Looking to diversify beyond FDKLX? The mutual funds below have the lowest correlation with FDKLX — 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 FDKLX.
Best Diversifiers for FDKLX
3 mutual funds have low correlation with FDKLX (below 0.3), 1 of which are negatively correlated. The least correlated is Fidelity Select Energy Portfolio (FSENX) (Energy Equities) with a 1Y correlation of -0.04, down from 0.36 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Fidelity Select Energy Portfolio | -0.04 | 0.23 | 0.36 | 63 | Energy Equities | FDKLX vs FSENX | |
| Vanguard Short-Term Inflation-Protected Securities... | 0.13 | 0.18 | 0.21 | 91 | Inflation-Protected Bonds | FDKLX vs VTAPX | |
| Fidelity Floating Rate High Income Fund | 0.24 | 0.31 | 0.36 | 92 | Bank Loan | FDKLX vs FFRHX | |
| AQR Long-Short Equity Fund | 0.44 | 0.42 | 0.31 | 54 | Long-Short | FDKLX vs QLEIX | |
| AQR Long-Short Equity Fund Class N | 0.45 | 0.42 | 0.32 | 51 | Long-Short, Actively Managed | FDKLX vs QLENX |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from FDKLX, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to FDKLX and solid risk/return profiles. The least correlated is Altria Group, Inc. (MO) (Consumer Defensive) with a 1Y correlation of -0.18, down from 0.14 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Altria Group, Inc. | -0.18 | 0.02 | 0.14 | 79 | Consumer Defensive | |
| Waste Management, Inc. | -0.18 | 0.07 | 0.21 | 51 | Industrials | |
| Exxon Mobil Corporation | -0.16 | 0.05 | 0.20 | 71 | Energy | |
| The Coca-Cola Company | -0.16 | 0.05 | 0.20 | 82 | Consumer Defensive | |
| ConocoPhillips Company | -0.14 | 0.07 | 0.21 | 63 | Energy |
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