Looking to diversify beyond FMAGX? The mutual funds below have the lowest correlation with FMAGX — 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 FMAGX.
Best Diversifiers for FMAGX
3 mutual funds have low correlation with FMAGX (below 0.3), 1 of which are negatively correlated. The least correlated is Fidelity Select Energy Portfolio (FSENX) (Energy Equities) with a 1Y correlation of -0.10, down from 0.23 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Fidelity Select Energy Portfolio | -0.10 | 0.11 | 0.23 | 62 | Energy Equities | FMAGX vs FSENX | |
| Vanguard Short-Term Inflation-Protected Securities... | 0.08 | 0.07 | 0.13 | 90 | Inflation-Protected Bonds | FMAGX vs VTAPX | |
| Fidelity Floating Rate High Income Fund | 0.23 | 0.26 | 0.29 | 93 | Bank Loan | FMAGX vs FFRHX | |
| AQR Long-Short Equity Fund Class N | 0.42 | 0.44 | 0.26 | 58 | Long-Short, Actively Managed | FMAGX vs QLENX | |
| AQR Long-Short Equity Fund | 0.42 | 0.44 | 0.26 | 61 | Long-Short | FMAGX vs QLEIX |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from FMAGX, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to FMAGX and solid risk/return profiles. The least correlated is Verizon Communications Inc. (VZ) (Communication Services) with a 1Y correlation of -0.26, down from 0.05 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Verizon Communications Inc. | -0.26 | -0.09 | 0.05 | 57 | Communication Services | |
| Duke Energy Corporation | -0.24 | -0.11 | 0.06 | 66 | Utilities | |
| The Coca-Cola Company | -0.23 | -0.05 | 0.16 | 83 | Consumer Defensive | |
| Altria Group, Inc. | -0.22 | -0.09 | 0.03 | 81 | Consumer Defensive | |
| PepsiCo, Inc. | -0.22 | -0.02 | 0.17 | 53 | Consumer Defensive |
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Build a portfolio that complements FMAGX
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