Looking to diversify beyond PARMX? The mutual funds below have the lowest correlation with PARMX — they tend to move on their own, which can help reduce risk when the rest of your portfolio drops. The stock ideas table highlights individual companies that behave independently from PARMX.
Best Diversifiers for PARMX
1 mutual funds have low correlation with PARMX (below 0.3), 0 of which are negatively correlated. The least correlated is Lord Abbett Short Duration Income Fund (LALDX) (Short-Term Bond) with a 1Y correlation of 0.21, roughly unchanged from 0.16 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Lord Abbett Short Duration Income Fund | 0.21 | 0.17 | 0.16 | 67 | Short-Term Bond | PARMX vs LALDX | |
| Northern Stock Index Fund | 0.65 | 0.73 | 0.82 | 74 | Large Cap Blend Equities | PARMX vs NOSIX | |
| The Texas Fund | 0.70 | 0.76 | 0.74 | 82 | Mid Cap Blend Equities | PARMX vs BIGTX | |
| Tarkio Fund | 0.70 | 0.76 | 0.81 | 68 | Mid Cap Blend Equities | PARMX vs TARKX | |
| Fidelity Capital & Income Fund | 0.71 | 0.73 | 0.74 | 93 | High Yield Bonds | PARMX vs FAGIX |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from PARMX, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to PARMX and solid risk/return profiles. The least correlated is Apple Inc (AAPL) (Technology) with a 1Y correlation of 0.36, down from 0.48 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Apple Inc | 0.36 | 0.36 | 0.48 | 89 | Technology |
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