Looking to diversify beyond PMYYX? The mutual funds below have historically moved differently from PMYYX, 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 PMYYX
4 mutual funds have low correlation with PMYYX (below 0.3), 1 of which are negatively correlated. The least correlated is Putnam Mortgage Opportunities Fund (PMOTX) (Nontraditional Bonds) with a 1Y correlation of -0.04, down from 0.17 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Putnam Mortgage Opportunities Fund | -0.04 | 0.07 | 0.17 | 88 | Nontraditional Bonds | PMYYX vs PMOTX | |
| Putnam Ultra Short Duration Income Fund | 0.07 | 0.07 | 0.05 | 99 | Ultrashort Bond | PMYYX vs PSDYX | |
| Putnam Global Health Care Fund | 0.29 | 0.47 | 0.56 | 64 | Health & Biotech Equities | PMYYX vs PGHAX | |
| Putnam Mortgage Securities Fund | 0.29 | 0.23 | 0.24 | 51 | Intermediate Core-Plus Bond | PMYYX vs PGSIX | |
| Putnam Global Health Care Fund | 0.30 | 0.47 | 0.56 | 63 | Health & Biotech Equities | PMYYX vs PHSTX |
To view more results, upgrade your current subscription plan.
Low-Correlation Stock Ideas
The table shows companies with at least $1B in market capitalization, historical correlation data for PMYYX, 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 Berkshire Hathaway Inc. (BRK-B) (Financial Services) with a 1Y correlation of 0.11, down from 0.53 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Berkshire Hathaway Inc. | 0.11 | 0.35 | 0.53 | 61 | Financial Services |
Build a portfolio that complements PMYYX
Add PMYYX to the Diversification Analyzer to see how it overlaps with your other holdings and which assets balance it best.
Analyze a portfolio with PMYYX