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BNY Mellon S&P 500 Index Fund (PEOPX) Diversifiers

Mutual Fund · Currency in USD · Last updated Jun 24, 2026

To pursue its goal, the fund generally is fully invested in stocks included in the S&P 500 Index and in futures whose performance is tied to the index. It generally invests in all 500 stocks in the S&P 500 Index in proportion to their weighting in the index. The S&P 500 Index is an unmanaged index of 500 common stocks chosen to reflect the industries of the U.S. economy and is often considered a proxy for the stock market in general. The fund is non-diversified.

Looking to diversify beyond PEOPX? The mutual funds below have the lowest correlation with PEOPX — 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 PEOPX.

Best Diversifiers for PEOPX

8 mutual funds have low correlation with PEOPX (below 0.3), 0 of which are negatively correlated. The least correlated is BNY Mellon Short-Intermediate Municipal Bond Fund (DSIBX) (Municipal Bonds) with a 1Y correlation of 0.13, roughly unchanged from 0.10 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
DSIBX
BNY Mellon Short-Intermediate Municipal Bond Fund0.130.130.10
76
Municipal BondsPEOPX vs DSIBX
DRNJX
BNY Mellon New Jersey Municipal Bond Fund Class A0.170.140.11
73
Municipal BondsPEOPX vs DRNJX
DHMBX
BNY Mellon High Yield Municipal Bond Fund0.170.130.11
67
High Yield MuniPEOPX vs DHMBX
DRCAX
BNY MellonCalifornia AMT-Free Municipal Bond Fund0.180.140.11
65
Municipal BondsPEOPX vs DRCAX
PTEBX
BNY Mellon Opportunistic Municipal Securities Fund0.180.140.12
75
Municipal BondsPEOPX vs PTEBX
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