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Index Funds S&P 500 Equal Weight (INDEX) Diversifiers

Mutual Fund · Currency in USD · Last updated Jun 4, 2026

The fund will invest, under normal circumstances, at least 80% of its net assets and borrowings for investment purposes in securities of issuers included in the index. The index is designed to measure the performance of 500 U.S. companies chosen for market size, liquidity and industry grouping, among other factors. In some instances, one or more of the 500 companies may have more than one share class included in the index.

Looking to diversify beyond INDEX? The mutual funds below have the lowest correlation with INDEX — 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 INDEX.

Best Diversifiers for INDEX

4 mutual funds have low correlation with INDEX (below 0.3), 1 of which are negatively correlated. The least correlated is PIMCO Commodity Real Return Strategy Fund (PCRIX) (Commodities) with a 1Y correlation of -0.03, down from 0.20 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
PCRIX
PIMCO Commodity Real Return Strategy Fund-0.030.110.20
75
CommoditiesINDEX vs PCRIX
MANJX
BlackRock New Jersey Municipal Bond Fund0.130.120.10
69
Municipal BondsINDEX vs MANJX
USTEX
USAA Tax Exempt Long Term Fund0.170.130.09
69
Municipal BondsINDEX vs USTEX
SVPFX
Goldman Sachs Strategic Volatility Premium Fund0.260.120.11
73
Large Cap Blend EquitiesINDEX vs SVPFX
QIACX
Federated Hermes MDT All Cap Core Fund0.300.610.78
56
Large Cap Blend EquitiesINDEX vs QIACX
See all 58 diversifiers for INDEX

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Low-Correlation Stock Ideas

If you're looking for individual stocks that move independently from INDEX, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to INDEX and solid risk/return profiles. The least correlated is The New York Times Company (NYT) (Communication Services) with a 1Y correlation of 0.10, down from 0.45 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankSector
NYT
The New York Times Company0.100.350.45
78
Communication Services
BCS
Barclays PLC0.640.530.57
73
Financial Services

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