Looking to diversify beyond MUBFX? The mutual funds below have historically moved differently from MUBFX, 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 MUBFX
3 mutual funds have low correlation with MUBFX (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 0.14, roughly unchanged from 0.05 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 | 0.14 | 0.10 | 0.05 | 65 | Municipal Bonds | MUBFX vs MSTIX | |
| Vanguard New Jersey Long-Term Tax-Exempt Fund Inve... | 0.22 | 0.15 | 0.10 | 73 | Municipal Bonds | MUBFX vs VNJTX | |
| MainStay Floating Rate Fund | 0.23 | 0.24 | 0.24 | 56 | Bank Loan | MUBFX vs MXFIX | |
| Voya Corporate Leaders Trust Fund | 0.34 | 0.60 | 0.71 | 94 | Large Cap Value Equities | MUBFX vs LEXCX | |
| AMG Yacktman Focused Fund | 0.35 | 0.61 | 0.74 | 91 | Large Cap Value Equities | MUBFX vs YAFFX |
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