Looking to diversify beyond PMFYX? The mutual funds below have historically moved differently from PMFYX, 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 PMFYX
7 mutual funds have low correlation with PMFYX (below 0.3), 0 of which are negatively correlated. The least correlated is Pioneer ILS Interval Fund (XILSX) (High Yield Bonds) with a 1Y correlation of 0.10, roughly unchanged from 0.06 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Pioneer ILS Interval Fund | 0.10 | 0.09 | 0.06 | 100 | High Yield Bonds | PMFYX vs XILSX | |
| LoCorr Macro Strategies Fund Class I | 0.15 | 0.04 | -0.07 | 83 | Global Allocation | PMFYX vs LFMIX | |
| Catalyst/Millburn Hedge Strategy Fund Class I | 0.20 | 0.13 | 0.16 | 92 | Multistrategy, Systematic Trend, Global Equities | PMFYX vs MBXIX | |
| Pioneer Multi-Asset Ultrashort Income Fund | 0.22 | 0.23 | 0.25 | 98 | Ultrashort Bond | PMFYX vs MYFRX | |
| Allspring Absolute Return Fund | 0.25 | 0.43 | 0.54 | 86 | Global Allocation | PMFYX vs WARAX |
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Low-Correlation Stock Ideas
The table shows companies with at least $1B in market capitalization, historical correlation data for PMFYX, and a Risk / Return Rank of 50 or higher. Treat them as research candidates rather than evidence that they will offset a future decline. The least correlated is MPLX LP (MPLX) (Energy) with a 1Y correlation of 0.13, down from 0.46 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| MPLX LP | 0.13 | 0.33 | 0.46 | 82 | Energy | |
| Reaves Utility Income Trust | 0.25 | 0.36 | 0.41 | 55 | Financial Services |
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