Looking to diversify beyond PMDIX? The mutual funds below have historically moved differently from PMDIX, 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 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 0.18, roughly unchanged from 0.10 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 | 0.18 | 0.15 | 0.10 | 70 | Municipal Bonds | PMDIX vs PTEAX | |
| Principal Short-Term Income Fund | 0.24 | 0.16 | 0.12 | 89 | Short-Term Bond | PMDIX vs SRHQX | |
| Principal Opportunistic Municipal Fund | 0.25 | 0.15 | 0.11 | 91 | High Yield Muni | PMDIX vs PMOAX | |
| Principal California Municipal Fund | 0.25 | 0.17 | 0.11 | 71 | Municipal Bonds | PMDIX vs SRCMX | |
| Principal Capital Securities Fund | 0.39 | 0.35 | 0.35 | 77 | Preferred Stock | PMDIX vs PCSFX |
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