Looking to diversify beyond HMJIX? The mutual funds below have historically moved differently from HMJIX, 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 HMJIX
13 mutual funds have low correlation with HMJIX (below 0.3), 1 of which are negatively correlated. The least correlated is SEI Institutional Managed Trust Tax-Free Conservative Income Fund (TFCYX) (Municipal Bonds) with a 1Y correlation of -0.01, roughly unchanged from 0.08 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| SEI Institutional Managed Trust Tax-Free Conservat... | -0.01 | 0.07 | 0.08 | 99 | Municipal Bonds | HMJIX vs TFCYX | |
| Federated Hermes Conservative Municipal Microshort... | 0.06 | 0.10 | 0.09 | 99 | Municipal Bonds | HMJIX vs FHMIX | |
| abrdn Ultra Short Municipal Income Fund | 0.13 | 0.14 | 0.15 | 100 | Municipal Bonds | HMJIX vs ATOIX | |
| BlackRock MuniYield Michigan Quality Fund | 0.22 | 0.37 | 0.36 | 58 | Municipal Bonds | HMJIX vs MIY | |
| DFA NY Municipal Bond Portfolio | 0.22 | 0.39 | 0.46 | 99 | Municipal Bonds | HMJIX vs DNYMX |
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