Looking to diversify beyond FSMEX? The mutual funds below have historically moved differently from FSMEX, 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 FSMEX
6 mutual funds have low correlation with FSMEX (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 -0.12, down from 0.16 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Fidelity Select Energy Portfolio | -0.12 | 0.07 | 0.16 | 87 | Energy Equities | FSMEX vs FSENX | |
| Fidelity Select Semiconductors Portfolio | 0.12 | 0.35 | 0.48 | 80 | Semiconductors, Technology Equities | FSMEX vs FSELX | |
| Fidelity Select Technology Portfolio | 0.17 | 0.39 | 0.55 | 65 | Technology Equities | FSMEX vs FSPTX | |
| Fidelity Select Tech Hardware Portfolio | 0.18 | 0.40 | 0.54 | 94 | Technology Equities | FSMEX vs FDCPX | |
| Fidelity OTC Portfolio | 0.21 | 0.43 | 0.59 | 72 | Large Cap Growth Equities | FSMEX vs FOCPX |
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Low-Correlation Stock Ideas
The table shows companies with at least $1B in market capitalization, historical correlation data for FSMEX, 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 Texas Instruments Incorporated (TXN) (Technology) with a 1Y correlation of 0.15, down from 0.43 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Texas Instruments Incorporated | 0.15 | 0.34 | 0.43 | 80 | Technology | |
| BlackRock Science and Technology Trust | 0.16 | 0.36 | 0.52 | 84 | Financial Services | |
| Apple Inc | 0.20 | 0.27 | 0.44 | 90 | Technology | |
| United Parcel Service, Inc. | 0.27 | 0.36 | 0.44 | 77 | Industrials |
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