Looking to diversify beyond SHIAX? The mutual funds below have historically moved differently from SHIAX, 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 SHIAX
4 mutual funds have low correlation with SHIAX (below 0.3), 1 of which are negatively correlated. The least correlated is Fairholme Focused Income Fund (FOCIX) (High Yield Bonds) with a 1Y correlation of -0.06, down from 0.29 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Fairholme Focused Income Fund | -0.06 | 0.16 | 0.29 | 73 | High Yield Bonds | SHIAX vs FOCIX | |
| Cliffwater Corporate Lending Fund Class I Shares | 0.03 | 0.04 | 0.10 | 100 | Bank Loan, High Yield Bonds | SHIAX vs CCLFX | |
| Pioneer ILS Interval Fund | 0.10 | 0.06 | 0.04 | 100 | High Yield Bonds | SHIAX vs XILSX | |
| RiverPark Short Term High Yield Fund | 0.23 | 0.19 | 0.24 | 100 | High Yield Bonds | SHIAX vs RPHIX | |
| Franklin Income Fund Advisor Class | 0.39 | 0.46 | 0.50 | 93 | Diversified Portfolio | SHIAX vs FRIAX |
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