Looking to diversify beyond NMHYX? The mutual funds below have historically moved differently from NMHYX, 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 NMHYX
6 mutual funds have low correlation with NMHYX (below 0.3), 2 of which are negatively correlated. The least correlated is Pioneer ILS Interval Fund (XILSX) (High Yield Bonds) with a 1Y correlation of -0.10, roughly unchanged from -0.03 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Pioneer ILS Interval Fund | -0.10 | -0.07 | -0.03 | 100 | High Yield Bonds | NMHYX vs XILSX | |
| Fairholme Focused Income Fund | -0.04 | 0.22 | 0.33 | 73 | High Yield Bonds | NMHYX vs FOCIX | |
| Cliffwater Corporate Lending Fund Class I Shares | 0.07 | 0.09 | 0.13 | 100 | Bank Loan, High Yield Bonds | NMHYX vs CCLFX | |
| BlackRock Global Equity Market Neutral Fund Class ... | 0.10 | 0.09 | 0.04 | 97 | Equity Market Neutral | NMHYX vs BDMIX | |
| RiverPark Short Term High Yield Fund | 0.12 | 0.24 | 0.29 | 100 | High Yield Bonds | NMHYX vs RPHIX |
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