Looking to diversify beyond MYI? The mutual funds below have the lowest correlation with MYI — they tend to move on their own, which can help reduce risk when the rest of your portfolio drops. The stock ideas table highlights individual companies that behave independently from MYI.
Best Diversifiers for MYI
18 mutual funds have low correlation with MYI (below 0.3), 1 of which are negatively correlated. The least correlated is DFA California Municipal Real Return Portfolio (DCARX) (Municipal Bonds) with a 1Y correlation of -0.04, down from 0.16 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| DFA California Municipal Real Return Portfolio | -0.04 | 0.11 | 0.16 | 95 | Municipal Bonds | MYI vs DCARX | |
| AlphaSimplex Managed Futures Strategy Fund Class Y | 0.00 | -0.08 | -0.18 | 60 | Systematic Trend | MYI vs ASFYX | |
| DFA Municipal Real Return Portfolio | 0.02 | 0.10 | 0.17 | 94 | Municipal Bonds | MYI vs DMREX | |
| BlackRock Global Long/Short Equity Fund Class I | 0.04 | 0.04 | 0.04 | 95 | Long-Short | MYI vs BDMIX | |
| Federated Hermes Conservative Municipal Microshort... | 0.09 | 0.12 | 0.09 | 99 | Municipal Bonds | MYI vs FHMIX |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from MYI, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to MYI and solid risk/return profiles. The least correlated is Nuveen AMT-Free Quality Municipal Income Fund (NEA) (Financial Services) with a 1Y correlation of 0.58, down from 0.69 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Nuveen AMT-Free Quality Municipal Income Fund | 0.58 | 0.69 | 0.69 | 79 | Financial Services | |
| Nuveen AMT-Free Municipal Credit Income Fund | 0.64 | 0.70 | 0.68 | 78 | Financial Services |
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