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Fidelity Short-Term Bond Fund (FSHBX) Diversifiers

Mutual Fund · Currency in USD · Last updated Jun 24, 2026

The fund normally invests at least 80% of assets in investment-grade debt securities (those of medium and high quality) of all types and repurchase agreements for those securities. Its manager manages the fund to have similar overall interest rate risk to the Bloomberg Barclays U.S. 1-3 Year Government/Credit Bond Index. The fund normally maintains a dollar-weighted average maturity of three years or less. It allocates assets across different market sectors and maturities. The fund invests in domestic and foreign issuers.

Looking to diversify beyond FSHBX? The mutual funds below have the lowest correlation with FSHBX — 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 FSHBX.

Best Diversifiers for FSHBX

13 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 0.02, roughly unchanged from 0.01 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
FSELX
Fidelity Select Semiconductors Portfolio0.02-0.020.01
96
Semiconductors, Technology EquitiesFSHBX vs FSELX
FFRHX
Fidelity Floating Rate High Income Fund0.100.130.12
92
Bank LoanFSHBX vs FFRHX
VEMAX
Vanguard Emerging Markets Stock Index Fund Admiral...0.140.060.04
58
Emerging Markets EquitiesFSHBX vs VEMAX
FBGRX
Fidelity Blue Chip Growth Fund0.140.050.06
68
Large Cap Growth EquitiesFSHBX vs FBGRX
FLCSX
Fidelity Large Cap Stock Fund0.190.050.03
73
Large Cap Blend EquitiesFSHBX vs FLCSX
See all 34 diversifiers for FSHBX

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Low-Correlation Stock Ideas

If you're looking for individual stocks that move independently from FSHBX, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to FSHBX and solid risk/return profiles. The least correlated is Kinross Gold Corporation (KGC) (Basic Materials) with a 1Y correlation of 0.25, roughly unchanged from 0.21 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankSector
KGC
Kinross Gold Corporation0.250.190.21
72
Basic Materials

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Diversification Analysis

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