Looking to diversify beyond NMMDX? The mutual funds below have historically moved differently from NMMDX, 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 NMMDX
13 mutual funds have low correlation with NMMDX (below 0.3), 0 of which are negatively correlated. The least correlated is Nuveen Nasdaq 100 Dynamic Overwrite Fund (QQQX) (Derivative Income) with a 1Y correlation of 0.20, roughly unchanged from 0.15 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Nuveen Nasdaq 100 Dynamic Overwrite Fund | 0.20 | 0.15 | 0.15 | 58 | Derivative Income, Options Trading, Nasdaq-100, Large Cap Growth Equities, Actively Managed | NMMDX vs QQQX | |
| DFA NY Municipal Bond Portfolio | 0.21 | 0.34 | 0.41 | 99 | Municipal Bonds | NMMDX vs DNYMX | |
| JPMorgan Ultra-Short Municipal Fund | 0.24 | 0.31 | 0.38 | 98 | Municipal Bonds | NMMDX vs USMSX | |
| JPMorgan Ultra-Short Municipal Fund | 0.24 | 0.33 | 0.40 | 98 | Municipal Bonds | NMMDX vs USMTX | |
| Nuveen Equity Index Fund Class I | 0.24 | 0.15 | 0.13 | 63 | Large Cap Blend Equities | NMMDX vs TIEIX |
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