Looking to diversify beyond PMBMX? The mutual funds below have the lowest correlation with PMBMX — 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 PMBMX.
Best Diversifiers for PMBMX
2 mutual funds have low correlation with PMBMX (below 0.3), 0 of which are negatively correlated. The least correlated is Eaton Vance Global Macro Absolute Return Advantage Fund (EGRIX) (Nontraditional Bonds) with a 1Y correlation of 0.17, roughly unchanged from 0.10 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Eaton Vance Global Macro Absolute Return Advantage... | 0.17 | 0.18 | 0.10 | 98 | Nontraditional Bonds | PMBMX vs EGRIX | |
| Principal Tax-Exempt Bond Fund | 0.21 | 0.18 | 0.14 | 64 | Municipal Bonds | PMBMX vs PTEAX | |
| Goldman Sachs Emerging Markets Equity Fund | 0.36 | 0.42 | 0.52 | 88 | Emerging Markets Diversified | PMBMX vs GEMIX | |
| Essex Environmental Opportunities Fund | 0.45 | 0.62 | 0.72 | 63 | Mid Cap Growth Equities | PMBMX vs EEOFX | |
| Needham Growth Fund | 0.46 | 0.58 | 0.71 | 92 | Mid Cap Growth Equities | PMBMX vs NEEGX |
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