Looking to diversify beyond PNVAX? The mutual funds below have historically moved differently from PNVAX, 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 PNVAX
1 mutual funds have low correlation with PNVAX (below 0.3), 0 of which are negatively correlated. The least correlated is Putnam Ultra Short Duration Income Fund (PSDYX) (Ultrashort Bond) with a 1Y correlation of 0.19, roughly unchanged from 0.11 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Putnam Ultra Short Duration Income Fund | 0.19 | 0.15 | 0.11 | 99 | Ultrashort Bond | PNVAX vs PSDYX | |
| AMG Yacktman Special Opportunities Fund | 0.55 | 0.62 | 0.70 | 55 | Foreign Small & Mid Cap Equities | PNVAX vs YASLX | |
| Kopernik Global All-Cap Fund Class A | 0.56 | 0.53 | 0.61 | 65 | Foreign Small & Mid Cap Equities | PNVAX vs KGGAX | |
| Kopernik Global All-Cap Fund | 0.56 | 0.53 | 0.61 | 66 | Foreign Small & Mid Cap Equities | PNVAX vs KGGIX | |
| Putnam Global Technology Fund | 0.59 | 0.54 | 0.64 | 51 | Technology Equities | PNVAX vs PGTYX |
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