Looking to diversify beyond FELAX? The mutual funds below have historically moved differently from FELAX, 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 FELAX
1 mutual funds have low correlation with FELAX (below 0.3), 0 of which are negatively correlated. The least correlated is Fidelity Advisor Health Care Fund Class A (FACDX) (Health & Biotech Equities) with a 1Y correlation of 0.23, down from 0.47 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Fidelity Advisor Health Care Fund Class A | 0.23 | 0.35 | 0.47 | 68 | Health & Biotech Equities | FELAX vs FACDX | |
| ARK Venture Fund | 0.34 | 0.50 | — | 99 | Technology Equities | FELAX vs ARKVX | |
| Gabelli Global Content & Connectivity Fund Class I | 0.40 | 0.45 | 0.56 | 58 | Technology Equities | FELAX vs GTTIX | |
| Vanguard U.S. Multifactor Fund Admiral Shares | 0.47 | 0.53 | 0.61 | 95 | Multi-factor | FELAX vs VFMFX | |
| Fidelity High Income Fund | 0.48 | 0.39 | 0.43 | 90 | High Yield Bonds | FELAX vs SPHIX |
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Low-Correlation Stock Ideas
The table shows companies with at least $1B in market capitalization, historical correlation data for FELAX, 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 AbbVie Inc. (ABBV) (Healthcare) with a 1Y correlation of -0.12, down from 0.04 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| AbbVie Inc. | -0.12 | -0.01 | 0.04 | 81 | Healthcare | |
| Eli Lilly and Company | -0.01 | 0.17 | 0.17 | 83 | Healthcare | |
| American Express Company | 0.17 | 0.33 | 0.45 | 58 | Financial Services | |
| Medpace Holdings, Inc. | 0.21 | 0.34 | 0.42 | 68 | Healthcare | |
| EMCOR Group, Inc. | 0.64 | 0.57 | 0.54 | 65 | Industrials |
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