Looking to diversify beyond FHRRX? The mutual funds below have the lowest correlation with FHRRX — 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 FHRRX.
Best Diversifiers for FHRRX
9 mutual funds have low correlation with FHRRX (below 0.3), 2 of which are negatively correlated. The least correlated is Cliffwater Corporate Lending Fund (CCLFX) (High Yield Bonds) with a 1Y correlation of -0.09, down from 0.07 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Cliffwater Corporate Lending Fund | -0.09 | 0.06 | 0.07 | 100 | High Yield Bonds | FHRRX vs CCLFX | |
| Pioneer ILS Interval Fund | -0.01 | 0.04 | 0.03 | 100 | High Yield Bonds | FHRRX vs XILSX | |
| RiverPark Short Term High Yield Fund | 0.03 | 0.16 | 0.21 | 100 | High Yield Bonds | FHRRX vs RPHIX | |
| Fidelity Advisor High Income Advantage Fund Class ... | 0.23 | 0.38 | 0.54 | 94 | High Yield Bonds | FHRRX vs FIQTX | |
| Fidelity Capital & Income Fund | 0.23 | 0.38 | 0.54 | 93 | High Yield Bonds | FHRRX vs FAGIX |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from FHRRX, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to FHRRX and solid risk/return profiles. The least correlated is Gold Fields Limited (GFI) (Basic Materials) with a 1Y correlation of 0.19, roughly unchanged from 0.15 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Gold Fields Limited | 0.19 | 0.16 | 0.15 | 69 | Basic Materials |
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