Looking to diversify beyond PNOPX? The mutual funds below have historically moved differently from PNOPX, 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 PNOPX
4 mutual funds have low correlation with PNOPX (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 -0.03, down from 0.16 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Putnam Mortgage Opportunities Fund | -0.03 | 0.08 | 0.16 | 88 | Nontraditional Bonds | PNOPX vs PMOTX | |
| Putnam Ultra Short Duration Income Fund | 0.09 | 0.08 | 0.05 | 99 | Ultrashort Bond | PNOPX vs PSDYX | |
| Putnam Global Health Care Fund | 0.28 | 0.46 | 0.57 | 63 | Health & Biotech Equities | PNOPX vs PHSTX | |
| Putnam Global Health Care Fund | 0.29 | 0.47 | 0.58 | 61 | Health & Biotech Equities | PNOPX vs PGHAX | |
| Putnam Short Duration Bond Fund | 0.31 | 0.16 | 0.16 | 90 | Short-Term Bond | PNOPX vs PARYX |
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Low-Correlation Stock Ideas
The table shows companies with at least $1B in market capitalization, historical correlation data for PNOPX, 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 Dow Inc. (DOW) (Basic Materials) with a 1Y correlation of 0.03, down from 0.37 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Dow Inc. | 0.03 | 0.26 | 0.37 | 69 | Basic Materials | |
| Berkshire Hathaway Inc. | 0.06 | 0.30 | 0.47 | 61 | Financial Services |
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