Looking to diversify beyond NSMRX? The mutual funds below have the lowest correlation with NSMRX — 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 NSMRX.
Best Diversifiers for NSMRX
3 mutual funds have low correlation with NSMRX (below 0.3), 0 of which are negatively correlated. The least correlated is Nuveen High Yield Municipal Bond Fund (NHMRX) (High Yield Muni) with a 1Y correlation of 0.15, roughly unchanged from 0.09 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Nuveen High Yield Municipal Bond Fund | 0.15 | 0.11 | 0.09 | 63 | High Yield Muni | NSMRX vs NHMRX | |
| Nuveen Short Duration High Yield Municipal Bond Fu... | 0.18 | 0.09 | 0.10 | 65 | High Yield Muni | NSMRX vs NVHIX | |
| Nuveen Preferred Securities & Income Fund | 0.28 | 0.33 | 0.35 | 73 | Preferred Stock/Convertible Bonds | NSMRX vs NPSRX | |
| Nuveen Nasdaq 100 Dynamic Overwrite Fund | 0.50 | 0.57 | 0.61 | 62 | Derivative Income, Options Trading, Nasdaq-100, Large Cap Growth Equities, Actively Managed | NSMRX vs QQQX | |
| Nuveen Equity Long/Short Fund | 0.65 | 0.68 | 0.76 | 58 | Long-Short | NSMRX vs NELIX |
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