Looking to diversify beyond PNIIX? The mutual funds below have the lowest correlation with PNIIX — 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 PNIIX.
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 Equity Income Fund (PQIAX) (Large Cap Value Equities) with a 1Y correlation of 0.34, up from 0.17 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Principal Equity Income Fund | 0.34 | 0.25 | 0.17 | 71 | Large Cap Value Equities | PNIIX vs PQIAX | |
| Principal Small-MidCap Dividend Income Fund | 0.34 | 0.25 | 0.16 | 51 | Mid Cap Value Equities | PNIIX vs PMDIX | |
| Principal SmallCap S&P 600 Index Fund | 0.36 | 0.25 | 0.15 | 66 | Small Cap Blend Equities | PNIIX vs PSSMX | |
| Principal Global Multi-Strategy Fund | 0.38 | 0.23 | 0.12 | 96 | Multistrategy | PNIIX vs PSMIX | |
| Principal SAM Strategic Growth Portfolio | 0.38 | 0.26 | 0.18 | 58 | Diversified Portfolio | PNIIX vs SACAX |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from PNIIX, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to PNIIX and solid risk/return profiles. The least correlated is NVIDIA Corporation (NVDA) (Technology) with a 1Y correlation of 0.04, roughly unchanged from 0.06 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| NVIDIA Corporation | 0.04 | 0.04 | 0.06 | 76 | Technology | |
| Tesla, Inc. | 0.11 | 0.09 | 0.07 | 59 | Consumer Cyclical | |
| Apple Inc | 0.17 | 0.17 | 0.12 | 88 | Technology | |
| Broadcom Inc. | 0.18 | 0.06 | 0.07 | 75 | Technology | |
| Amazon.com, Inc | 0.19 | 0.10 | 0.12 | 52 | Consumer Cyclical |
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