Looking to diversify beyond PIDIX? The mutual funds below have historically moved differently from PIDIX, 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 PIDIX
1 mutual funds have low correlation with PIDIX (below 0.3), 0 of which are negatively correlated. The least correlated is Principal Tax-Exempt Bond Fund (PTEAX) (Municipal Bonds) with a 1Y correlation of 0.21, roughly unchanged from 0.16 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Principal Tax-Exempt Bond Fund | 0.21 | 0.18 | 0.16 | 70 | Municipal Bonds | PIDIX vs PTEAX | |
| Federated Hermes International Strategic Value Div... | 0.51 | 0.60 | 0.71 | 88 | Foreign Large Cap Equities | PIDIX vs IVFIX | |
| Goldman Sachs GQG Partners International Opportuni... | 0.55 | 0.73 | 0.80 | 61 | Foreign Large Cap Equities | PIDIX vs GSINX | |
| Goldman Sachs GQG Partners International Opportuni... | 0.56 | 0.73 | 0.80 | 61 | Foreign Large Cap Equities | PIDIX vs GSIMX | |
| Kopernik International Fund | 0.59 | 0.50 | 0.61 | 66 | Foreign Large Cap Equities | PIDIX vs KGIIX |
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