Looking to diversify beyond EVT? The mutual funds below have the lowest correlation with EVT — 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 EVT.
Best Diversifiers for EVT
2 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 0.15, roughly unchanged from 0.12 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Eaton Vance Massachusetts Municipal Income Fund | 0.15 | 0.13 | 0.12 | 71 | Municipal Bonds | EVT vs EIMAX | |
| Eaton Vance Global Macro Absolute Return Advantage... | 0.20 | 0.24 | 0.13 | 98 | Nontraditional Bonds | EVT vs EGRIX | |
| Eaton Vance Emerging Markets Debt Opportunities Fu... | 0.31 | 0.28 | 0.31 | 98 | Emerging Markets Bonds | EVT vs EELDX | |
| Federated Hermes Strategic Value Dividend Fund Cla... | 0.31 | 0.49 | 0.60 | 77 | Dividend | EVT vs SVAAX | |
| Eaton Vance Emerging Markets Debt Opportunities Fu... | 0.34 | 0.29 | 0.31 | 97 | Emerging Markets Bonds | EVT vs EADOX |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from EVT, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to EVT and solid risk/return profiles. The least correlated is Capital Southwest Corporation (CSWC) (Financial Services) with a 1Y correlation of 0.40, roughly unchanged from 0.48 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Capital Southwest Corporation | 0.40 | 0.43 | 0.48 | 72 | Financial Services | |
| Reaves Utility Income Trust | 0.44 | 0.48 | 0.54 | 81 | Financial Services | |
| Cohen & Steers Infrastructure Fund, Inc | 0.46 | 0.48 | 0.54 | 69 | Financial Services | |
| Eaton Vance Tax-Managed Buy-Write Opportunities Fu... | 0.63 | 0.64 | 0.67 | 81 | Financial Services |
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