Looking to diversify beyond SCMAX? The mutual funds below have historically moved differently from SCMAX, 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 SCMAX
16 mutual funds have low correlation with SCMAX (below 0.3), 0 of which are negatively correlated. The least correlated is SEI Institutional Managed Trust Tax-Free Conservative Income Fund (TFCYX) (Municipal Bonds) with a 1Y correlation of 0.06, down from 0.17 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| SEI Institutional Managed Trust Tax-Free Conservat... | 0.06 | 0.17 | 0.17 | 99 | Municipal Bonds | SCMAX vs TFCYX | |
| Federated Hermes Conservative Municipal Microshort... | 0.09 | 0.14 | 0.11 | 99 | Municipal Bonds | SCMAX vs FHMIX | |
| DWS RREEF Real Assets Fund | 0.09 | 0.22 | 0.21 | 76 | Global Allocation | SCMAX vs AAAZX | |
| DWS RREEF Real Assets Fund - Class A | 0.11 | 0.22 | 0.21 | 74 | Diversified Portfolio | SCMAX vs AAAAX | |
| abrdn Ultra Short Municipal Income Fund | 0.13 | 0.24 | 0.25 | 100 | Municipal Bonds | SCMAX vs ATOIX |
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