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Eaton Vance Short Duration Municipal Opportunities Fund (EZMAX) Diversifiers

Mutual Fund · Currency in USD · Last updated Jun 4, 2026

The investment seeks to maximize after-tax total return. The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in municipal obligations that are exempt from regular federal income tax. It may invest up to 50% of its net assets in obligations rated below investment grade. The fund may invest up to 20% of its net assets in other debt obligations, including (but not limited to) taxable municipal obligations, U.S. Treasury securities and obligations of the U.S. government, its agencies or instrumentalities. The fund is non-diversified.

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

Best Diversifiers for EZMAX

14 mutual funds have low correlation with EZMAX (below 0.3), 2 of which are negatively correlated. The least correlated is DFA California Municipal Real Return Portfolio (DCARX) (Municipal Bonds) with a 1Y correlation of -0.04, down from 0.20 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
DCARX
DFA California Municipal Real Return Portfolio-0.040.150.20
96
Municipal BondsEZMAX vs DCARX
DMREX
DFA Municipal Real Return Portfolio-0.030.190.22
95
Municipal BondsEZMAX vs DMREX
DFSMX
DFA Short Term Municipal Bond Portfolio0.110.230.35
99
Municipal BondsEZMAX vs DFSMX
USMSX
JPMorgan Ultra-Short Municipal Fund0.150.330.38
99
Municipal BondsEZMAX vs USMSX
EHSTX
Eaton Vance Large-Cap Value Fund0.150.140.11
55
Large Cap Value EquitiesEZMAX vs EHSTX
See all 26 diversifiers for EZMAX

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Low-Correlation Stock Ideas

If you're looking for individual stocks that move independently from EZMAX, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to EZMAX and solid risk/return profiles. The least correlated is Eni S.p.A. (E) (Energy) with a 1Y correlation of -0.05, roughly unchanged from 0.02 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankSector
E
Eni S.p.A.-0.05-0.000.02
97
Energy

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