Looking to diversify beyond PGOYX? The mutual funds below have historically moved differently from PGOYX, 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 PGOYX
6 mutual funds have low correlation with PGOYX (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 -0.09, down from 0.15 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Putnam Mortgage Opportunities Fund | -0.09 | 0.06 | 0.15 | 88 | Nontraditional Bonds | PGOYX vs PMOTX | |
| Putnam Ultra Short Duration Income Fund | 0.05 | 0.04 | 0.04 | 99 | Ultrashort Bond | PGOYX vs PSDYX | |
| Putnam Global Health Care Fund | 0.10 | 0.31 | 0.46 | 61 | Health & Biotech Equities | PGOYX vs PGHAX | |
| Putnam Global Health Care Fund | 0.11 | 0.32 | 0.46 | 63 | Health & Biotech Equities | PGOYX vs PHSTX | |
| Putnam Mortgage Securities Fund | 0.19 | 0.17 | 0.21 | 64 | Intermediate Core-Plus Bond | PGOYX vs PGSIX |
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