Looking to diversify beyond PHMIX? The mutual funds below have historically moved differently from PHMIX, 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 PHMIX
3 mutual funds have low correlation with PHMIX (below 0.3), 1 of which are negatively correlated. The least correlated is PIMCO Commodity Real Return Strategy Fund (PCRIX) (Commodities) with a 1Y correlation of -0.25, down from 0.02 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| PIMCO Commodity Real Return Strategy Fund | -0.25 | -0.03 | 0.02 | 65 | Commodities | PHMIX vs PCRIX | |
| Fidelity Floating Rate High Income Fund | 0.17 | 0.18 | 0.24 | 94 | Bank Loan | PHMIX vs FFRHX | |
| PIMCO RAE US Small Fund | 0.24 | 0.16 | 0.09 | 90 | Small Cap Value Equities | PHMIX vs PMJIX | |
| PIMCO StocksPLUS International Fund (U.S. Dollar-H... | 0.32 | 0.23 | 0.18 | 51 | Foreign Large Cap Equities | PHMIX vs PISIX | |
| First Eagle Short Duration High Yield Municipal Fu... | 0.63 | — | — | 63 | High Yield Muni | PHMIX vs FDUAX |
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Low-Correlation Stock Ideas
The table shows companies with at least $1B in market capitalization, historical correlation data for PHMIX, 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 Mettler-Toledo International Inc. (MTD) (Healthcare) with a 1Y correlation of 0.31, up from 0.13 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Mettler-Toledo International Inc. | 0.31 | 0.15 | 0.13 | 57 | Healthcare |
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