Looking to diversify beyond FIDAX? The mutual funds below have historically moved differently from FIDAX, 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 FIDAX
3 mutual funds have low correlation with FIDAX (below 0.3), 0 of which are negatively correlated. The least correlated is Federated Hermes Municipal Ultra Short Fund (FMUSX) (Municipal Bonds) with a 1Y correlation of 0.07, roughly unchanged from 0.04 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Federated Hermes Municipal Ultra Short Fund | 0.07 | 0.08 | 0.04 | 93 | Municipal Bonds | FIDAX vs FMUSX | |
| Virtus AlphaSimplex Managed Futures Strategy Fund ... | 0.24 | 0.17 | 0.10 | 66 | Systematic Trend | FIDAX vs ASFYX | |
| BlackRock Global Equity Market Neutral Fund Class ... | 0.29 | 0.15 | 0.09 | 97 | Equity Market Neutral | FIDAX vs BDMIX | |
| Calamos Market Neutral Income Fund Institutional C... | 0.35 | 0.43 | 0.59 | 98 | FIDAX vs CMNIX | ||
| Putnam Global Health Care Fund | 0.37 | 0.44 | 0.48 | 63 | Health & Biotech Equities | FIDAX vs PHSTX |
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