Looking to diversify beyond NNY? The mutual funds below have historically moved differently from NNY, 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 NNY
17 mutual funds have low correlation with NNY (below 0.3), 0 of which are negatively correlated. The least correlated is SEI Institutional Managed Trust Tax-Free Conservative Income Fund (TFCYX) (Municipal Bonds) with a 1Y correlation of 0.13, roughly unchanged from 0.08 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| SEI Institutional Managed Trust Tax-Free Conservat... | 0.13 | 0.11 | 0.08 | 99 | Municipal Bonds | NNY vs TFCYX | |
| DFA Short-Term Selective State Municipal Bond Port... | 0.15 | 0.14 | — | 100 | Municipal Bonds | NNY vs DFABX | |
| DFA NY Municipal Bond Portfolio | 0.15 | 0.20 | 0.14 | 99 | Municipal Bonds | NNY vs DNYMX | |
| DFA Short Term Municipal Bond Portfolio | 0.15 | 0.08 | 0.09 | 100 | Municipal Bonds | NNY vs DFSMX | |
| Nuveen Massachusetts Quality Municipal Income Fund | 0.15 | 0.26 | 0.24 | 78 | Municipal Bonds | NNY vs NMT |
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