Looking to diversify beyond PDBAX? The mutual funds below have historically moved differently from PDBAX, 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 PDBAX
4 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 0.13, roughly unchanged from 0.17 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Fidelity Advisor Floating Rate High Income Fund Cl... | 0.13 | 0.14 | 0.17 | 94 | High Yield Bonds | PDBAX vs FFRAX | |
| PGIM Floating Rate Income Fund | 0.19 | 0.13 | 0.15 | 97 | Bank Loan | PDBAX vs FRFZX | |
| Vanguard PRIMECAP Fund Investor Shares | 0.27 | 0.20 | 0.14 | 90 | Large Cap Growth Equities | PDBAX vs VPMCX | |
| Vanguard Equity Income Fund Investor Shares | 0.30 | 0.23 | 0.14 | 84 | Dividend, Large Cap Value Equities | PDBAX vs VEIPX | |
| Fidelity 500 Index Fund | 0.30 | 0.21 | 0.16 | 64 | S&P 500 | PDBAX vs FXAIX |
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