Looking to diversify beyond ESPAX? The mutual funds below have historically moved differently from ESPAX, 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 ESPAX
14 mutual funds have low correlation with ESPAX (below 0.3), 0 of which are negatively correlated. The least correlated is Allspring Ultra Short-Term Municipal Income Fund (SMAIX) (Municipal Bonds) with a 1Y correlation of 0.09, roughly unchanged from 0.06 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Allspring Ultra Short-Term Municipal Income Fund | 0.09 | 0.05 | 0.06 | 97 | Municipal Bonds | ESPAX vs SMAIX | |
| Allspring Ultra Short-Term Income Fund | 0.14 | 0.11 | 0.14 | 99 | Ultrashort Bond | ESPAX vs SADIX | |
| Allspring California Tax-Free Fund | 0.17 | 0.14 | 0.10 | 80 | Municipal Bonds | ESPAX vs SCTAX | |
| Allspring Strategic Municipal Bond Fund | 0.18 | 0.13 | 0.10 | 66 | Municipal Bonds | ESPAX vs VMPAX | |
| Allspring Minnesota Tax-Free Fund | 0.18 | 0.12 | 0.09 | 79 | Municipal Bonds | ESPAX vs NMTFX |
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