the Bloomberg Barclays Municipal Bond Index. The fund also may invest to a lesser extent in tax-free or taxable money market instruments and may hold cash.

Looking to diversify beyond ELFTX? The mutual funds below have the lowest correlation with ELFTX — 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 ELFTX.

Best Diversifiers for ELFTX

17 mutual funds have low correlation with ELFTX (below 0.3), 1 of which are negatively correlated. The least correlated is DFA Municipal Real Return Portfolio (DMREX) (Municipal Bonds) with a 1Y correlation of -0.03, down from 0.21 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
DMREX
DFA Municipal Real Return Portfolio-0.030.180.21
95
Municipal BondsELFTX vs DMREX
USMSX
JPMorgan Ultra-Short Municipal Fund0.140.300.36
99
Municipal BondsELFTX vs USMSX
DFSMX
DFA Short Term Municipal Bond Portfolio0.150.260.34
99
Municipal BondsELFTX vs DFSMX
DNYMX
DFA NY Municipal Bond Portfolio0.160.310.40
99
Municipal BondsELFTX vs DNYMX
SSSYX
State Street Equity 500 Index Fund Class K0.190.150.11
74
Large Cap Blend EquitiesELFTX vs SSSYX
See all 40 diversifiers for ELFTX

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Low-Correlation Stock Ideas

If you're looking for individual stocks that move independently from ELFTX, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to ELFTX and solid risk/return profiles. The least correlated is Nuveen AMT-Free Quality Municipal Income Fund (NEA) (Financial Services) with a 1Y correlation of 0.50, roughly unchanged from 0.51 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankSector
NEA
Nuveen AMT-Free Quality Municipal Income Fund0.500.530.51
78
Financial Services

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