Looking to diversify beyond PMBAX? The mutual funds below have historically moved differently from PMBAX, 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 PMBAX
7 mutual funds have low correlation with PMBAX (below 0.3), 0 of which are negatively correlated. The least correlated is SEI Institutional Managed Trust Tax-Free Conservative Income Fund (TFCYX) (Municipal Bonds) with a 1Y correlation of 0.09, roughly unchanged from 0.12 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| SEI Institutional Managed Trust Tax-Free Conservat... | 0.09 | 0.15 | 0.12 | 99 | Municipal Bonds | PMBAX vs TFCYX | |
| Federated Hermes Conservative Municipal Microshort... | 0.12 | 0.13 | 0.10 | 99 | Municipal Bonds | PMBAX vs FHMIX | |
| abrdn Ultra Short Municipal Income Fund | 0.12 | 0.14 | 0.17 | 100 | Municipal Bonds | PMBAX vs ATOIX | |
| JPMorgan Equity Income Fund R6 | 0.25 | 0.15 | 0.08 | 89 | Large Cap Value Equities, Dividend | PMBAX vs OIEJX | |
| DFA Short Term Municipal Bond Portfolio | 0.26 | 0.29 | 0.38 | 100 | Municipal Bonds | PMBAX vs DFSMX |
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