Looking to diversify beyond FHKCX? The mutual funds below have the lowest correlation with FHKCX — 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 FHKCX.
Best Diversifiers for FHKCX
2 mutual funds have low correlation with FHKCX (below 0.3), 0 of which are negatively correlated. The least correlated is Fidelity Tax-Free Bond Fund (FTABX) (Municipal Bonds) with a 1Y correlation of 0.14, roughly unchanged from 0.08 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Fidelity Tax-Free Bond Fund | 0.14 | 0.06 | 0.08 | 76 | Municipal Bonds | FHKCX vs FTABX | |
| Fidelity Select Biotechnology Portfolio | 0.30 | 0.32 | 0.38 | 94 | Health & Biotech Equities | FHKCX vs FBIOX | |
| Baron Partners Fund | 0.36 | 0.37 | 0.44 | 57 | Large Cap Growth Equities | FHKCX vs BPTRX | |
| Fidelity Series Emerging Markets Debt Fund | 0.39 | 0.26 | 0.28 | 93 | Emerging Markets Bonds | FHKCX vs FEDCX | |
| T. Rowe Price New Era Fund | 0.41 | 0.44 | 0.47 | 66 | Energy Equities | FHKCX vs PRNEX |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from FHKCX, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to FHKCX and solid risk/return profiles. The least correlated is CF Industries Holdings, Inc. (CF) (Basic Materials) with a 1Y correlation of -0.16, down from 0.10 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| CF Industries Holdings, Inc. | -0.16 | 0.06 | 0.10 | 67 | Basic Materials | |
| PepsiCo, Inc. | -0.13 | -0.01 | 0.02 | 53 | Consumer Defensive | |
| ConocoPhillips Company | -0.13 | 0.05 | 0.14 | 69 | Energy | |
| Quest Diagnostics Incorporated | -0.12 | 0.03 | 0.08 | 78 | Healthcare | |
| Berkshire Hathaway Inc. | -0.11 | 0.06 | 0.17 | 53 | Financial Services |
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