Looking to diversify beyond EVT? The mutual funds below have historically moved differently from EVT, 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 EVT
3 mutual funds have low correlation with EVT (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 0.17, roughly unchanged from 0.13 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 | 0.17 | 0.13 | 0.13 | 78 | Municipal Bonds | EVT vs EIMAX | |
| Eaton Vance Global Macro Absolute Return Advantage... | 0.18 | 0.24 | 0.13 | 98 | Nontraditional Bonds | EVT vs EGRIX | |
| Federated Hermes Strategic Value Dividend Fund Cla... | 0.20 | 0.45 | 0.58 | 93 | Dividend | EVT vs SVAAX | |
| Eaton Vance Emerging Markets Debt Opportunities Fu... | 0.33 | 0.29 | 0.31 | 98 | Emerging Markets Bonds | EVT vs EELDX | |
| Eaton Vance Strategic Income Fund Class I | 0.35 | 0.25 | 0.22 | 94 | Multisector Bonds | EVT vs ESIIX |
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Low-Correlation Stock Ideas
The table shows companies with at least $1B in market capitalization, historical correlation data for EVT, 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 PIMCO Dynamic Income Opportunities Fund (PDO) (Financial Services) with a 1Y correlation of 0.27, down from 0.42 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| PIMCO Dynamic Income Opportunities Fund | 0.27 | 0.35 | 0.42 | 65 | Financial Services | |
| Strategy Inc Variable Rate Series A Perpetual Stre... | 0.37 | 0.37 | 0.37 | 57 | Technology | |
| Capital Southwest Corporation | 0.39 | 0.44 | 0.48 | 68 | Financial Services | |
| Cohen & Steers Infrastructure Fund, Inc | 0.40 | 0.48 | 0.53 | 74 | Financial Services | |
| Reaves Utility Income Trust | 0.40 | 0.47 | 0.53 | 55 | Financial Services |
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