Looking to diversify beyond PQIAX? The mutual funds below have historically moved differently from PQIAX, 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 PQIAX
7 mutual funds have low correlation with PQIAX (below 0.3), 0 of which are negatively correlated. The least correlated is Principal Tax-Exempt Bond Fund (PTEAX) (Municipal Bonds) with a 1Y correlation of 0.18, roughly unchanged from 0.12 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Principal Tax-Exempt Bond Fund | 0.18 | 0.16 | 0.12 | 70 | Municipal Bonds | PQIAX vs PTEAX | |
| GQG Partners US Quality Dividend Income Fund | 0.24 | 0.56 | 0.68 | 62 | Quality Factor, Large Cap Value Equities | PQIAX vs GQHPX | |
| Principal Opportunistic Municipal Fund | 0.25 | 0.16 | 0.11 | 91 | High Yield Muni | PQIAX vs PMOAX | |
| Principal California Municipal Fund | 0.25 | 0.19 | 0.13 | 71 | Municipal Bonds | PQIAX vs SRCMX | |
| Principal Short-Term Income Fund | 0.28 | 0.18 | 0.14 | 89 | Short-Term Bond | PQIAX vs SRHQX |
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Low-Correlation Stock Ideas
The table shows companies with at least $1B in market capitalization, historical correlation data for PQIAX, and a Risk / Return Rank of 50 or higher. Treat them as research candidates rather than evidence that they will offset a future decline. The least correlated is Berkshire Hathaway Inc. (BRK-B) (Financial Services) with a 1Y correlation of 0.33, down from 0.65 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Berkshire Hathaway Inc. | 0.33 | 0.53 | 0.65 | 61 | Financial Services |
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