Looking to diversify beyond PEYAX? The mutual funds below have the lowest correlation with PEYAX — 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 PEYAX.
Best Diversifiers for PEYAX
8 mutual funds have low correlation with PEYAX (below 0.3), 1 of which are negatively correlated. The least correlated is Putnam Mortgage Opportunities Fund (PMOTX) (Nontraditional Bonds) with a 1Y correlation of -0.01, down from 0.17 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Putnam Mortgage Opportunities Fund | -0.01 | 0.07 | 0.17 | 74 | Nontraditional Bonds | PEYAX vs PMOTX | |
| Putnam Ultra Short Duration Income Fund | 0.13 | 0.12 | 0.06 | 98 | Ultrashort Bond | PEYAX vs PSDYX | |
| T. Rowe Virginia Tax Free Bond Fund | 0.19 | 0.16 | 0.10 | 87 | Municipal Bonds | PEYAX vs PRVAX | |
| T. Rowe Price Floating Rate Fund | 0.21 | 0.27 | 0.27 | 96 | High Yield Bonds | PEYAX vs PRFRX | |
| Federated Hermes Equity Income Fund | 0.22 | 0.59 | 0.78 | 65 | Large Cap Value Equities | PEYAX vs LEIFX |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from PEYAX, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to PEYAX and solid risk/return profiles. The least correlated is CrowdStrike Holdings, Inc. (CRWD) (Technology) with a 1Y correlation of 0.14, down from 0.35 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| CrowdStrike Holdings, Inc. | 0.14 | 0.30 | 0.35 | 65 | Technology | |
| NVIDIA Corporation | 0.21 | 0.29 | 0.42 | 72 | Technology | |
| AbbVie Inc. | 0.22 | 0.34 | 0.35 | 75 | Healthcare | |
| Broadcom Inc. | 0.23 | 0.33 | 0.45 | 72 | Technology | |
| Apple Inc | 0.37 | 0.34 | 0.45 | 87 | Technology |
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