Looking to diversify beyond HMJIX? The mutual funds below have the lowest correlation with HMJIX — 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 HMJIX.
Best Diversifiers for HMJIX
16 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 -0.00, roughly unchanged from 0.08 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| SEI Institutional Managed Trust Tax-Free Conservat... | -0.00 | 0.07 | 0.08 | 98 | Municipal Bonds | HMJIX vs TFCYX | |
| Federated Hermes Conservative Municipal Microshort... | 0.07 | 0.10 | 0.09 | 98 | Municipal Bonds | HMJIX vs FHMIX | |
| Cavanal Hill Ultra Short Tax-Free Income Fund | 0.13 | 0.07 | 0.19 | 98 | Municipal Bonds | HMJIX vs APUSX | |
| abrdn Ultra Short Municipal Income Fund | 0.15 | 0.12 | 0.15 | 99 | Municipal Bonds | HMJIX vs ATOIX | |
| DFA Short Term Municipal Bond Portfolio | 0.17 | 0.29 | 0.39 | 99 | Municipal Bonds | HMJIX vs DFSMX |
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