Looking to diversify beyond NAWGX? The mutual funds below have historically moved differently from NAWGX, 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 NAWGX
4 mutual funds have low correlation with NAWGX (below 0.3), 0 of which are negatively correlated. The least correlated is Fidelity Floating Rate High Income Fund (FFRHX) (Bank Loan) with a 1Y correlation of 0.14, down from 0.30 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Fidelity Floating Rate High Income Fund | 0.14 | 0.25 | 0.30 | 95 | Bank Loan | NAWGX vs FFRHX | |
| Catalyst/Millburn Hedge Strategy Fund Class I | 0.23 | 0.21 | 0.32 | 90 | Multistrategy, Systematic Trend, Global Equities | NAWGX vs MBXIX | |
| American Funds The New Economy Fund® Class F-2 | 0.28 | 0.43 | 0.57 | 70 | Global Equities | NAWGX vs NEFFX | |
| American Funds The New Economy Fund Class A | 0.30 | 0.43 | 0.57 | 72 | Global Equities, Actively Managed | NAWGX vs ANEFX | |
| Oberweis Global Opportunities Fund | 0.30 | 0.47 | 0.58 | 54 | Global Equities | NAWGX vs OBEGX |
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