Looking to diversify beyond FZIIX? The mutual funds below have historically moved differently from FZIIX, 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 FZIIX
15 mutual funds have low correlation with FZIIX (below 0.3), 0 of which are negatively correlated. The least correlated is Fidelity Select Semiconductors Portfolio (FSELX) (Semiconductors) with a 1Y correlation of 0.14, roughly unchanged from 0.07 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Fidelity Select Semiconductors Portfolio | 0.14 | 0.06 | 0.07 | 80 | Semiconductors, Technology Equities | FZIIX vs FSELX | |
| Fidelity Floating Rate High Income Fund | 0.20 | 0.21 | 0.24 | 95 | Bank Loan | FZIIX vs FFRHX | |
| DFA NY Municipal Bond Portfolio | 0.22 | 0.33 | 0.43 | 99 | Municipal Bonds | FZIIX vs DNYMX | |
| Fidelity ZERO Large Cap Index Fund | 0.23 | 0.17 | 0.14 | 59 | Large Cap Blend Equities | FZIIX vs FNILX | |
| Fidelity 500 Index Fund | 0.23 | 0.16 | 0.13 | 64 | S&P 500 | FZIIX vs FXAIX |
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Low-Correlation Stock Ideas
The table shows companies with at least $1B in market capitalization, historical correlation data for FZIIX, 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 Petróleo Brasileiro S.A. - Petrobras (PBR) (Energy) with a 1Y correlation of -0.19, down from -0.07 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Petróleo Brasileiro S.A. - Petrobras | -0.19 | -0.05 | -0.07 | 85 | Energy | |
| Collegium Pharmaceutical, Inc. | 0.10 | 0.03 | 0.03 | 58 | Healthcare |
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