Looking to diversify beyond PNOPX? The mutual funds below have the lowest correlation with PNOPX — 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 PNOPX.
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 -0.05, down from 0.16 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Putnam Mortgage Opportunities Fund | -0.05 | 0.08 | 0.16 | 74 | Nontraditional Bonds | PNOPX vs PMOTX | |
| Putnam Ultra Short Duration Income Fund | 0.12 | 0.08 | 0.04 | 98 | Ultrashort Bond | PNOPX vs PSDYX | |
| Putnam Short Duration Bond Fund | 0.27 | 0.15 | 0.15 | 82 | Short-Term Bond | PNOPX vs PARYX | |
| Putnam Mortgage Securities Fund | 0.30 | 0.23 | 0.24 | 51 | Intermediate Core-Plus Bond | PNOPX vs PGSIX | |
| Baron Partners Fund | 0.57 | 0.63 | 0.69 | 72 | Large Cap Growth Equities | PNOPX vs BPTRX |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from PNOPX, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to PNOPX and solid risk/return profiles. The least correlated is Dow Inc. (DOW) (Basic Materials) with a 1Y correlation of 0.09, down from 0.39 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Dow Inc. | 0.09 | 0.29 | 0.39 | 53 | Basic Materials |
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