Looking to diversify beyond ALGRX? The mutual funds below have the lowest correlation with ALGRX — 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 ALGRX.
Best Diversifiers for ALGRX
4 mutual funds have low correlation with ALGRX (below 0.3), 2 of which are negatively correlated. The least correlated is Invesco Energy Fund (FSTEX) (Energy Equities) with a 1Y correlation of -0.16, down from 0.19 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Invesco Energy Fund | -0.16 | 0.04 | 0.19 | 71 | Energy Equities | ALGRX vs FSTEX | |
| AQR Style Premia Alternative Fund | -0.10 | -0.11 | -0.25 | 52 | Multistrategy | ALGRX vs QSPIX | |
| Eaton Vance Global Macro Absolute Return Advantage... | 0.24 | 0.20 | 0.12 | 97 | Nontraditional Bonds | ALGRX vs EGRIX | |
| Columbia Dividend Opportunity Fund | 0.27 | 0.34 | 0.50 | 75 | Large Cap Value Equities | ALGRX vs INUTX | |
| AQR Long-Short Equity Fund | 0.38 | 0.41 | 0.24 | 51 | Long-Short | ALGRX vs QLEIX |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from ALGRX, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to ALGRX and solid risk/return profiles. The least correlated is AbbVie Inc. (ABBV) (Healthcare) with a 1Y correlation of -0.08, down from 0.07 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| AbbVie Inc. | -0.08 | -0.02 | 0.07 | 68 | Healthcare | |
| RTX Corporation | 0.15 | 0.14 | 0.28 | 75 | Industrials | |
| Starbucks Corporation | 0.18 | 0.23 | 0.41 | 51 | Consumer Cyclical | |
| Apple Inc | 0.32 | 0.44 | 0.60 | 90 | Technology | |
| Parker-Hannifin Corporation | 0.36 | 0.48 | 0.56 | 75 | Industrials |
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