Looking to diversify beyond EOI? The mutual funds below have historically moved differently from EOI, 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 EOI
4 mutual funds have low correlation with EOI (below 0.3), 0 of which are negatively correlated. The least correlated is Eaton Vance Massachusetts Municipal Income Fund (EIMAX) (Municipal Bonds) with a 1Y correlation of 0.20, roughly unchanged from 0.11 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Eaton Vance Massachusetts Municipal Income Fund | 0.20 | 0.10 | 0.11 | 78 | Municipal Bonds | EOI vs EIMAX | |
| Cullen Enhanced Equity Income Fund | 0.24 | 0.35 | 0.47 | 52 | Derivative Income | EOI vs ENHNX | |
| Eaton Vance Global Macro Absolute Return Advantage... | 0.26 | 0.23 | 0.13 | 98 | Nontraditional Bonds | EOI vs EGRIX | |
| Goldman Sachs Strategic Volatility Premium Fund | 0.29 | 0.15 | 0.11 | 97 | Large Cap Blend Equities | EOI vs SVPFX | |
| Eaton Vance Emerging Markets Debt Opportunities Fu... | 0.36 | 0.28 | 0.28 | 98 | Emerging Markets Bonds | EOI vs EELDX |
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Low-Correlation Stock Ideas
The table shows companies with at least $1B in market capitalization, historical correlation data for EOI, 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 Reaves Utility Income Trust (UTG) (Financial Services) with a 1Y correlation of 0.35, roughly unchanged from 0.42 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Reaves Utility Income Trust | 0.35 | 0.36 | 0.42 | 55 | Financial Services | |
| Capital Southwest Corporation | 0.35 | 0.35 | 0.38 | 68 | Financial Services | |
| Trinity Capital Inc. | 0.35 | 0.31 | 0.30 | 84 | Financial Services | |
| Nuveen Quality Municipal Income Fund | 0.36 | 0.30 | 0.29 | 78 | Financial Services | |
| Abrdn Total Dynamic Dividend Fund | 0.71 | 0.64 | 0.68 | 88 | Financial Services |
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