Looking to diversify beyond FPNIX? The mutual funds below have the lowest correlation with FPNIX — 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 FPNIX.
Best Diversifiers for FPNIX
11 mutual funds have low correlation with FPNIX (below 0.3), 2 of which are negatively correlated. The least correlated is Fidelity Floating Rate High Income Fund (FFRHX) (High Yield Bonds) with a 1Y correlation of -0.02, roughly unchanged from 0.04 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Fidelity Floating Rate High Income Fund | -0.02 | 0.00 | 0.04 | 92 | High Yield Bonds | FPNIX vs FFRHX | |
| Leader Short Term High Yield Bond Fund | -0.02 | 0.06 | 0.12 | 75 | Short-Term Bond | FPNIX vs LCCMX | |
| DFA Two-Year Fixed Income Portfolio | 0.03 | 0.04 | 0.29 | 66 | Short-Term Bond | FPNIX vs DFCFX | |
| T. Rowe Price Institutional Floating Rate Fund | 0.04 | 0.11 | 0.12 | 87 | Bank Loan | FPNIX vs RPIFX | |
| FPA Queens Road Small Cap Value Fund Investor Clas... | 0.16 | 0.13 | 0.10 | 83 | Small Cap Value Equities | FPNIX vs QRSVX |
See all 32 diversifiers for FPNIX
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Diversification Analysis
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