Looking to diversify beyond PMTIX? The mutual funds below have the lowest correlation with PMTIX — 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 PMTIX.
Best Diversifiers for PMTIX
2 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 0.23, roughly unchanged from 0.20 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Principal Tax-Exempt Bond Fund | 0.23 | 0.24 | 0.20 | 59 | Municipal Bonds | PMTIX vs PTEAX | |
| Principal Opportunistic Municipal Fund | 0.24 | 0.24 | 0.21 | 62 | High Yield Muni | PMTIX vs PMOAX | |
| Principal California Municipal Fund | 0.32 | 0.27 | 0.22 | 63 | Municipal Bonds | PMTIX vs SRCMX | |
| Principal Short-Term Income Fund | 0.37 | 0.31 | 0.28 | 78 | Short-Term Bond | PMTIX vs SRHQX | |
| Principal Capital Securities Fund | 0.49 | 0.42 | 0.42 | 77 | Preferred Stock/Convertible Bonds | PMTIX vs PCSFX |
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