Looking to diversify beyond SHRAX? The mutual funds below have the lowest correlation with SHRAX — 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 SHRAX.
Best Diversifiers for SHRAX
46 mutual funds have low correlation with SHRAX (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 0.15, roughly unchanged from 0.11 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Western Asset Short Duration Municipal Income Fund | 0.15 | 0.11 | 0.11 | 79 | Municipal Bonds | SHRAX vs SHDAX | |
| Western Asset Intermediate Maturity CA Municipals ... | 0.15 | 0.11 | 0.10 | 79 | Municipal Bonds | SHRAX vs ITCAX | |
| Western Asset Pennsylvania Municipals Fund | 0.16 | 0.13 | 0.11 | 84 | Municipal Bonds | SHRAX vs SBPAX | |
| Franklin Virginia Tax Free Income Fund | 0.17 | 0.12 | 0.11 | 76 | Municipal Bonds | SHRAX vs FRVAX | |
| Western Asset SMASh Series TF Fund | 0.17 | 0.13 | 0.12 | 78 | Municipal Bonds | SHRAX vs LSMSX |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from SHRAX, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to SHRAX and solid risk/return profiles. The least correlated is National Health Investors, Inc. (NHI) (Real Estate) with a 1Y correlation of -0.10, down from 0.22 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| National Health Investors, Inc. | -0.10 | 0.13 | 0.22 | 53 | Real Estate |
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