Looking to diversify beyond FSDAX? The mutual funds below have historically moved differently from FSDAX, 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 FSDAX
8 mutual funds have low correlation with FSDAX (below 0.3), 1 of which are negatively correlated. The least correlated is Fidelity Select Energy Portfolio (FSENX) (Energy Equities) with a 1Y correlation of -0.11, down from 0.34 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Fidelity Select Energy Portfolio | -0.11 | 0.18 | 0.34 | 87 | Energy Equities | FSDAX vs FSENX | |
| Fidelity Natural Resources Fund | 0.11 | 0.27 | 0.41 | 84 | Energy Equities | FSDAX vs FNARX | |
| Vanguard Short-Term Inflation-Protected Securities... | 0.11 | 0.09 | 0.13 | 91 | Inflation-Protected Bonds | FSDAX vs VTAPX | |
| Fidelity Floating Rate High Income Fund | 0.13 | 0.20 | 0.26 | 95 | Bank Loan | FSDAX vs FFRHX | |
| Fidelity Global Commodity Stock Fund | 0.18 | 0.31 | 0.45 | 88 | Commodities | FSDAX vs FFGCX |
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Low-Correlation Stock Ideas
The table shows companies with at least $1B in market capitalization, historical correlation data for FSDAX, 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 Devon Energy Corporation (DVN) (Energy) with a 1Y correlation of -0.20, down from 0.26 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Devon Energy Corporation | -0.20 | 0.09 | 0.26 | 76 | Energy | |
| Occidental Petroleum Corporation | -0.16 | 0.06 | 0.23 | 70 | Energy | |
| ConocoPhillips Company | -0.16 | 0.08 | 0.24 | 72 | Energy | |
| Altria Group, Inc. | -0.16 | -0.01 | 0.15 | 66 | Consumer Defensive | |
| Exxon Mobil Corporation | -0.13 | 0.08 | 0.23 | 84 | Energy |
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