Looking to diversify beyond MGSMX? The mutual funds below have historically moved differently from MGSMX, 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 MGSMX
15 mutual funds have low correlation with MGSMX (below 0.3), 0 of which are negatively correlated. The least correlated is abrdn Ultra Short Municipal Income Fund (ATOIX) (Municipal Bonds) with a 1Y correlation of 0.03, down from 0.25 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| abrdn Ultra Short Municipal Income Fund | 0.03 | 0.22 | 0.25 | 100 | Municipal Bonds | MGSMX vs ATOIX | |
| SEI Institutional Managed Trust Tax-Free Conservat... | 0.03 | 0.19 | 0.19 | 99 | Municipal Bonds | MGSMX vs TFCYX | |
| Federated Hermes Conservative Municipal Microshort... | 0.06 | 0.13 | 0.11 | 99 | Municipal Bonds | MGSMX vs FHMIX | |
| DWS RREEF Real Assets Fund | 0.15 | 0.19 | 0.17 | 61 | Global Allocation | MGSMX vs AAAZX | |
| DWS RREEF Real Assets Fund - Class A | 0.16 | 0.18 | 0.17 | 58 | Diversified Portfolio | MGSMX vs AAAAX |
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