Looking to diversify beyond PJNQX? The mutual funds below have the lowest correlation with PJNQX — 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 PJNQX.
Best Diversifiers for PJNQX
5 mutual funds have low correlation with PJNQX (below 0.3), 0 of which are negatively correlated. The least correlated is PGIM Short Duration Multi-Sector Bond Fund (SDMZX) (Short-Term Bond) with a 1Y correlation of 0.10, roughly unchanged from 0.06 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| PGIM Short Duration Multi-Sector Bond Fund | 0.10 | 0.08 | 0.06 | 64 | Short-Term Bond | PJNQX vs SDMZX | |
| PGIM Floating Rate Income Fund | 0.16 | 0.17 | 0.22 | 94 | Bank Loan | PJNQX vs FRFZX | |
| PGIM Short Duration High Yield Income Fund | 0.20 | 0.30 | 0.33 | 70 | High Yield Bonds | PJNQX vs HYSZX | |
| PGIM High Yield Fund Class R6 | 0.23 | 0.29 | 0.33 | 75 | High Yield Bonds | PJNQX vs PHYQX | |
| PGIM High Yield Fund | 0.29 | 0.29 | 0.33 | 72 | High Yield Bonds | PJNQX vs PBHAX |
Diversification Analysis
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