Looking to diversify beyond HFQAX? The mutual funds below have historically moved differently from HFQAX, 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 HFQAX
2 mutual funds have low correlation with HFQAX (below 0.3), 1 of which are negatively correlated. The least correlated is Federated Hermes MDT Market Neutral Fund Institutional Shares (QQMNX) (Equity Market Neutral) with a 1Y correlation of -0.03, roughly unchanged from -0.06 over 3 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Federated Hermes MDT Market Neutral Fund Instituti... | -0.03 | -0.06 | — | 54 | Equity Market Neutral | HFQAX vs QQMNX | |
| MFS Commodity Strategy Fund | 0.08 | 0.20 | 0.26 | 69 | Commodities | HFQAX vs MCSFX | |
| Janus Henderson Global Life Sciences Fund | 0.40 | 0.47 | 0.56 | 92 | Health & Biotech Equities | HFQAX vs JNGLX | |
| Federated Hermes Strategic Value Dividend Fund Cla... | 0.42 | 0.52 | 0.64 | 93 | Dividend | HFQAX vs SVAAX | |
| Allspring Emerging Markets Equity Income Fund | 0.53 | 0.58 | 0.63 | 63 | Dividend, Emerging Markets Equities | HFQAX vs EQIIX |
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