Looking to diversify beyond FRDPX? The mutual funds below have historically moved differently from FRDPX, 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 FRDPX
48 mutual funds have low correlation with FRDPX (below 0.3), 0 of which are negatively correlated. The least correlated is Western Asset Short Duration Municipal Income Fund (SHDAX) (Municipal Bonds) with a 1Y correlation of 0.13, roughly unchanged from 0.10 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Western Asset Short Duration Municipal Income Fund | 0.13 | 0.13 | 0.10 | 67 | Municipal Bonds | FRDPX vs SHDAX | |
| Western Asset Intermediate Maturity CA Municipals ... | 0.16 | 0.15 | 0.11 | 82 | Municipal Bonds | FRDPX vs ITCAX | |
| Franklin Adjustable U.S. Government Securities Fun... | 0.16 | 0.13 | 0.12 | 97 | Ultrashort Bond | FRDPX vs FISAX | |
| Franklin Virginia Tax Free Income Fund | 0.18 | 0.15 | 0.12 | 86 | Municipal Bonds | FRDPX vs FRVAX | |
| Western Asset Massachusetts Municipals Fund | 0.19 | 0.17 | 0.13 | 81 | Municipal Bonds | FRDPX vs SLMMX |
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