Looking to diversify beyond PNRAX? The mutual funds below have historically moved differently from PNRAX, 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 PNRAX
4 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 -0.04, down from 0.17 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Putnam Mortgage Opportunities Fund | -0.04 | 0.08 | 0.17 | 85 | Nontraditional Bonds | PNRAX vs PMOTX | |
| Putnam Ultra Short Duration Income Fund | 0.06 | 0.07 | 0.05 | 98 | Ultrashort Bond | PNRAX vs PSDYX | |
| Putnam Global Health Care Fund | 0.24 | 0.44 | 0.55 | 51 | Health & Biotech Equities | PNRAX vs PHSTX | |
| Putnam Short Duration Bond Fund | 0.29 | 0.16 | 0.15 | 75 | Short-Term Bond | PNRAX vs PARYX | |
| Goldman Sachs Strategic Volatility Premium Fund | 0.34 | 0.16 | 0.13 | 97 | Large Cap Blend Equities | PNRAX vs SVPFX |
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