Looking to diversify beyond MGTIX? The mutual funds below have historically moved differently from MGTIX, 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 MGTIX
2 mutual funds have low correlation with MGTIX (below 0.3), 0 of which are negatively correlated. The least correlated is Columbia High Yield Municipal Fund (SRHMX) (High Yield Muni) with a 1Y correlation of 0.22, 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 |
|---|---|---|---|---|---|---|---|
| Columbia High Yield Municipal Fund | 0.22 | 0.13 | 0.13 | 91 | High Yield Muni | MGTIX vs SRHMX | |
| Columbia Strategic Municipal Income Fund | 0.24 | 0.15 | 0.14 | 77 | Municipal Bonds | MGTIX vs INTAX | |
| BlackRock Event Driven Equity Fund | 0.44 | 0.53 | 0.62 | 82 | Event Driven | MGTIX vs BILPX | |
| MFS Emerging Markets Debt Fund | 0.45 | 0.32 | 0.34 | 70 | Emerging Markets Bonds | MGTIX vs MEDIX | |
| MFS Value Fund | 0.53 | 0.65 | 0.75 | 75 | Large Cap Value Equities | MGTIX vs MEIKX |
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