Looking to diversify beyond PAMFX? The mutual funds below have historically moved differently from PAMFX, 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 PAMFX
12 mutual funds have low correlation with PAMFX (below 0.3), 1 of which are negatively correlated. The least correlated is Federated Hermes MDT Market Neutral A (QAMNX) (Long-Short) with a 1Y correlation of -0.05, roughly unchanged from -0.08 over 3 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Federated Hermes MDT Market Neutral A | -0.05 | -0.08 | — | 54 | Long-Short | PAMFX vs QAMNX | |
| Federated Hermes Conservative Municipal Microshort... | 0.03 | 0.12 | 0.09 | 99 | Municipal Bonds | PAMFX vs FHMIX | |
| SEI Institutional Managed Trust Tax-Free Conservat... | 0.05 | 0.08 | 0.07 | 99 | Municipal Bonds | PAMFX vs TFCYX | |
| abrdn Ultra Short Municipal Income Fund | 0.13 | 0.14 | 0.15 | 100 | Municipal Bonds | PAMFX vs ATOIX | |
| Federated Hermes Strategic Value Dividend Fund | 0.13 | 0.21 | 0.15 | 94 | Large Cap Value Equities | PAMFX vs SVAIX |
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