Looking to diversify beyond WITAX? The mutual funds below have historically moved differently from WITAX, 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 WITAX
11 mutual funds have low correlation with WITAX (below 0.3), 0 of which are negatively correlated. The least correlated is SEI Institutional Managed Trust Tax-Free Conservative Income Fund (TFCYX) (Municipal Bonds) with a 1Y correlation of 0.06, roughly unchanged from 0.08 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| SEI Institutional Managed Trust Tax-Free Conservat... | 0.06 | 0.08 | 0.08 | 99 | Municipal Bonds | WITAX vs TFCYX | |
| Federated Hermes Conservative Municipal Microshort... | 0.07 | 0.11 | 0.09 | 99 | Municipal Bonds | WITAX vs FHMIX | |
| abrdn Ultra Short Municipal Income Fund | 0.12 | 0.13 | 0.15 | 100 | Municipal Bonds | WITAX vs ATOIX | |
| Segall Bryant & Hamill Small Cap Value Fund | 0.21 | 0.15 | 0.12 | 73 | Small Cap Blend Equities | WITAX vs SBHVX | |
| BlackRock MuniYield Michigan Quality Fund | 0.23 | 0.45 | 0.45 | 58 | Municipal Bonds | WITAX vs MIY |
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