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Putnam Mortgage Securities Fund (PGSIX) Diversifiers

Mutual Fund · Currency in USD · Last updated Aug 4, 2026
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The investment seeks as high a level of current income as the adviser believes is consistent with preservation of capital. The fund invests mainly in mortgages, mortgage-related fixed income securities and related derivatives that are either investment-grade or below-investment-grade in quality (sometimes referred to as "junk bonds"). Under normal circumstances, it invests at least 80% of its net assets (plus any borrowings for investment purposes) in mortgages, mortgage-related fixed income securities and related derivatives (i.e., derivatives used to acquire exposure to, or whose underlying securities are, mortgages or mortgage-related securities).

Looking to diversify beyond PGSIX? The mutual funds below have historically moved differently from PGSIX, 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 PGSIX

6 mutual funds have low correlation with PGSIX (below 0.3), 0 of which are negatively correlated. The least correlated is Putnam Research Fund (PNRAX) (Large Cap Blend Equities) with a 1Y correlation of 0.25, roughly unchanged from 0.23 over 5 years.

How candidates are selected
SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
PNRAX
Putnam Research Fund0.250.220.23
76
Large Cap Blend EquitiesPGSIX vs PNRAX
FXAIX
Fidelity 500 Index Fund0.270.230.24
59
S&P 500PGSIX vs FXAIX
PEQSX
Putnam Large Cap Value Fund Class R60.280.240.23
93
Large Cap Value EquitiesPGSIX vs PEQSX
PEIYX
Putnam Large Cap Value Fund0.280.240.23
93
Large Cap Value EquitiesPGSIX vs PEIYX
PEYAX
Putnam Large Cap Value Fund0.280.240.23
92
Large Cap Value EquitiesPGSIX vs PEYAX
See all 13 diversifiers for PGSIX

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Low-Correlation Stock Ideas

The table shows companies with at least $1B in market capitalization, historical correlation data for PGSIX, 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 Eaton Vance Tax-Managed Buy-Write Opportunities Fund (ETV) (Financial Services) with a 1Y correlation of 0.17, roughly unchanged from 0.16 over 5 years.

How candidates are selected
SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankSector
ETV
Eaton Vance Tax-Managed Buy-Write Opportunities Fu...0.170.160.16
82
Financial Services

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