Looking to diversify beyond MGXIX? The mutual funds below have historically moved differently from MGXIX, 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 MGXIX
4 mutual funds have low correlation with MGXIX (below 0.3), 1 of which are negatively correlated. The least correlated is SEI Institutional Managed Trust Multi-Asset Inflation Managed Fund (SIFAX) (Diversified Portfolio) with a 1Y correlation of -0.23, down from 0.10 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| SEI Institutional Managed Trust Multi-Asset Inflat... | -0.23 | -0.04 | 0.10 | 83 | Diversified Portfolio | MGXIX vs SIFAX | |
| MH Elite Small Cap Fund of Funds Fund | 0.07 | 0.17 | 0.53 | 66 | Diversified Portfolio | MGXIX vs MHELX | |
| MainStay MacKay Short Term Municipal Fund | 0.22 | 0.15 | 0.10 | 74 | Municipal Bonds | MGXIX vs MSTIX | |
| MainStay CBRE Real Estate Fund | 0.26 | 0.50 | 0.61 | 53 | REIT | MGXIX vs CRARX | |
| MainStay Floating Rate Fund | 0.33 | 0.28 | 0.28 | 69 | Bank Loan | MGXIX vs MXFIX |
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