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Western Asset Short Duration Municipal Income Fund (SHDAX) Diversifiers

Mutual Fund · Currency in USD · Last updated Jun 4, 2026

Under normal circumstances, the fund invests at least 80% of its assets in municipal securities and in participation or other interests in municipal securities issued by banks, insurance companies or other financial institutions. Municipal securities are securities and other investments with similar economic characteristics the interest on which is exempt from regular federal income tax.

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

Best Diversifiers for SHDAX

10 mutual funds have low correlation with SHDAX (below 0.3), 0 of which are negatively correlated. The least correlated is DFA NY Municipal Bond Portfolio (DNYMX) (Municipal Bonds) with a 1Y correlation of 0.13, down from 0.35 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
DNYMX
DFA NY Municipal Bond Portfolio0.130.250.35
99
Municipal BondsSHDAX vs DNYMX
DFCMX
DFA California Short Term Municipal Bond Portfolio0.150.280.37
99
Municipal BondsSHDAX vs DFCMX
AFB
AllianceBernstein National Municipal Income Fund0.180.330.33
50
Municipal BondsSHDAX vs AFB
FKINX
Franklin Income Fund Class A10.180.270.20
87
Diversified PortfolioSHDAX vs FKINX
DFSMX
DFA Short Term Municipal Bond Portfolio0.190.280.33
99
Municipal BondsSHDAX vs DFSMX
See all 18 diversifiers for SHDAX

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Diversification Analysis

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