Looking to diversify beyond MFEGX? The mutual funds below have historically moved differently from MFEGX, 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 MFEGX
3 mutual funds have low correlation with MFEGX (below 0.3), 0 of which are negatively correlated. The least correlated is MFS California Municipal Bond Fund (MCFTX) (Municipal Bonds) with a 1Y correlation of 0.17, roughly unchanged from 0.13 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| MFS California Municipal Bond Fund | 0.17 | 0.12 | 0.13 | 75 | Municipal Bonds | MFEGX vs MCFTX | |
| American Funds Tax-Exempt Fund of California | 0.18 | 0.09 | 0.11 | 73 | Municipal Bonds | MFEGX vs TAFTX | |
| Franklin California Tax Free Income Fund | 0.19 | 0.08 | 0.10 | 75 | Municipal Bonds | MFEGX vs FKTFX | |
| MFS Value Fund | 0.31 | 0.41 | 0.59 | 70 | Large Cap Value Equities | MFEGX vs MEIKX | |
| MFS Value Fund Class I | 0.31 | 0.41 | 0.59 | 69 | Large Cap Value Equities | MFEGX vs MEIIX |
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Low-Correlation Stock Ideas
The table shows companies with at least $1B in market capitalization, historical correlation data for MFEGX, 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 Visa Inc. (V) (Financial Services) with a 1Y correlation of 0.15, down from 0.50 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Visa Inc. | 0.15 | 0.33 | 0.50 | 53 | Financial Services |
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