Looking to diversify beyond FRDAX? The mutual funds below have the lowest correlation with FRDAX — 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 FRDAX.
Best Diversifiers for FRDAX
2 mutual funds have low correlation with FRDAX (below 0.3), 0 of which are negatively correlated. The least correlated is Franklin Colorado Tax-Free Income Fund Class A (FCOQX) (Municipal Bonds) with a 1Y correlation of 0.22, roughly unchanged from 0.13 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Franklin Colorado Tax-Free Income Fund Class A | 0.22 | 0.17 | 0.13 | 87 | Municipal Bonds | FRDAX vs FCOQX | |
| Franklin California High Yield Municipal Fund Advi... | 0.24 | 0.18 | 0.14 | 88 | High Yield Muni | FRDAX vs FVCAX | |
| Federated Hermes Strategic Value Dividend Fund Cla... | 0.33 | 0.48 | 0.60 | 88 | Dividend | FRDAX vs SVAAX | |
| Allspring Emerging Markets Equity Income Fund | 0.39 | 0.41 | 0.47 | 68 | Dividend, Emerging Markets Equities | FRDAX vs EQIIX | |
| Pioneer Multi-Asset Income Fund A | 0.55 | 0.51 | 0.52 | 83 | Diversified Portfolio, Dividend | FRDAX vs PMAIX |
See all 20 diversifiers for FRDAX
To view more results, upgrade your current subscription plan.
Diversification Analysis
Build a portfolio that complements FRDAX
Add FRDAX to the Diversification Analyzer to see how it overlaps with your other holdings and which assets balance it best.
Analyze a portfolio with FRDAX