Looking to diversify beyond FSHBX? The mutual funds below have historically moved differently from FSHBX, 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 FSHBX
15 mutual funds have low correlation with FSHBX (below 0.3), 0 of which are negatively correlated. The least correlated is Fidelity Select Semiconductors Portfolio (FSELX) (Semiconductors) with a 1Y correlation of 0.04, roughly unchanged from 0.01 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Fidelity Select Semiconductors Portfolio | 0.04 | -0.02 | 0.01 | 80 | Semiconductors, Technology Equities | FSHBX vs FSELX | |
| CrossingBridge Low Duration High Yield Fund | 0.08 | 0.15 | 0.10 | 96 | Multisector Bonds | FSHBX vs CBLDX | |
| Fidelity Floating Rate High Income Fund | 0.09 | 0.12 | 0.12 | 95 | Bank Loan | FSHBX vs FFRHX | |
| GuidePath Absolute Return Allocation Fund | 0.11 | 0.46 | 0.55 | 69 | Short-Term Bond | FSHBX vs GPARX | |
| Fidelity ZERO Large Cap Index Fund | 0.21 | 0.10 | 0.09 | 59 | Large Cap Blend Equities | FSHBX vs FNILX |
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Low-Correlation Stock Ideas
The table shows companies with at least $1B in market capitalization, historical correlation data for FSHBX, 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 Kinross Gold Corporation (KGC) (Basic Materials) with a 1Y correlation of 0.18, roughly unchanged from 0.21 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Kinross Gold Corporation | 0.18 | 0.17 | 0.21 | 69 | Basic Materials |
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