Looking to diversify beyond FHKCX? The mutual funds below have historically moved differently from FHKCX, 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 FHKCX
3 mutual funds have low correlation with FHKCX (below 0.3), 1 of which are negatively correlated. The least correlated is ProFunds UltraSector Oil & Gas Fund (ENPIX) (Leveraged Equities) with a 1Y correlation of -0.09, down from 0.20 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| ProFunds UltraSector Oil & Gas Fund | -0.09 | 0.11 | 0.20 | 55 | Leveraged Equities | FHKCX vs ENPIX | |
| Fidelity Tax-Free Bond Fund | 0.16 | 0.07 | 0.09 | 55 | Municipal Bonds | FHKCX vs FTABX | |
| Fidelity Select Biotechnology Portfolio | 0.29 | 0.32 | 0.37 | 91 | Health & Biotech Equities | FHKCX vs FBIOX | |
| Fidelity Series Emerging Markets Debt Fund | 0.40 | 0.26 | 0.28 | 84 | Emerging Markets Bonds | FHKCX vs FEDCX | |
| T. Rowe Price New Era Fund | 0.42 | 0.44 | 0.47 | 75 | Energy Equities | FHKCX vs PRNEX |
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Low-Correlation Stock Ideas
The table shows companies with at least $1B in market capitalization, historical correlation data for FHKCX, 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 CF Industries Holdings, Inc. (CF) (Basic Materials) with a 1Y correlation of -0.20, down from 0.09 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| CF Industries Holdings, Inc. | -0.20 | 0.05 | 0.09 | 64 | Basic Materials | |
| Berkshire Hathaway Inc. | -0.14 | 0.06 | 0.16 | 66 | Financial Services | |
| ConocoPhillips Company | -0.14 | 0.04 | 0.13 | 68 | Energy | |
| Quest Diagnostics Incorporated | -0.13 | 0.01 | 0.07 | 86 | Healthcare | |
| CVS Health Corporation | -0.07 | -0.01 | 0.04 | 89 | Healthcare |
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