Looking to diversify beyond SCVAX? The mutual funds below have historically moved differently from SCVAX, 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 SCVAX
11 mutual funds have low correlation with SCVAX (below 0.3), 0 of which are negatively correlated. The least correlated is Allspring Ultra Short-Term Municipal Income Fund (SMAIX) (Municipal Bonds) with a 1Y correlation of 0.06, roughly unchanged from 0.06 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Allspring Ultra Short-Term Municipal Income Fund | 0.06 | 0.05 | 0.06 | 97 | Municipal Bonds | SCVAX vs SMAIX | |
| Allspring Ultra Short-Term Income Fund | 0.14 | 0.12 | 0.15 | 99 | Ultrashort Bond | SCVAX vs SADIX | |
| Allspring Minnesota Tax-Free Fund | 0.16 | 0.13 | 0.09 | 75 | Municipal Bonds | SCVAX vs NMTFX | |
| Allspring Intermediate Tax/AMT-Free Fund | 0.17 | 0.14 | 0.09 | 54 | Municipal Bonds | SCVAX vs WFTAX | |
| Allspring Pennsylvania Tax-Free Fund | 0.18 | 0.13 | 0.08 | 82 | Municipal Bonds | SCVAX vs EKVAX |
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