Looking to diversify beyond PNGAX? The mutual funds below have historically moved differently from PNGAX, 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 PNGAX
2 mutual funds have low correlation with PNGAX (below 0.3), 0 of which are negatively correlated. The least correlated is Putnam Ultra Short Duration Income Fund (PSDYX) (Ultrashort Bond) with a 1Y correlation of 0.11, roughly unchanged from 0.08 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Putnam Ultra Short Duration Income Fund | 0.11 | 0.12 | 0.08 | 99 | Ultrashort Bond | PNGAX vs PSDYX | |
| Federated Hermes Municipal Ultra Short Fund | 0.20 | 0.10 | 0.07 | 83 | Municipal Bonds | PNGAX vs FMUSX | |
| Calamos Market Neutral Income Fund Institutional C... | 0.32 | 0.35 | 0.54 | 98 | PNGAX vs CMNIX | ||
| Putnam Global Health Care Fund | 0.38 | 0.46 | 0.51 | 63 | Health & Biotech Equities | PNGAX vs PHSTX | |
| Putnam Global Health Care Fund | 0.38 | 0.46 | 0.51 | 64 | Health & Biotech Equities | PNGAX vs PGHAX |
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