Looking to diversify beyond NMZ? The mutual funds below have the lowest correlation with NMZ — 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 NMZ.
Best Diversifiers for NMZ
4 mutual funds have low correlation with NMZ (below 0.3), 0 of which are negatively correlated. The least correlated is Nuveen Equity Long/Short Fund (NELIX) (Long-Short) with a 1Y correlation of 0.24, roughly unchanged from 0.26 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Nuveen Equity Long/Short Fund | 0.24 | 0.26 | 0.26 | 58 | Long-Short | NMZ vs NELIX | |
| Federated Hermes Municipal High Yield Advtg Fd | 0.28 | 0.41 | 0.41 | 91 | High Yield Muni | NMZ vs FHTFX | |
| Nuveen Equity Index Fund Class I | 0.28 | 0.32 | 0.30 | 64 | Large Cap Blend Equities | NMZ vs TIEIX | |
| Nuveen Nasdaq 100 Dynamic Overwrite Fund | 0.30 | 0.29 | 0.31 | 62 | Derivative Income, Options Trading, Nasdaq-100, Large Cap Growth Equities, Actively Managed | NMZ vs QQQX | |
| Nuveen Mid Cap Value Fund | 0.31 | 0.33 | 0.29 | 81 | Mid Cap Value Equities | NMZ vs FASEX |
See all 51 diversifiers for NMZ
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Diversification Analysis
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