Looking to diversify beyond PREIX? The mutual funds below have historically moved differently from PREIX, 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 PREIX
22 mutual funds have low correlation with PREIX (below 0.3), 2 of which are negatively correlated. The least correlated is Fidelity Select Energy Portfolio (FSENX) (Energy Equities) with a 1Y correlation of -0.08, down from 0.33 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Fidelity Select Energy Portfolio | -0.08 | 0.20 | 0.33 | 87 | Energy Equities | PREIX vs FSENX | |
| Knights of Columbus Long/Short Equity Fund | -0.05 | 0.28 | 0.23 | 95 | Long-Short | PREIX vs KCEIX | |
| T. Rowe Price Ultra Short-Term Bond Fund Class I | 0.01 | 0.08 | 0.06 | 99 | Ultrashort Bond | PREIX vs TRSTX | |
| Vanguard Short-Term Inflation-Protected Securities... | 0.07 | 0.09 | 0.15 | 91 | Inflation-Protected Bonds | PREIX vs VTAPX | |
| T. Rowe Price Short-Term Bond Fund | 0.09 | 0.08 | 0.09 | 91 | Short-Term Bond | PREIX vs PRWBX |
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Low-Correlation Stock Ideas
The table shows companies with at least $1B in market capitalization, historical correlation data for PREIX, 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 Duke Energy Corporation (DUK) (Utilities) with a 1Y correlation of -0.24, down from 0.12 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Duke Energy Corporation | -0.24 | -0.04 | 0.12 | 52 | Utilities | |
| Altria Group, Inc. | -0.24 | -0.03 | 0.10 | 66 | Consumer Defensive | |
| Occidental Petroleum Corporation | -0.22 | 0.07 | 0.23 | 68 | Energy | |
| The Coca-Cola Company | -0.21 | 0.03 | 0.20 | 87 | Consumer Defensive | |
| Exxon Mobil Corporation | -0.21 | 0.03 | 0.17 | 85 | Energy |
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