Looking to diversify beyond FZIPX? The mutual funds below have historically moved differently from FZIPX, 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 FZIPX
5 mutual funds have low correlation with FZIPX (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 0.01, down from 0.40 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Fidelity Select Energy Portfolio | 0.01 | 0.30 | 0.40 | 87 | Energy Equities | FZIPX vs FSENX | |
| Vanguard Short-Term Inflation-Protected Securities... | 0.09 | 0.11 | 0.15 | 91 | Inflation-Protected Bonds | FZIPX vs VTAPX | |
| Fidelity Floating Rate High Income Fund | 0.17 | 0.28 | 0.33 | 95 | Bank Loan | FZIPX vs FFRHX | |
| AQR Long-Short Equity Fund | 0.27 | 0.30 | 0.26 | 78 | Long-Short | FZIPX vs QLEIX | |
| AQR Long-Short Equity Fund Class N | 0.28 | 0.31 | 0.26 | 75 | Long-Short, Actively Managed | FZIPX 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 FZIPX, 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 Altria Group, Inc. (MO) (Consumer Defensive) with a 1Y correlation of -0.18, down from 0.15 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Altria Group, Inc. | -0.18 | 0.04 | 0.15 | 66 | Consumer Defensive | |
| The Coca-Cola Company | -0.15 | 0.06 | 0.19 | 90 | Consumer Defensive | |
| Exxon Mobil Corporation | -0.15 | 0.13 | 0.25 | 84 | Energy | |
| Chevron Corporation | -0.13 | 0.13 | 0.27 | 80 | Energy | |
| Duke Energy Corporation | -0.13 | 0.05 | 0.14 | 56 | Utilities |
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