Looking to diversify beyond PIAMX? The mutual funds below have historically moved differently from PIAMX, 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 PIAMX
8 mutual funds have low correlation with PIAMX (below 0.3), 2 of which are negatively correlated. The least correlated is Fairholme Focused Income Fund (FOCIX) (High Yield Bonds) with a 1Y correlation of -0.03, down from 0.29 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Fairholme Focused Income Fund | -0.03 | 0.16 | 0.29 | 73 | High Yield Bonds | PIAMX vs FOCIX | |
| Pioneer ILS Interval Fund | -0.01 | -0.00 | 0.03 | 100 | High Yield Bonds | PIAMX vs XILSX | |
| Cliffwater Corporate Lending Fund Class I Shares | 0.09 | 0.11 | 0.14 | 100 | Bank Loan, High Yield Bonds | PIAMX vs CCLFX | |
| RiverPark Short Term High Yield Fund | 0.11 | 0.21 | 0.27 | 100 | High Yield Bonds | PIAMX vs RPHIX | |
| T. Rowe Price Ultra Short-Term Bond Fund | 0.19 | 0.14 | 0.17 | 98 | Ultrashort Bond | PIAMX vs TRBUX |
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