Looking to diversify beyond SENAX? The mutual funds below have historically moved differently from SENAX, 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 SENAX
11 mutual funds have low correlation with SENAX (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 0.13, roughly unchanged from 0.10 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 | 0.13 | 0.05 | 0.10 | 97 | Municipal Bonds | SENAX vs SMAIX | |
| Allspring Intermediate Tax/AMT-Free Fund | 0.20 | 0.13 | 0.14 | 60 | Municipal Bonds | SENAX vs WFTAX | |
| Allspring Short-Term Municipal Bond Fund | 0.20 | 0.13 | 0.13 | 55 | Municipal Bonds | SENAX vs WSSCX | |
| Allspring Pennsylvania Tax-Free Fund | 0.20 | 0.12 | 0.13 | 86 | Municipal Bonds | SENAX vs EKVAX | |
| Allspring Ultra Short-Term Income Fund | 0.20 | 0.11 | 0.15 | 99 | Ultrashort Bond | SENAX vs SADIX |
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Low-Correlation Stock Ideas
The table shows companies with at least $1B in market capitalization, historical correlation data for SENAX, 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 Alphabet Inc. Class A (GOOGL) (Communication Services) with a 1Y correlation of 0.38, down from 0.55 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Alphabet Inc. Class A | 0.38 | 0.42 | 0.55 | 95 | Communication Services | |
| Dell Technologies Inc. | 0.46 | 0.49 | 0.50 | 96 | Technology |
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