Looking to diversify beyond PMTIX? The mutual funds below have historically moved differently from PMTIX, 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 PMTIX
1 mutual funds have low correlation with PMTIX (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 0.26, roughly unchanged from 0.22 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 | 0.26 | 0.24 | 0.22 | 61 | Municipal Bonds | PMTIX vs PTEAX | |
| Principal Opportunistic Municipal Fund | 0.31 | 0.25 | 0.22 | 85 | High Yield Muni | PMTIX vs PMOAX | |
| Principal California Municipal Fund | 0.33 | 0.27 | 0.23 | 62 | Municipal Bonds | PMTIX vs SRCMX | |
| Principal Short-Term Income Fund | 0.43 | 0.32 | 0.29 | 82 | Short-Term Bond | PMTIX vs SRHQX | |
| Principal Diversified Select Real Asset Fund | 0.47 | 0.66 | 0.74 | 97 | Global Allocation | PMTIX vs PDSYX |
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