Looking to diversify beyond MZHSX? The mutual funds below have historically moved differently from MZHSX, 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 MZHSX
5 mutual funds have low correlation with MZHSX (below 0.3), 2 of which are negatively correlated. The least correlated is Fairholme Focused Income Fund (FOCIX) (High Yield Bonds) with a 1Y correlation of -0.06, down from 0.31 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Fairholme Focused Income Fund | -0.06 | 0.18 | 0.31 | 70 | High Yield Bonds | MZHSX vs FOCIX | |
| Pioneer ILS Interval Fund | -0.05 | -0.07 | -0.03 | 100 | High Yield Bonds | MZHSX vs XILSX | |
| Cliffwater Corporate Lending Fund Class I Shares | 0.11 | 0.10 | 0.14 | 100 | Bank Loan, High Yield Bonds | MZHSX vs CCLFX | |
| RiverPark Short Term High Yield Fund | 0.25 | 0.29 | 0.31 | 99 | High Yield Bonds | MZHSX vs RPHIX | |
| Pioneer Corporate High Yield Fund | 0.27 | 0.54 | 0.72 | 58 | High Yield Bonds | MZHSX vs RCRYX |
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