Looking to diversify beyond HMEZX? The mutual funds below have the lowest correlation with HMEZX — 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 HMEZX.
Best Diversifiers for HMEZX
2 mutual funds have low correlation with HMEZX (below 0.3), 0 of which are negatively correlated. The least correlated is Eaton Vance Global Macro Absolute Return Fund (EIGMX) (Nontraditional Bonds) with a 1Y correlation of 0.03, roughly unchanged from 0.06 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Eaton Vance Global Macro Absolute Return Fund | 0.03 | 0.09 | 0.06 | 99 | Nontraditional Bonds | HMEZX vs EIGMX | |
| Blackstone Alternative Multi-Strategy Fund | 0.18 | 0.19 | 0.19 | 99 | Multistrategy | HMEZX vs BXMIX | |
| Gabelli Enterprise Mergers and Acquisitions Fund | 0.31 | 0.32 | 0.37 | 71 | Event Driven | HMEZX vs EMAYX | |
| Vivaldi Merger Arbitrage Fund Class I | 0.33 | 0.32 | 0.34 | 98 | Event Driven | HMEZX vs VARBX | |
| Calamos Market Neutral Income Fund Institutional C... | 0.34 | 0.30 | 0.32 | 98 | HMEZX vs CMNIX |
See all 14 diversifiers for HMEZX
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