Looking to diversify beyond PHSZX? The mutual funds below have historically moved differently from PHSZX, 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 PHSZX
2 mutual funds have low correlation with PHSZX (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 0.17, roughly unchanged from 0.18 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 | 0.17 | 0.19 | 0.18 | 97 | Bank Loan | PHSZX vs FRFZX | |
| PGIM Short Duration Multi-Sector Bond Fund | 0.28 | 0.21 | 0.19 | 63 | Short-Term Bond | PHSZX vs SDMZX | |
| PGIM Short-Term Corporate Bond Fund | 0.33 | 0.24 | 0.21 | 66 | Short-Term Bond | PHSZX vs PBSMX | |
| PGIM High Yield Fund | 0.38 | 0.36 | 0.36 | 63 | High Yield Bonds | PHSZX vs PBHAX | |
| PGIM High Yield Fund Class R6 | 0.38 | 0.37 | 0.36 | 65 | High Yield Bonds | PHSZX vs PHYQX |
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