Looking to diversify beyond FXNAX? The mutual funds below have historically moved differently from FXNAX, 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 FXNAX
56 mutual funds have low correlation with FXNAX (below 0.3), 3 of which are negatively correlated. The least correlated is Fidelity Select Energy Portfolio (FSENX) (Energy Equities) with a 1Y correlation of -0.32, down from -0.11 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Fidelity Select Energy Portfolio | -0.32 | -0.11 | -0.11 | 87 | Energy Equities | FXNAX vs FSENX | |
| Fidelity Series Commodity Strategy Fund | -0.26 | -0.08 | -0.03 | 73 | Commodities | FXNAX vs FCSSX | |
| Fidelity Natural Resources Fund | -0.15 | -0.01 | -0.05 | 84 | Energy Equities | FXNAX vs FNARX | |
| AQR Long-Short Equity Fund | 0.01 | -0.05 | -0.13 | 78 | Long-Short | FXNAX vs QLEIX | |
| AQR Long-Short Equity Fund Class N | 0.01 | -0.06 | -0.13 | 75 | Long-Short, Actively Managed | FXNAX vs QLENX |
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Low-Correlation Stock Ideas
The table shows companies with at least $1B in market capitalization, historical correlation data for FXNAX, 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 ConocoPhillips Company (COP) (Energy) with a 1Y correlation of -0.38, down from -0.14 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| ConocoPhillips Company | -0.38 | -0.17 | -0.14 | 72 | Energy | |
| Devon Energy Corporation | -0.33 | -0.13 | -0.11 | 76 | Energy | |
| Occidental Petroleum Corporation | -0.32 | -0.12 | -0.12 | 70 | Energy | |
| BP p.l.c. | -0.31 | -0.14 | -0.13 | 84 | Energy | |
| Chevron Corporation | -0.30 | -0.13 | -0.12 | 80 | Energy |
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