Looking to diversify beyond FIPDX? The mutual funds below have historically moved differently from FIPDX, 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 FIPDX
96 mutual funds have low correlation with FIPDX (below 0.3), 9 of which are negatively correlated. The least correlated is Fidelity Select Energy Portfolio (FSENX) (Energy Equities) with a 1Y correlation of -0.16, down from 0.03 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Fidelity Select Energy Portfolio | -0.16 | 0.00 | 0.03 | 87 | Energy Equities | FIPDX vs FSENX | |
| AQR Style Premia Alternative Fund Class N | -0.15 | -0.15 | -0.16 | 89 | Multistrategy | FIPDX vs QSPNX | |
| Fidelity SAI Inflation-Focused | -0.15 | -0.04 | 0.13 | 79 | Commodities | FIPDX vs FIFGX | |
| Victory Pioneer Cat Bond Fund Class Y | -0.08 | — | — | 100 | Nontraditional Bonds | FIPDX vs CBYYX | |
| Fidelity Floating Rate High Income Fund | -0.06 | 0.05 | 0.07 | 95 | Bank Loan | FIPDX vs FFRHX |
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Low-Correlation Stock Ideas
The table shows companies with at least $1B in market capitalization, historical correlation data for FIPDX, 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 ConocoPhillips Company (COP) (Energy) with a 1Y correlation of -0.23, down from -0.01 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| ConocoPhillips Company | -0.23 | -0.06 | -0.01 | 72 | Energy | |
| Exxon Mobil Corporation | -0.18 | -0.02 | 0.01 | 84 | Energy | |
| Chevron Corporation | -0.18 | -0.03 | 0.02 | 80 | Energy | |
| BP p.l.c. | -0.13 | -0.05 | -0.00 | 84 | Energy | |
| Occidental Petroleum Corporation | -0.13 | -0.02 | 0.01 | 70 | Energy |
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