Looking to diversify beyond PNRAX? The mutual funds below have the lowest correlation with PNRAX — 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 PNRAX.
Best Diversifiers for PNRAX
5 mutual funds have low correlation with PNRAX (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 -0.10, down from 0.17 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Putnam Mortgage Opportunities Fund | -0.10 | 0.09 | 0.17 | 64 | Nontraditional Bonds | PNRAX vs PMOTX | |
| Putnam Ultra Short Duration Income Fund | 0.07 | 0.07 | 0.04 | 98 | Ultrashort Bond | PNRAX vs PSDYX | |
| Putnam Mortgage Securities Fund | 0.20 | 0.20 | 0.22 | 51 | Intermediate Core-Plus Bond | PNRAX vs PGSIX | |
| Putnam Short Duration Bond Fund | 0.22 | 0.14 | 0.14 | 81 | Short-Term Bond | PNRAX vs PARYX | |
| Goldman Sachs Strategic Volatility Premium Fund | 0.26 | 0.14 | 0.12 | 73 | Large Cap Blend Equities | PNRAX vs SVPFX |
See all 59 diversifiers for PNRAX
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