Looking to diversify beyond MSOAX? The mutual funds below have historically moved differently from MSOAX, 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 MSOAX
2 mutual funds have low correlation with MSOAX (below 0.3), 0 of which are negatively correlated. The least correlated is MainStay Floating Rate Fund (MXFIX) (Bank Loan) with a 1Y correlation of 0.23, roughly unchanged from 0.21 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| MainStay Floating Rate Fund | 0.23 | 0.21 | 0.21 | 56 | Bank Loan | MSOAX vs MXFIX | |
| MainStay MacKay Short Term Municipal Fund | 0.23 | 0.17 | 0.11 | 65 | Municipal Bonds | MSOAX vs MSTIX | |
| Goldman Sachs Strategic Volatility Premium Fund | 0.31 | 0.16 | 0.14 | 96 | Large Cap Blend Equities | MSOAX vs SVPFX | |
| PRIMECAP Odyssey Growth Fund | 0.31 | 0.59 | 0.71 | 88 | Large Cap Blend Equities | MSOAX vs POGRX | |
| North Square Preferred and Income Securities Fund | 0.31 | 0.28 | 0.36 | 54 | Preferred Stock | MSOAX vs ORDNX |
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