Looking to diversify beyond SHNJX? The mutual funds below have historically moved differently from SHNJX, 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 SHNJX
14 mutual funds have low correlation with SHNJX (below 0.3), 1 of which are negatively correlated. The least correlated is DFA California Municipal Real Return Portfolio (DCARX) (Municipal Bonds) with a 1Y correlation of -0.06, down from 0.20 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| DFA California Municipal Real Return Portfolio | -0.06 | 0.13 | 0.20 | 89 | Municipal Bonds | SHNJX vs DCARX | |
| DFA Municipal Real Return Portfolio | 0.03 | 0.17 | 0.23 | 92 | Municipal Bonds | SHNJX vs DMREX | |
| DFA Short Term Municipal Bond Portfolio | 0.15 | 0.24 | 0.33 | 100 | Municipal Bonds | SHNJX vs DFSMX | |
| DFA NY Municipal Bond Portfolio | 0.22 | 0.30 | 0.38 | 99 | Municipal Bonds | SHNJX vs DNYMX | |
| abrdn Ultra Short Municipal Income Fund | 0.22 | 0.27 | 0.27 | 100 | Municipal Bonds | SHNJX vs ATOIX |
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