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Parnassus Mid Cap Fund (PARMX) Diversifiers

Mutual Fund · Currency in USD · Last updated Aug 5, 2026
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The fund normally invests at least 80% of its net assets in mid-sized companies. The fund's managers consider a mid-sized company to be one that has a market capitalization between that of the smallest and largest constituents of the Russell Midcap Index measured at the time of purchase. The Russell Midcap Index includes approximately 800 of the smallest companies in the Russell 1000 Index. The fund may normally invest up to 20% of its net assets in smaller- and larger-capitalization companies.

Looking to diversify beyond PARMX? The mutual funds below have historically moved differently from PARMX, 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 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 0.18, roughly unchanged from 0.16 over 5 years.

How candidates are selected
SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
LALDX
Lord Abbett Short Duration Income Fund0.190.180.16
55
Short-Term BondPARMX vs LALDX
NOSIX
Northern Stock Index Fund0.640.730.82
65
Large Cap Blend EquitiesPARMX vs NOSIX
RSINX
Victory RS Investors Fund0.660.750.77
81
Mid Cap Blend EquitiesPARMX vs RSINX
BIGTX
The Texas Fund0.680.750.74
65
Mid Cap Blend EquitiesPARMX vs BIGTX
FAGIX
Fidelity Capital & Income Fund0.690.720.73
77
High Yield BondsPARMX vs FAGIX
See all 39 diversifiers for PARMX

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Low-Correlation Stock Ideas

The table shows companies with at least $1B in market capitalization, historical correlation data for PARMX, 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 Apple Inc (AAPL) (Technology) with a 1Y correlation of 0.30, down from 0.52 over 5 years.

How candidates are selected
SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankSector
AAPL
Apple Inc0.300.370.52
90
Technology

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