Looking to diversify beyond MGSMX? The mutual funds below have the lowest correlation with MGSMX — 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 MGSMX.
Best Diversifiers for MGSMX
17 mutual funds have low correlation with MGSMX (below 0.3), 0 of which are negatively correlated. The least correlated is Federated Hermes Conservative Municipal Microshort Fund (FHMIX) (Municipal Bonds) with a 1Y correlation of 0.02, roughly unchanged from 0.11 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Federated Hermes Conservative Municipal Microshort... | 0.02 | 0.14 | 0.11 | 98 | Municipal Bonds | MGSMX vs FHMIX | |
| abrdn Ultra Short Municipal Income Fund | 0.05 | 0.24 | 0.26 | 99 | Municipal Bonds | MGSMX vs ATOIX | |
| SEI Institutional Managed Trust Tax-Free Conservat... | 0.07 | 0.20 | 0.19 | 98 | Municipal Bonds | MGSMX vs TFCYX | |
| Cavanal Hill Ultra Short Tax-Free Income Fund | 0.17 | 0.19 | 0.29 | 98 | Municipal Bonds | MGSMX vs APUSX | |
| DWS Science and Technology Fund | 0.18 | 0.10 | 0.08 | 72 | Technology Equities | MGSMX vs KTCAX |
See all 21 diversifiers for MGSMX
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