Looking to diversify beyond MGGIX? The mutual funds below have historically moved differently from MGGIX, 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 MGGIX
4 mutual funds have low correlation with MGGIX (below 0.3), 1 of which are negatively correlated. The least correlated is GQG Partners Global Quality Dividend Income Fund (GQFPX) (Quality Factor) with a 1Y correlation of -0.10, down from 0.40 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| GQG Partners Global Quality Dividend Income Fund | -0.10 | 0.30 | 0.40 | 70 | Quality Factor, Global Equities | MGGIX vs GQFPX | |
| Cohen & Steers Global Infrastructure Fund Class A | 0.08 | 0.23 | 0.38 | 79 | Infrastructure Equities, Global Equities | MGGIX vs CSUAX | |
| Nuveen Global Infrastructure Fund Class A | 0.15 | 0.31 | 0.45 | 66 | Infrastructure Equities, Global Equities | MGGIX vs FGIAX | |
| DoubleLine Low Duration Bond Fund | 0.29 | 0.15 | 0.15 | 98 | Short-Term Bond | MGGIX vs DBLSX | |
| Russell Investment Tax-Managed Real Assets Fund | 0.31 | 0.44 | 0.54 | 92 | Global Equities | MGGIX vs RTXAX |
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Low-Correlation Stock Ideas
The table shows companies with at least $1B in market capitalization, historical correlation data for MGGIX, 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 NextEra Energy, Inc. (NEE) (Utilities) with a 1Y correlation of -0.00, down from 0.21 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| NextEra Energy, Inc. | -0.00 | 0.06 | 0.21 | 77 | Utilities | |
| Prologis, Inc. | 0.18 | 0.30 | 0.38 | 90 | Real Estate | |
| Thermo Fisher Scientific Inc. | 0.31 | 0.30 | 0.41 | 65 | Healthcare |
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