Looking to diversify beyond FLPSX? The mutual funds below have historically moved differently from FLPSX, 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 FLPSX
1 mutual funds have low correlation with FLPSX (below 0.3), 0 of which are negatively correlated. The least correlated is Fidelity Floating Rate High Income Fund (FFRHX) (Bank Loan) with a 1Y correlation of 0.16, down from 0.34 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Fidelity Floating Rate High Income Fund | 0.16 | 0.28 | 0.34 | 95 | Bank Loan | FLPSX vs FFRHX | |
| Fidelity Select Pharmaceuticals Portfolio | 0.38 | 0.46 | 0.49 | 90 | Health & Biotech Equities | FLPSX vs FPHAX | |
| Fidelity Limited Term Bond Fund | 0.38 | 0.21 | 0.15 | 73 | Total Bond Market | FLPSX vs FJRLX | |
| Fidelity Select Semiconductors Portfolio | 0.43 | 0.50 | 0.59 | 80 | Semiconductors, Technology Equities | FLPSX vs FSELX | |
| Fidelity OTC Portfolio | 0.46 | 0.52 | 0.62 | 76 | Large Cap Growth Equities | FLPSX vs FOCPX |
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Low-Correlation Stock Ideas
The table shows companies with at least $1B in market capitalization, historical correlation data for FLPSX, 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 Visa Inc. (V) (Financial Services) with a 1Y correlation of 0.25, down from 0.49 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Visa Inc. | 0.25 | 0.38 | 0.49 | 53 | Financial Services | |
| Berkshire Hathaway Inc. | 0.26 | 0.45 | 0.58 | 61 | Financial Services | |
| Apple Inc | 0.36 | 0.35 | 0.46 | 89 | Technology | |
| Taiwan Semiconductor Manufacturing Company Limited | 0.39 | 0.43 | 0.49 | 87 | Technology |
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