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BNY Mellon New York AMT-Free Municipal Bond Fund (PSNYX) Diversifiers

Mutual Fund · Currency in USD · Last updated Jun 23, 2026

The fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in municipal bonds that provide income exempt from federal, New York State and New York City income taxes and the federal alternative minimum tax. It invests at least 70% of its assets in municipal bonds rated, at the time of purchase, investment grade or the unrated equivalent as determined by the fund's sub-adviser.

Looking to diversify beyond PSNYX? The mutual funds below have the lowest correlation with PSNYX — 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 PSNYX.

Best Diversifiers for PSNYX

19 mutual funds have low correlation with PSNYX (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 -0.02, down from 0.20 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
DCARX
DFA California Municipal Real Return Portfolio-0.020.150.20
95
Municipal BondsPSNYX vs DCARX
DNLAX
BNY Mellon Natural Resources Fund Class A0.020.02-0.02
59
Energy EquitiesPSNYX vs DNLAX
DMREX
DFA Municipal Real Return Portfolio0.020.180.21
94
Municipal BondsPSNYX vs DMREX
DTGRX
BNY Mellon Technology Growth Fund0.150.100.11
72
Technology EquitiesPSNYX vs DTGRX
DFSMX
DFA Short Term Municipal Bond Portfolio0.180.250.37
99
Municipal BondsPSNYX vs DFSMX
See all 30 diversifiers for PSNYX

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Low-Correlation Stock Ideas

If you're looking for individual stocks that move independently from PSNYX, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to PSNYX and solid risk/return profiles. The least correlated is Planet Labs PBC (PL) (Industrials) with a 1Y correlation of 0.07, roughly unchanged from 0.07 over 3 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankSector
PL
Planet Labs PBC0.070.07—
97
Industrials

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