Looking to diversify beyond FPNIX? The mutual funds below have historically moved differently from FPNIX, 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 FPNIX
15 mutual funds have low correlation with FPNIX (below 0.3), 3 of which are negatively correlated. The least correlated is AQR Managed Futures Strategy Fund - Class I (AQMIX) (Systematic Trend) with a 1Y correlation of -0.33, roughly unchanged from -0.35 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| AQR Managed Futures Strategy Fund - Class I | -0.33 | -0.24 | -0.35 | 90 | Systematic Trend | FPNIX vs AQMIX | |
| Fidelity Floating Rate High Income Fund | -0.09 | -0.00 | 0.03 | 95 | Bank Loan | FPNIX vs FFRHX | |
| Leader Short Term High Yield Bond Fund | -0.02 | 0.03 | 0.11 | 84 | Short-Term Bond | FPNIX vs LCCMX | |
| T. Rowe Price Institutional Floating Rate Fund | 0.06 | 0.11 | 0.12 | 79 | Bank Loan | FPNIX vs RPIFX | |
| Calamos Market Neutral Income Fund Institutional C... | 0.08 | 0.07 | 0.10 | 98 | FPNIX vs CMNIX |
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Low-Correlation Stock Ideas
The table shows companies with at least $1B in market capitalization, historical correlation data for FPNIX, 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 Realty Income Corporation (O) (Real Estate) with a 1Y correlation of 0.18, roughly unchanged from 0.22 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Realty Income Corporation | 0.18 | 0.28 | 0.22 | 77 | Real Estate |
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