Looking to diversify beyond NWMSX? The mutual funds below have the lowest correlation with NWMSX — 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 NWMSX.
Best Diversifiers for NWMSX
2 mutual funds have low correlation with NWMSX (below 0.3), 0 of which are negatively correlated. The least correlated is Nationwide Strategic Income A (NWXEX) (Multisector Bonds) with a 1Y correlation of 0.10, roughly unchanged from 0.05 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Nationwide Strategic Income A | 0.10 | 0.13 | 0.05 | 99 | Multisector Bonds | NWMSX vs NWXEX | |
| Nationwide Amundi Strategic Income Fund | 0.10 | 0.13 | 0.05 | 99 | Multisector Bonds | NWMSX vs NWXHX | |
| Dimensional Retirement Income Fund | 0.75 | 0.81 | 0.77 | 83 | Target Retirement Date | NWMSX vs TDIFX | |
| Nationwide Small Cap Index Fund | 0.82 | 0.85 | 0.87 | 62 | Small Cap Blend Equities | NWMSX vs GMRAX | |
| Fidelity Freedom Income Fund Class K | 0.82 | 0.77 | 0.73 | 75 | Target Retirement Date | NWMSX vs FNSHX |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from NWMSX, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to NWMSX and solid risk/return profiles. The least correlated is Eaton Vance Tax-Managed Buy-Write Opportunities Fund (ETV) (Financial Services) with a 1Y correlation of 0.69, roughly unchanged from 0.73 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Eaton Vance Tax-Managed Buy-Write Opportunities Fu... | 0.69 | 0.70 | 0.73 | 79 | Financial Services |
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