Looking to diversify beyond PNIIX? The mutual funds below have historically moved differently from PNIIX, 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 PNIIX
0 mutual funds have low correlation with PNIIX (below 0.3), 0 of which are negatively correlated. The least correlated is Principal Global Multi-Strategy Fund (PSMIX) (Multistrategy) with a 1Y correlation of 0.34, up from 0.13 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Principal Global Multi-Strategy Fund | 0.34 | 0.23 | 0.13 | 97 | Multistrategy | PNIIX vs PSMIX | |
| Principal Small-MidCap Dividend Income Fund | 0.34 | 0.25 | 0.17 | 64 | Mid Cap Value Equities | PNIIX vs PMDIX | |
| Principal Equity Income Fund | 0.37 | 0.26 | 0.19 | 84 | Dividend, Large Cap Value Equities | PNIIX vs PQIAX | |
| Principal SAM Strategic Growth Portfolio | 0.38 | 0.26 | 0.20 | 64 | Diversified Portfolio | PNIIX vs SACAX | |
| Principal SmallCap S&P 600 Index Fund | 0.38 | 0.25 | 0.17 | 82 | Small Cap Blend Equities | PNIIX vs PSSMX |
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Low-Correlation Stock Ideas
The table shows companies with at least $1B in market capitalization, historical correlation data for PNIIX, 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 NVIDIA Corporation (NVDA) (Technology) with a 1Y correlation of 0.04, roughly unchanged from 0.06 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| NVIDIA Corporation | 0.04 | 0.03 | 0.06 | 56 | Technology | |
| Apple Inc | 0.18 | 0.16 | 0.13 | 89 | Technology | |
| Broadcom Inc. | 0.18 | 0.06 | 0.07 | 67 | Technology | |
| Amazon.com, Inc | 0.22 | 0.09 | 0.12 | 60 | Consumer Cyclical | |
| Alphabet Inc. Class A | 0.29 | 0.12 | 0.11 | 95 | Communication Services |
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