Looking to diversify beyond NOITX? The mutual funds below have historically moved differently from NOITX, 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 NOITX
17 mutual funds have low correlation with NOITX (below 0.3), 0 of which are negatively correlated. The least correlated is Federated Hermes Conservative Municipal Microshort Fund (FHMIX) (Municipal Bonds) with a 1Y correlation of 0.04, 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 |
|---|---|---|---|---|---|---|---|
| Federated Hermes Conservative Municipal Microshort... | 0.04 | 0.10 | 0.08 | 99 | Municipal Bonds | NOITX vs FHMIX | |
| SEI Institutional Managed Trust Tax-Free Conservat... | 0.04 | 0.11 | 0.10 | 99 | Municipal Bonds | NOITX vs TFCYX | |
| abrdn Ultra Short Municipal Income Fund | 0.12 | 0.13 | 0.15 | 100 | Municipal Bonds | NOITX vs ATOIX | |
| DFA Short Term Municipal Bond Portfolio | 0.19 | 0.22 | 0.34 | 100 | Municipal Bonds | NOITX vs DFSMX | |
| DFA NY Municipal Bond Portfolio | 0.21 | 0.29 | 0.41 | 99 | Municipal Bonds | NOITX vs DNYMX |
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