Looking to diversify beyond PDODX? The mutual funds below have historically moved differently from PDODX, 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 PDODX
0 mutual funds have low correlation with PDODX (below 0.3), 0 of which are negatively correlated. The least correlated is PGIM Floating Rate Income Fund (FRFZX) (Bank Loan) with a 1Y correlation of 0.31, roughly unchanged from 0.34 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| PGIM Floating Rate Income Fund | 0.31 | 0.33 | 0.34 | 97 | Bank Loan | PDODX vs FRFZX | |
| PGIM Short Duration Multi-Sector Bond Fund | 0.42 | 0.25 | 0.23 | 63 | Short-Term Bond | PDODX vs SDMZX | |
| PGIM High Yield Fund Class R6 | 0.57 | 0.51 | 0.53 | 65 | High Yield Bonds | PDODX vs PHYQX | |
| PGIM High Yield Fund | 0.58 | 0.50 | 0.53 | 63 | High Yield Bonds | PDODX vs PBHAX | |
| PGIM Short Duration High Yield Income Fund | 0.61 | 0.57 | 0.56 | 67 | High Yield Bonds | PDODX vs HYSZX |
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