Looking to diversify beyond FIPDX? The mutual funds below have the lowest correlation with FIPDX — 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 FIPDX.
Best Diversifiers for FIPDX
85 mutual funds have low correlation with FIPDX (below 0.3), 1 of which are negatively correlated. The least correlated is Fidelity Floating Rate High Income Fund (FFRHX) (Bank Loan) with a 1Y correlation of -0.02, roughly unchanged from 0.07 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Fidelity Floating Rate High Income Fund | -0.02 | 0.06 | 0.07 | 92 | Bank Loan | FIPDX vs FFRHX | |
| AQR Long-Short Equity Fund | 0.01 | -0.04 | -0.07 | 53 | Long-Short | FIPDX vs QLEIX | |
| Fidelity Select Semiconductors Portfolio | 0.07 | 0.06 | 0.08 | 96 | Semiconductors, Technology Equities | FIPDX vs FSELX | |
| Fidelity Conservative Income Bond Institutional Cl... | 0.09 | 0.25 | 0.21 | 99 | Total Bond Market | FIPDX vs FCNVX | |
| Fidelity Select Technology Portfolio | 0.10 | 0.09 | 0.11 | 89 | Technology Equities | FIPDX vs FSPTX |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from FIPDX, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to FIPDX and solid risk/return profiles. The least correlated is ConocoPhillips Company (COP) (Energy) with a 1Y correlation of -0.16, down from -0.02 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| ConocoPhillips Company | -0.16 | -0.03 | -0.02 | 61 | Energy | |
| Chevron Corporation | -0.13 | -0.01 | 0.00 | 68 | Energy | |
| Exxon Mobil Corporation | -0.12 | -0.00 | 0.01 | 68 | Energy | |
| Energy Transfer LP | -0.09 | 0.02 | 0.01 | 67 | Energy | |
| BP p.l.c. | -0.08 | -0.01 | -0.01 | 76 | Energy |
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