Looking to diversify beyond SHRAX? The mutual funds below have historically moved differently from SHRAX, 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 SHRAX
45 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 0.19, roughly unchanged from 0.11 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 | 0.19 | 0.12 | 0.11 | 52 | Municipal Bonds | SHRAX vs SHDAX | |
| Western Asset Intermediate Maturity CA Municipals ... | 0.20 | 0.12 | 0.11 | 76 | Municipal Bonds | SHRAX vs ITCAX | |
| Franklin Virginia Tax Free Income Fund | 0.21 | 0.13 | 0.12 | 79 | Municipal Bonds | SHRAX vs FRVAX | |
| Franklin Adjustable U.S. Government Securities Fun... | 0.22 | 0.14 | 0.14 | 95 | Ultrashort Bond | SHRAX vs FISAX | |
| Western Asset SMASh Series TF Fund | 0.22 | 0.14 | 0.13 | 83 | Municipal Bonds | SHRAX vs LSMSX |
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Low-Correlation Stock Ideas
The table shows companies with at least $1B in market capitalization, historical correlation data for SHRAX, and a Risk / Return Rank of 50 or higher. Treat them as research candidates rather than evidence that they will offset a future decline. The least correlated is National Health Investors, Inc. (NHI) (Real Estate) with a 1Y correlation of -0.14, down from 0.21 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| National Health Investors, Inc. | -0.14 | 0.12 | 0.21 | 57 | Real Estate |
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