Looking to diversify beyond FSLEX? The mutual funds below have historically moved differently from FSLEX, 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 FSLEX
2 mutual funds have low correlation with FSLEX (below 0.3), 0 of which are negatively correlated. The least correlated is Fidelity Select Energy Portfolio (FSENX) (Energy Equities) with a 1Y correlation of 0.02, down from 0.31 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Fidelity Select Energy Portfolio | 0.02 | 0.24 | 0.31 | 87 | Energy Equities | FSLEX vs FSENX | |
| Fidelity Natural Resources Fund | 0.24 | 0.35 | 0.40 | 84 | Energy Equities | FSLEX vs FNARX | |
| ARK Venture Fund | 0.45 | 0.59 | — | 99 | Technology Equities | FSLEX vs ARKVX | |
| Fidelity Emerging Asia Fund | 0.70 | 0.64 | 0.63 | 69 | Asia Pacific Equities | FSLEX vs FSEAX | |
| Goldman Sachs Clean Energy Income Fund Class A Sha... | 0.70 | 0.56 | 0.65 | 60 | Alternative Energy Equities, Energy Equities | FSLEX vs GCEBX |
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Low-Correlation Stock Ideas
The table shows companies with at least $1B in market capitalization, historical correlation data for FSLEX, 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 Apple Inc (AAPL) (Technology) with a 1Y correlation of 0.34, down from 0.58 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Apple Inc | 0.34 | 0.42 | 0.58 | 89 | Technology | |
| Alphabet Inc. Class A | 0.39 | 0.45 | 0.57 | 95 | Communication Services | |
| NVIDIA Corporation | 0.47 | 0.49 | 0.62 | 56 | Technology | |
| Applied Digital Corporation | 0.49 | 0.45 | 0.38 | 78 | Technology | |
| Reaves Utility Income Trust | 0.55 | 0.47 | 0.52 | 55 | Financial Services |
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