Looking to diversify beyond HIOIX? The mutual funds below have historically moved differently from HIOIX, 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 HIOIX
7 mutual funds have low correlation with HIOIX (below 0.3), 4 of which are negatively correlated. The least correlated is Vanguard Market Neutral Fund Institutional Shares (VMNIX) (Long-Short) with a 1Y correlation of -0.10, roughly unchanged from -0.04 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Vanguard Market Neutral Fund Institutional Shares | -0.10 | -0.08 | -0.04 | 97 | Long-Short | HIOIX vs VMNIX | |
| Federated Hermes MDT Market Neutral A | -0.10 | -0.05 | — | 54 | Long-Short | HIOIX vs QAMNX | |
| Vanguard Market Neutral Fund Investor Shares | -0.10 | -0.07 | -0.04 | 97 | Long-Short | HIOIX vs VMNFX | |
| Knights of Columbus Long/Short Equity Fund | -0.07 | 0.18 | 0.18 | 96 | Long-Short | HIOIX vs KCEIX | |
| Guggenheim Alpha Opportunity Fund | 0.19 | 0.18 | 0.23 | 83 | Long-Short | HIOIX vs SAOAX |
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Low-Correlation Stock Ideas
The table shows companies with at least $1B in market capitalization, historical correlation data for HIOIX, and a Risk / Return Rank of 50 or higher. Treat them as research candidates rather than evidence that they will offset a future decline. The least correlated is Cohen & Steers Quality Income Realty Fund, Inc. (RQI) (Financial Services) with a 1Y correlation of 0.29, down from 0.44 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Cohen & Steers Quality Income Realty Fund, Inc. | 0.29 | 0.34 | 0.44 | 66 | Financial Services |
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