Looking to diversify beyond PNVAX? The mutual funds below have the lowest correlation with PNVAX — 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 PNVAX.
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 0.22, up from 0.10 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Putnam Ultra Short Duration Income Fund | 0.22 | 0.16 | 0.10 | 98 | Ultrashort Bond | PNVAX vs PSDYX | |
| Putnam Global Technology Fund | 0.57 | 0.55 | 0.65 | 82 | Technology Equities | PNVAX vs PGTYX | |
| Hood River International Opportunity Fund Investor... | 0.65 | 0.67 | 0.67 | 95 | Foreign Small & Mid Cap Equities | PNVAX vs HRIIX | |
| Hood River International Opportunity Fund | 0.65 | 0.69 | — | 95 | Foreign Small & Mid Cap Equities | PNVAX vs HRIOX | |
| Putnam Large Cap Value Fund Class R6 | 0.69 | 0.66 | 0.71 | 84 | Large Cap Value Equities | PNVAX vs PEQSX |
See all 14 diversifiers for PNVAX
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