Looking to diversify beyond SHYAX? The mutual funds below have historically moved differently from SHYAX, 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 SHYAX
7 mutual funds have low correlation with SHYAX (below 0.3), 2 of which are negatively correlated. The least correlated is Cliffwater Corporate Lending Fund Class I Shares (CCLFX) (Bank Loan) with a 1Y correlation of -0.03, down from 0.08 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Cliffwater Corporate Lending Fund Class I Shares | -0.03 | 0.05 | 0.08 | 100 | Bank Loan, High Yield Bonds | SHYAX vs CCLFX | |
| Fairholme Focused Income Fund | -0.00 | 0.22 | 0.31 | 73 | High Yield Bonds | SHYAX vs FOCIX | |
| Pioneer ILS Interval Fund | 0.06 | 0.07 | 0.06 | 100 | High Yield Bonds | SHYAX vs XILSX | |
| BlackRock Global Equity Market Neutral Fund Class ... | 0.07 | 0.04 | 0.01 | 97 | Equity Market Neutral | SHYAX vs BDMIX | |
| RiverPark Short Term High Yield Fund | 0.10 | 0.16 | 0.23 | 100 | High Yield Bonds | SHYAX vs RPHIX |
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