Looking to diversify beyond PDBAX? The mutual funds below have the lowest correlation with PDBAX — 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 PDBAX.
Best Diversifiers for PDBAX
5 mutual funds have low correlation with PDBAX (below 0.3), 0 of which are negatively correlated. The least correlated is Fidelity Advisor Floating Rate High Income Fund Class A (FFRAX) (High Yield Bonds) with a 1Y correlation of 0.15, roughly unchanged from 0.17 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Fidelity Advisor Floating Rate High Income Fund Cl... | 0.15 | 0.15 | 0.17 | 89 | High Yield Bonds | PDBAX vs FFRAX | |
| PGIM Floating Rate Income Fund | 0.19 | 0.14 | 0.14 | 94 | Bank Loan | PDBAX vs FRFZX | |
| Vanguard PRIMECAP Fund Investor Shares | 0.23 | 0.20 | 0.12 | 94 | Large Cap Growth Equities | PDBAX vs VPMCX | |
| Fidelity 500 Index Fund | 0.23 | 0.21 | 0.14 | 73 | S&P 500 | PDBAX vs FXAIX | |
| Vanguard Equity Income Fund Investor Shares | 0.27 | 0.22 | 0.12 | 67 | Large Cap Value Equities | PDBAX vs VEIPX |
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