Looking to diversify beyond MOPIX? The mutual funds below have historically moved differently from MOPIX, 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 MOPIX
2 mutual funds have low correlation with MOPIX (below 0.3), 0 of which are negatively correlated. The least correlated is MainStay MacKay Short Term Municipal Fund (MSTIX) (Municipal Bonds) with a 1Y correlation of 0.16, roughly unchanged from 0.06 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| MainStay MacKay Short Term Municipal Fund | 0.16 | 0.10 | 0.06 | 58 | Municipal Bonds | MOPIX vs MSTIX | |
| MainStay Floating Rate Fund | 0.27 | 0.23 | 0.25 | 56 | Bank Loan | MOPIX vs MXFIX | |
| Federated Hermes MDT Small Cap Core Fund | 0.40 | 0.62 | 0.78 | 64 | Small Cap Blend Equities | MOPIX vs QISCX | |
| MainStay MacKay High Yield Corporate Bond Fund Cla... | 0.52 | 0.53 | 0.53 | 61 | High Yield Bonds | MOPIX vs MHCAX | |
| MainStay Epoch U.S. Equity Yield Fund | 0.65 | 0.74 | 0.78 | 95 | Large Cap Value Equities | MOPIX vs EPLCX |
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