Looking to diversify beyond PGNAX? The mutual funds below have historically moved differently from PGNAX, 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 PGNAX
3 mutual funds have low correlation with PGNAX (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 0.16, roughly unchanged from 0.22 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 | 0.16 | 0.16 | 0.22 | 96 | Bank Loan | PGNAX vs FRFZX | |
| Invesco SteelPath MLP Alpha Fund | 0.27 | 0.54 | 0.69 | 79 | Energy Equities | PGNAX vs MLPOX | |
| Virtus Duff & Phelps Select MLP and Energy Fund | 0.29 | 0.58 | 0.74 | 78 | Energy Equities | PGNAX vs VLPIX | |
| Cohen & Steers Global Infrastructure Fund, Inc. | 0.32 | 0.43 | 0.49 | 67 | Infrastructure Equities, Energy Equities | PGNAX vs CSUIX | |
| Recurrent MLP & Infrastructure Fund | 0.34 | 0.62 | 0.77 | 91 | Infrastructure Equities, Energy Equities | PGNAX vs RMLPX |
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