Looking to diversify beyond PONAX? The mutual funds below have the lowest correlation with PONAX — 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 PONAX.
Best Diversifiers for PONAX
18 mutual funds have low correlation with PONAX (below 0.3), 2 of which are negatively correlated. The least correlated is Parametric Commodity Strategy Fund Class A (EAPCX) (Commodities) with a 1Y correlation of -0.13, down from 0.09 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Parametric Commodity Strategy Fund Class A | -0.13 | -0.01 | 0.09 | 54 | Commodities | PONAX vs EAPCX | |
| Parametric Commodity Strategy Fund Class I | -0.12 | -0.01 | 0.09 | 55 | Commodities | PONAX vs EIPCX | |
| Nationwide Strategic Income A | 0.01 | 0.23 | 0.16 | 99 | Multisector Bonds | PONAX vs NWXEX | |
| PIMCO TRENDS Managed Futures Strategy Fund | 0.01 | -0.07 | -0.19 | 78 | Systematic Trend | PONAX vs PQTPX | |
| PIMCO TRENDS Managed Futures Strategy Fund Institu... | 0.02 | -0.07 | -0.19 | 79 | Systematic Trend | PONAX vs PQTIX |
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Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from PONAX, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to PONAX and solid risk/return profiles. The least correlated is Texas Instruments Incorporated (TXN) (Technology) with a 1Y correlation of 0.18, roughly unchanged from 0.25 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Texas Instruments Incorporated | 0.18 | 0.19 | 0.25 | 77 | Technology | |
| AbbVie Inc. | 0.18 | 0.16 | 0.14 | 75 | Healthcare | |
| Apple Inc | 0.22 | 0.20 | 0.27 | 87 | Technology | |
| Nuveen AMT-Free Quality Municipal Income Fund | 0.45 | 0.57 | 0.53 | 79 | Financial Services |
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