Looking to diversify beyond ALGRX? The mutual funds below have historically moved differently from ALGRX, 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 ALGRX
3 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 -0.14, down from 0.18 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Invesco Energy Fund | -0.14 | 0.03 | 0.18 | 74 | Energy Equities | ALGRX vs FSTEX | |
| AQR Style Premia Alternative Fund - Class I | -0.07 | -0.10 | -0.23 | 87 | Multistrategy | ALGRX vs QSPIX | |
| Columbia Dividend Opportunity Fund | 0.25 | 0.34 | 0.49 | 93 | Large Cap Value Equities | ALGRX vs INUTX | |
| Eaton Vance Global Macro Absolute Return Advantage... | 0.33 | 0.21 | 0.13 | 98 | Nontraditional Bonds | ALGRX vs EGRIX | |
| Alger Health Sciences Fund | 0.35 | 0.43 | 0.57 | 96 | Health & Biotech Equities | ALGRX vs AHSAX |
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Low-Correlation Stock Ideas
The table shows companies with at least $1B in market capitalization, historical correlation data for ALGRX, 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 Berkshire Hathaway Inc. (BRK-B) (Financial Services) with a 1Y correlation of -0.18, down from 0.30 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Berkshire Hathaway Inc. | -0.18 | 0.09 | 0.30 | 67 | Financial Services | |
| AbbVie Inc. | -0.18 | -0.03 | 0.04 | 73 | Healthcare | |
| McKesson Corporation | -0.17 | -0.06 | 0.06 | 59 | Healthcare | |
| RTX Corporation | 0.09 | 0.12 | 0.26 | 82 | Industrials | |
| Starbucks Corporation | 0.09 | 0.16 | 0.33 | 65 | Consumer Cyclical |
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