Looking to diversify beyond PMDIX? The mutual funds below have the lowest correlation with PMDIX — 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 PMDIX.
Best Diversifiers for PMDIX
4 mutual funds have low correlation with PMDIX (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 0.12, roughly unchanged from 0.09 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Principal Tax-Exempt Bond Fund | 0.12 | 0.14 | 0.09 | 56 | Municipal Bonds | PMDIX vs PTEAX | |
| Principal Opportunistic Municipal Fund | 0.13 | 0.13 | 0.09 | 55 | High Yield Muni | PMDIX vs PMOAX | |
| Principal Short-Term Income Fund | 0.17 | 0.15 | 0.11 | 79 | Short-Term Bond | PMDIX vs SRHQX | |
| Principal California Municipal Fund | 0.21 | 0.16 | 0.11 | 59 | Municipal Bonds | PMDIX vs SRCMX | |
| Principal Capital Securities Fund | 0.35 | 0.34 | 0.33 | 76 | Preferred Stock/Convertible Bonds | PMDIX vs PCSFX |
See all 56 diversifiers for PMDIX
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