Looking to diversify beyond SHAPX? The mutual funds below have historically moved differently from SHAPX, 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 SHAPX
45 mutual funds have low correlation with SHAPX (below 0.3), 0 of which are negatively correlated. The least correlated is Western Asset Short Duration Municipal Income Fund (SHDAX) (Municipal Bonds) with a 1Y correlation of 0.11, roughly unchanged from 0.07 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Western Asset Short Duration Municipal Income Fund | 0.11 | 0.08 | 0.07 | 52 | Municipal Bonds | SHAPX vs SHDAX | |
| Franklin Virginia Tax Free Income Fund | 0.17 | 0.13 | 0.11 | 79 | Municipal Bonds | SHAPX vs FRVAX | |
| Western Asset Intermediate Maturity CA Municipals ... | 0.17 | 0.12 | 0.09 | 76 | Municipal Bonds | SHAPX vs ITCAX | |
| Franklin Pennsylvania Tax-Free Income Fund | 0.18 | 0.13 | 0.11 | 67 | Municipal Bonds | SHAPX vs FRPAX | |
| Western Asset Municipal High Income Fund | 0.19 | 0.13 | 0.11 | 70 | High Yield Muni | SHAPX vs STXAX |
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