Looking to diversify beyond FPIOX? The mutual funds below have historically moved differently from FPIOX, 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 FPIOX
4 mutual funds have low correlation with FPIOX (below 0.3), 1 of which are negatively correlated. The least correlated is Fairholme Focused Income Fund (FOCIX) (High Yield Bonds) with a 1Y correlation of -0.18, down from 0.28 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Fairholme Focused Income Fund | -0.18 | 0.12 | 0.28 | 73 | High Yield Bonds | FPIOX vs FOCIX | |
| Pioneer ILS Interval Fund | 0.07 | 0.05 | 0.04 | 100 | High Yield Bonds | FPIOX vs XILSX | |
| Cliffwater Corporate Lending Fund Class I Shares | 0.14 | 0.11 | 0.12 | 100 | Bank Loan, High Yield Bonds | FPIOX vs CCLFX | |
| RiverPark Short Term High Yield Fund | 0.18 | 0.17 | 0.25 | 100 | High Yield Bonds | FPIOX vs RPHIX | |
| RiverPark Strategic Income Fund | 0.36 | 0.33 | 0.39 | 69 | High Yield Bonds | FPIOX vs RSIIX |
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