Looking to diversify beyond NOAZX? The mutual funds below have the lowest correlation with NOAZX — 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 NOAZX.
Best Diversifiers for NOAZX
17 mutual funds have low correlation with NOAZX (below 0.3), 1 of which are negatively correlated. The least correlated is Federated Hermes Conservative Municipal Microshort Fund (FHMIX) (Municipal Bonds) with a 1Y correlation of -0.01, roughly unchanged from 0.06 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Federated Hermes Conservative Municipal Microshort... | -0.01 | 0.08 | 0.06 | 99 | Municipal Bonds | NOAZX vs FHMIX | |
| SEI Institutional Managed Trust Tax-Free Conservat... | 0.03 | 0.08 | 0.08 | 99 | Municipal Bonds | NOAZX vs TFCYX | |
| Cavanal Hill Ultra Short Tax-Free Income Fund | 0.13 | 0.08 | 0.18 | 99 | Municipal Bonds | NOAZX vs APUSX | |
| abrdn Ultra Short Municipal Income Fund | 0.15 | 0.12 | 0.13 | 99 | Municipal Bonds | NOAZX vs ATOIX | |
| Strategic Advisers Tax-Sensitive Short Duration Fu... | 0.18 | 0.38 | 0.41 | 97 | Municipal Bonds | NOAZX vs FGNSX |
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