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), 1 of which are negatively correlated. The least correlated is Fidelity Floating Rate High Income Fund (FFRHX) (Bank Loan) with a 1Y correlation of -0.05, 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 | -0.05 | 0.01 | 0.04 | 92 | Bank Loan | FPNIX vs FFRHX | |
| Leader Short Term High Yield Bond Fund | 0.03 | 0.06 | 0.12 | 80 | Short-Term Bond | FPNIX vs LCCMX | |
| T. Rowe Price Institutional Floating Rate Fund | 0.06 | 0.13 | 0.13 | 87 | Bank Loan | FPNIX vs RPIFX | |
| DFA Two-Year Fixed Income Portfolio | 0.07 | 0.05 | 0.29 | 65 | Short-Term Bond | FPNIX vs DFCFX | |
| PGIM Securitized Credit Fund | 0.10 | 0.00 | 0.01 | 99 | Nontraditional Bonds | FPNIX vs SCFZX |
See all 32 diversifiers for FPNIX
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