Looking to diversify beyond HIX? The mutual funds below have historically moved differently from HIX, 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 HIX
13 mutual funds have low correlation with HIX (below 0.3), 1 of which are negatively correlated. The least correlated is Fairholme Focused Income Fund (FOCIX) (High Yield Bonds) with a 1Y correlation of -0.01, down from 0.27 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Fairholme Focused Income Fund | -0.01 | 0.16 | 0.27 | 73 | High Yield Bonds | HIX vs FOCIX | |
| Pioneer ILS Interval Fund | 0.03 | 0.01 | 0.02 | 100 | High Yield Bonds | HIX vs XILSX | |
| RiverPark Short Term High Yield Fund | 0.13 | 0.14 | 0.16 | 100 | High Yield Bonds | HIX vs RPHIX | |
| T. Rowe Price Floating Rate Fund - Investor Class | 0.16 | 0.23 | 0.28 | 90 | High Yield Bonds | HIX vs PRFRX | |
| RiverPark Strategic Income Fund | 0.18 | 0.17 | 0.21 | 69 | High Yield Bonds | HIX vs RSIIX |
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