Looking to diversify beyond MNOVX? The mutual funds below have historically moved differently from MNOVX, 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 MNOVX
11 mutual funds have low correlation with MNOVX (below 0.3), 2 of which are negatively correlated. The least correlated is DFA Municipal Real Return Portfolio (DMREX) (Municipal Bonds) with a 1Y correlation of -0.01, down from 0.24 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| DFA Municipal Real Return Portfolio | -0.01 | 0.18 | 0.24 | 92 | Municipal Bonds | MNOVX vs DMREX | |
| DFA California Municipal Real Return Portfolio | -0.01 | 0.18 | 0.23 | 89 | Municipal Bonds | MNOVX vs DCARX | |
| MainStay Candriam Emerging Markets Equity Fund | 0.12 | 0.10 | 0.11 | 72 | Emerging Markets Equities | MNOVX vs MCYVX | |
| JPMorgan Ultra-Short Municipal Fund | 0.22 | 0.31 | 0.38 | 98 | Municipal Bonds | MNOVX vs USMSX | |
| DFA Short-Term Selective State Municipal Bond Port... | 0.22 | 0.28 | — | 99 | Municipal Bonds | MNOVX vs DFABX |
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