Looking to diversify beyond NZF? The mutual funds below have historically moved differently from NZF, 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 NZF
18 mutual funds have low correlation with NZF (below 0.3), 1 of which are negatively correlated. The least correlated is DFA California Municipal Real Return Portfolio (DCARX) (Municipal Bonds) with a 1Y correlation of -0.16, down from 0.14 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| DFA California Municipal Real Return Portfolio | -0.16 | 0.06 | 0.14 | 89 | Municipal Bonds | NZF vs DCARX | |
| DFA Municipal Real Return Portfolio | 0.03 | 0.10 | 0.16 | 92 | Municipal Bonds | NZF vs DMREX | |
| abrdn Ultra Short Municipal Income Fund | 0.09 | 0.15 | 0.16 | 100 | Municipal Bonds | NZF vs ATOIX | |
| DFA Short Term Municipal Bond Portfolio | 0.11 | 0.16 | 0.22 | 100 | Municipal Bonds | NZF vs DFSMX | |
| Federated Hermes Conservative Municipal Microshort... | 0.13 | 0.12 | 0.09 | 99 | Municipal Bonds | NZF vs FHMIX |
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Low-Correlation Stock Ideas
The table shows companies with at least $1B in market capitalization, historical correlation data for NZF, and a Risk / Return Rank of 50 or higher. Treat them as research candidates rather than evidence that they will offset a future decline. The least correlated is Antero Midstream Corporation (AM) (Energy) with a 1Y correlation of -0.09, down from 0.12 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Antero Midstream Corporation | -0.09 | 0.07 | 0.12 | 76 | Energy | |
| Enbridge Inc. | -0.05 | 0.15 | 0.19 | 82 | Energy | |
| BlackRock Health Sciences Trust II | 0.26 | 0.27 | 0.30 | 80 | Financial Services | |
| PIMCO Dynamic Income Opportunities Fund | 0.31 | 0.35 | 0.37 | 64 | Financial Services | |
| Nuveen AMT-Free Quality Municipal Income Fund | 0.70 | 0.77 | 0.76 | 76 | Financial Services |
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