PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan

Nuveen All-American Municipal Bond Fund (FLAAX) Diversifiers

Mutual Fund · Currency in USD · Last updated Jun 3, 2026

Under normal market conditions, the fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in municipal bonds that pay interest that is exempt from regular federal personal income tax. It invests at least 80% of its net assets in investment grade municipal bonds rated BBB/Baa or higher. The fund may invest up to 20% of its net assets in below investment grade municipal bonds, commonly referred to as "high yield" or "junk" bonds.

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

Best Diversifiers for FLAAX

14 mutual funds have low correlation with FLAAX (below 0.3), 0 of which are negatively correlated. The least correlated is DFA Municipal Real Return Portfolio (DMREX) (Municipal Bonds) with a 1Y correlation of 0.00, down from 0.23 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
DMREX
DFA Municipal Real Return Portfolio0.000.200.23
95
Municipal BondsFLAAX vs DMREX
DCARX
DFA California Municipal Real Return Portfolio0.010.180.22
96
Municipal BondsFLAAX vs DCARX
FASEX
Nuveen Mid Cap Value Fund0.130.120.07
64
Mid Cap Value EquitiesFLAAX vs FASEX
NELIX
Nuveen Equity Long/Short Fund0.130.090.06
59
Long-ShortFLAAX vs NELIX
USMSX
JPMorgan Ultra-Short Municipal Fund0.140.300.38
99
Municipal BondsFLAAX vs USMSX
See all 25 diversifiers for FLAAX

To view more results, upgrade your current subscription plan.

Low-Correlation Stock Ideas

If you're looking for individual stocks that move independently from FLAAX, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to FLAAX and solid risk/return profiles. The least correlated is Altria Group, Inc. (MO) (Consumer Defensive) with a 1Y correlation of -0.03, roughly unchanged from 0.03 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankSector
MO
Altria Group, Inc.-0.030.070.03
67
Consumer Defensive

Rows per page

1–1 of 1

Diversification Analysis

Build a portfolio that complements FLAAX

Add FLAAX to the Diversification Analyzer to see how it overlaps with your other holdings and which assets balance it best.

Analyze a portfolio with FLAAX