Looking to diversify beyond PEYAX? The mutual funds below have historically moved differently from PEYAX, 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 PEYAX
10 mutual funds have low correlation with PEYAX (below 0.3), 0 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.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Putnam Mortgage Opportunities Fund | 0.01 | 0.07 | 0.17 | 88 | Nontraditional Bonds | PEYAX vs PMOTX | |
| Putnam Ultra Short Duration Income Fund | 0.07 | 0.10 | 0.06 | 99 | Ultrashort Bond | PEYAX vs PSDYX | |
| GQG Partners US Quality Dividend Income Fund | 0.21 | 0.56 | 0.70 | 62 | Quality Factor, Large Cap Value Equities | PEYAX vs GQHPX | |
| Putnam Short Duration Bond Fund | 0.22 | 0.15 | 0.13 | 90 | Short-Term Bond | PEYAX vs PARYX | |
| T. Rowe Virginia Tax Free Bond Fund | 0.22 | 0.17 | 0.11 | 91 | Municipal Bonds | PEYAX vs PRVAX |
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Low-Correlation Stock Ideas
The table shows companies with at least $1B in market capitalization, historical correlation data for PEYAX, and a Risk / Return Rank of 50 or higher. Treat them as research candidates rather than evidence that they will offset a future decline. The least correlated is Occidental Petroleum Corporation (OXY) (Energy) with a 1Y correlation of -0.04, down from 0.38 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Occidental Petroleum Corporation | -0.04 | 0.22 | 0.38 | 70 | Energy | |
| CrowdStrike Holdings, Inc. | 0.14 | 0.28 | 0.35 | 80 | Technology | |
| McKesson Corporation | 0.14 | 0.16 | 0.29 | 67 | Healthcare | |
| AbbVie Inc. | 0.17 | 0.32 | 0.32 | 81 | Healthcare | |
| NVIDIA Corporation | 0.22 | 0.28 | 0.42 | 56 | Technology |
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