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Nuveen Short Term Municipal Bond Fund (FSHYX) Diversifiers

Mutual Fund · Currency in USD · Last updated Jun 25, 2026

The investment seeks current income that is exempt from federal income tax to the extent consistent with preservation of capital. 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. These municipal bonds include obligations issued by U.S. states and their subdivisions, authorities, instrumentalities and corporations, as well as obligations issued by U.S. territories that pay interest that is exempt from regular federal personal income tax.

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

Best Diversifiers for FSHYX

13 mutual funds have low correlation with FSHYX (below 0.3), 0 of which are negatively correlated. The least correlated is Nuveen Equity Long/Short Fund (NELIX) (Long-Short) with a 1Y correlation of 0.12, roughly unchanged from 0.04 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
NELIX
Nuveen Equity Long/Short Fund0.120.090.04
50
Long-ShortFSHYX vs NELIX
TIEIX
Nuveen Equity Index Fund Class I0.150.130.08
51
Large Cap Blend EquitiesFSHYX vs TIEIX
FASEX
Nuveen Mid Cap Value Fund0.150.130.07
79
Mid Cap Value EquitiesFSHYX vs FASEX
DFSMX
DFA Short Term Municipal Bond Portfolio0.210.230.38
99
Municipal BondsFSHYX vs DFSMX
DFABX
DFA Short-Term Selective State Municipal Bond Port...0.220.28—
100
Municipal BondsFSHYX vs DFABX
See all 25 diversifiers for FSHYX

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