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PIMCO High Yield Municipal Bond Fund (PHMIX) Diversifiers

Mutual Fund · Currency in USD · Last updated Jul 15, 2026

The fund invests at least 80% of its assets in debt securities whose interest is, in the opinion of bond counsel for the issuer at the time of issuance, exempt from federal income tax ("Municipal Bonds"). It may invest, without limitation, in higher rated Municipal Bonds. The fund may invest up to 30% of its assets in "private activity" bonds whose interest is a tax-preference item for purposes of the federal alternative minimum tax ("AMT").

Looking to diversify beyond PHMIX? The mutual funds below have the lowest correlation with PHMIX — they tend to move on their own, which can help reduce risk when the rest of your portfolio drops. The stock ideas table highlights individual companies that behave independently from PHMIX.

Best Diversifiers for PHMIX

2 mutual funds have low correlation with PHMIX (below 0.3), 0 of which are negatively correlated. The least correlated is Fidelity Floating Rate High Income Fund (FFRHX) (Bank Loan) with a 1Y correlation of 0.15, roughly unchanged from 0.24 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
FFRHX
Fidelity Floating Rate High Income Fund0.150.190.24
93
Bank LoanPHMIX vs FFRHX
PMJIX
PIMCO RAE US Small Fund0.240.170.09
74
Small Cap Value EquitiesPHMIX vs PMJIX
PFIUX
PIMCO Dynamic Bond Fund0.640.590.56
72
Nontraditional BondsPHMIX vs PFIUX
NVHIX
Nuveen Short Duration High Yield Municipal Bond Fu...0.670.700.69
82
High Yield MuniPHMIX vs NVHIX
AHYMX
abrdn Short Duration High Yield Municipal Fund0.700.760.77
78
High Yield MuniPHMIX vs AHYMX
See all 36 diversifiers for PHMIX

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Low-Correlation Stock Ideas

If you're looking for individual stocks that move independently from PHMIX, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to PHMIX and solid risk/return profiles. The least correlated is Mettler-Toledo International Inc. (MTD) (Healthcare) with a 1Y correlation of 0.28, up from 0.13 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankSector
MTD
Mettler-Toledo International Inc.0.280.150.13
54
Healthcare

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Diversification Analysis

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Add PHMIX to the Diversification Analyzer to see how it overlaps with your other holdings and which assets balance it best.

Analyze a portfolio with PHMIX