Looking to diversify beyond PDDDX? The mutual funds below have historically moved differently from PDDDX, 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 PDDDX
4 mutual funds have low correlation with PDDDX (below 0.3), 0 of which are negatively correlated. The least correlated is Pioneer ILS Interval Fund (XILSX) (High Yield Bonds) with a 1Y correlation of 0.02, roughly unchanged from 0.00 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Pioneer ILS Interval Fund | 0.02 | -0.02 | 0.00 | 100 | High Yield Bonds | PDDDX vs XILSX | |
| PGIM Floating Rate Income Fund | 0.26 | 0.28 | 0.31 | 97 | Bank Loan | PDDDX vs FRFZX | |
| BlackRock Global Equity Market Neutral Fund Invest... | 0.27 | 0.14 | 0.09 | 97 | Equity Market Neutral | PDDDX vs BDMAX | |
| BlackRock Global Equity Market Neutral Fund Class ... | 0.28 | 0.14 | 0.10 | 97 | Equity Market Neutral | PDDDX vs BDMIX | |
| AQR Long-Short Equity Fund | 0.34 | 0.32 | 0.24 | 78 | Long-Short | PDDDX vs QLEIX |
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